(Detail of My Insurance App screen from Synechron’s Mobile Solutions Accelerator.)
Synechron, Inc., a New York-based global financial services consulting and technology services provider, has announced the launch of a set of InsurTech Accelerator solutions. Synechron reports that its InsurTech Accelerator Program combines the vendor’s expertise with digital innovation, business consulting, and technological capabilities to deliver firms end-to-end solutions to insurance business challenges through transformative digital initiatives and solutions.
Synechron’s suite of InsurTech Accelerators applications, each based on a separate business case, allow organizations to leverage innovative technologies to enhance business operations, reduce operating costs, and create better client experiences, according to the vendor. The Accelerators focus on business consulting and use techniques such as blockchain, artificial intelligence (AI) and machine learning, robotic process automation (RPA), mobile solutions, digital strategy/customer experience design, and the Internet of Things (IoT). This set of Accelerators is Synechron’s third accelerator program in the vendor’s FinLabs innovation hub, following launch of the vendor’s Blockchain and Artificial Intelligence Accelerators.
The Accelerator Program offers both the InsurTech applications and access to Synechron’s team of consultants, whom the vendor describes as experts in insurance business processes, products, regulation, operating models, and data architectures and models which are critical to constructing effective insurance applications.
Synechron breaks down the InsurTech Accelerators by their core underlying technology as follows, per the vendor’s description:
Blockchain: Synechron’s Blockchain InsurTech Accelerator focuses on two use cases:
- Insurance Claims Processing, which leverages blockchain’s distributed ledger technology (DLT), smart contracts and digital capabilities combined with the IoT to assist with asset provenance, reduction of fraud, and a straight-through process around high-volume, low-value insurance claims;
- Trade Finance, bringing banks and insurance companies together on a single distributed ledger to minimize fraud and increase transparency around the supply chain.
Artificial Intelligence/Machine Learning: Synechron’s AI/ML Accelerator for Visual Risk applies machine learning to analyze 70+ data sources and provide predictive risk analytics with detailed visualizations and simple risk queues to equip the underwriter with easy access to critical information, automating up to 80 percent of applications, leaving just the most complex for manual review. The AI/ML InsurTech Accelerators also include use cases for Intelligent Underwriter Scoring, utilizing historical policy data, real-time policy data, and predictive modeling to help underwriters prioritize based on work-to-reward ratio, and Automated Natural Language Processing (NLP) for Account Onboarding.
Robotic Process Automation (RPA): What Synechron calls its most functionally rich and advanced InsurTech Accelerator is RPA-focused and addresses a wide variety of automated process orchestration with a fully customizable suite of pluggable Insurance components. From front-end forms capture and optical character recognition thru claims processing, the accelerator allows disparate systems to be tied together with a light footprint, even working seamlessly with other automation tools.
Mobile Solutions: The InsurTech Accelerators focus on Mobile Solutions to allow insurers to tap into the functionalities built into mobile phones, e.g., geolocation, the camera, or simply the App Store to create 1:1 customer experiences.
Customer Experience Design: In today’s world of advanced digital, Customer Experience is what distinguishes an insurance company from another. The Accelerators allow Insurance companies to transform their business to create a new and transformed customer experience through effective user experience design related to their direct to customer, or insurance broker channel strategy.
Internet of Things (IoT): An IoT solution gives insurers the capability to collect vast amounts of data that can be combined with other technologies to create powerful solutions. IoT can also allow insurers to use drones to access real-time damage assessment related to natural catastrophes, for example, to better anticipate future claims, create a device network that will better align insurers with customer needs or to better understand and control their losses.
“Insurers are looking to implement the latest technology to address real-world problems and avoid being disrupted by start-ups entering the industry,” comments Faisal Husain, CEO, Synechron. “Synechron’s InsurTech Accelerators will assist in helping clients be at the forefront of technological advancement and expedite digital transformation, while providing tools to ease and streamline business processes.
“Emerging technologies and tools powered by Artificial Intelligence, the Internet of Things and Blockchain are key for the insurance sector, and have been a driver of radical change within the industry,” Husain adds. “Synechron is committed to bringing these technologies to our clients to accelerate their innovation. These technologies bring benefit to insurers, brokers and underwriters by allowing them to better predict customer needs, personalize every aspect of the customer interaction, manage risks and streamline processes to higher efficiency.”