Insurance

Customer Acquisition and Enhanced Revenue through Producer Management and Marketing

Insurance carriers are obliged to manage their producer network with onboarding, verification, and ongoing compliance validation. We can certainly enable this “Producer Lifecycle Management (PLM)” in the back office with Digital Process Automation (DPA) or Commercial Off-The-Shelf (COTS) products. But, we would be squandering an opportunity to leverage the producer channel to build policy holder 

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Customer-centricity and Reduced Risk with Pre-Emptive Claims

At Virtusa, we identify ourselves as engineers. Our entry into the consulting and integrations market was by the split streaming acceleration of our work as engineers for various software vendors. Today, we implement transformations and our promise is to “Accelerate Business Outcomes”. How does an engineering outfit deliver on this promise to accelerate business outcomes? 

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Honest Data in Insurance

Business processes are built on rules – thousands of rules – for underwriting, claims adjudication, qualifying compensatory entitlements, determining your producers and what they can sell, and what to offer your policy holders. These rules are enforced by conventional rules engines and sometimes rules management through digital process automation. Sometimes the rules come from human 

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Modernization in a Disrupted Industry – Pega Insurance Modernization

The state of the Insurance industry is faced with rapid change, competing priorities, and a brittle and costly legacy. Agent-heavy firms are least likely to explore digital opportunities, as their familiar hunting-grounds degenerate into commoditized markets.  Insurers must embark on a transformation journey by leveraging their legacy investments to create an agile enterprise and bring 

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The Practical Roadmap to Insurance Digital Transformation

The “Digital” wave has triggered a storm in the property and casualty (P&C) insurance industry.  Backed by strong venture capitalists and powered by modern technology, new start-ups continue to redefine how insurance business is conducted – this includes everything from product development, to underwriting, to sales and distribution, to policy servicing and claims. Take for 

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The ‘famous five’: solving the InsurTech mystery

InsurTech is the latest buzzword making the rounds within the CXO quarters of the insurance industry. Unlike banking, insurance has never been known for its romantic pursuit of technology. Never has technology created so much buzz in the insurance industry as it has with this latest term. InsurTech, a moniker adapted from FinTech, its more 

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AI perfectly illustrates Darwinism at a business level

One of the core tenets of Darwinism is the idea that only those equipped to deal with their environment will survive. Darwin may have addressed the natural world, but his insights still offer some valuable lessons in business. The rise of Artificial Intelligence (AI) and how businesses are adapt to this new technological development provides 

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Are you ready to employ Digital Workers?

The Fourth Industrial Revolution is Here! According to the World Economic Forum (WEF), the Fourth Industrial Revolution, characterized by the confluence of technologies such as artificial intelligence (AI) and robotics, will lead to a net loss of more than 5 million jobs in major developed and emerging economies such as the Ù.S., U.K., Germany, France, 

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The Sixth Wave of Innovation: Cognitive Computing in Insurance

The very nature of innovation is rapid change. Combined with market demands and supported by an environment fertile for change, the path is paved for disruptive technologies. The past 75 years have seen six waves of technology innovation, beginning with the era of mainframes back in the 60’s, followed by the advent of personal computers. 

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Sara, suggest me the best insurance for my family?

Cognitive computing is at the crossroads of the next generation technological disruptions and the rising expectations of ‘digital natives’ which are in turn fuelling these disruptions. Today, artificial intelligence has been developed to reach the next phase of progressive innovation. With the empowerment of computerized model where human thought processes are simulated by leveraging a 

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Digital transformation in the insurance industry

Insurance is one of the oldest industries to use statistics and modeling. Today, changing demographics and customer centric models, combined with digital trends such as big data, cloud and AI (Artificial Intelligence), are creating a data deluge. With intelligent analysis, this data can be a gold mine for informed business decisions. Insurers have traditionally used 

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