Alfresco Software, an open source content, process and governance software company, and Tech Mahindra, a leading provider of digital transformation, consulting and re-engineering services and solutions, announced collaboration on four jointly-developed, transformative insurance solutions.
The collaboration combines Tech Mahindra’s insurance expertise and experience in the insurance industry with Alfresco’s powerful Digital Business Platform to create solutions for risk management, automated underwriting, a self-learning chatbot, and intelligent claims handling.
Gautam Bhasin, Global Head – Banking, Financial Services and Insurance (BFSI), Tech Mahindra, said: “Insurance companies are constantly competing for new digital-native customers in order to gain more customers and create new revenue streams.
“To succeed, they have to reinvent their current offerings and offer modern solutions that appeal to both insurance policy holders and providers.
“Tech Mahindra’s collaboration with Alfresco, as part of our TechMNxt charter, has spawned four innovative applications that help insurance companies develop new products, optimize their current offerings, and provide customers with an enhanced experience.”
Dineshkumar Shankarnarayan, Head – Digital Experience Offerings, Tech Mahindra said: “Alfresco’s cloud capabilities and digital business platform is synergistic with Tech Mahindra’s overall mission of serving the Digital Customer.
“Today’s announcement represents the expansion of our partnership to bring innovative digital solutions for Insurance companies. We consider Alfresco to be one of our key partners in helping our customers transition seamlessly to cloud-based service by making applications more usable and enhancing their overall user experience.”
Using the Alfresco Digital Business Platform as the cloud-native content management foundation (see IDC Technology spotlight: “Achieving Contextual and Value-Centric Customer Engagement in Insurance Through Connected Ecosystems”), Tech Mahindra is targeting insurance companies with the following four solutions that can help them reshape their operations and enable them to better serve their customers:
- Intelligent risk management solution (IRMS) – a risk management framework that incorporates all aspects of risk management into a single solution, including risk monitoring, profiling, exposure analysis and management. The framework is designed to integrate with different Policy Administration, Underwriting and/or Claims Systems to manage risk and provide insights into Underwriting as well as support loss control. Providers can use Sentinel to assess the coverage risk and claims for property loss, risk for life and property insurance using wearable products (or other IoT devices) coupled with analytics and artificial intelligence, and generate the possibility for new revenue streams using enhanced analytics.
- Zero touch underwriting – a fully digitalized insurance underwriting approach that eliminates all manual touchpoints and offers insurance providers with direct selling and improved straight through processing across channels and intermediaries.
- IntelliClaims – an AI-based automated claims processing solution that integrates with chat bots (for possible FNOL [First Notice Of Loss]) and backend documentation and processing systems, summarizes claims documents (including images), and suggests actions for Claims Handlers.
- IntelliChat – a self-learning NLP (neuro-linguistic programming) and AI-based enterprise Bot that can act as a smart assistant to help potential customers discover relevant coverage, answer questions, act as an intelligent guide around a provider’s website, as well as help insurance agents with case creation.
Jay Bhatt, Chief Executive Officer, Alfresco noted: “The transformative power of our advanced content, process, and governance platform enables insurance providers to achieve the full benefits of digitalization with real-time access to content – wherever it resides – and agile workflow development.
“This, in turn, will enable them to operate more efficiently, offer new services, stimulate growth, and decrease customer churn by helping their customers find the coverage most applicable and appealing to them.”