Business Operations

Business Operations

Optimize your value chain with RPA and AI based technologies

In the insurance market, RPA and AI can be introduced all along the value chain to significantly accelerate processes and explore new models of roles engagement. Insurers can use robots to automate processes, such as policy and claims management, to ensure a much faster and personalized service to customers. In the Front Office, chatbots can be used to interact with customers to obtain a better understanding of their needs so that they can be offered custom quotes. Chatbots can be used to help policyholders, to handle simpler queries on policies and to manage complaints and payments cheaply and quickly. In claims management, robots can be used to evaluate and pay simpler claims, increasing efficiency, reducing costs and improving customer experience in a vital touchpoint.
RPA and AI are means of fundamental support for insurers, who are enabled to create new value propositions and to explore parametric forms of insurance in multiple product lines. The reduction of human work and faster processing times can optimize operating costs and generate efficiencies at each level.

Get more information from Business Analytcs

Dynamic risk modeling techniques, guided by real-time access to customer data and advanced analytics capabilities, are enabling new business models – On-demand insurance, pay-per-use and peer-to-peer – which are transforming the way people live insurance. These new business models are focused on the evolution of customer needs, filling gaps in insurance offers and providing services to unexplored markets or subservitives. Advanced analysis tools enable insurers to effectively exploit internal and external data to obtain granular in-depths that allow them to customize services based on the situation, behaviour, preferences and customer risk profile. Through advanced analytics, insurers can develop a list of emerging risks and develop and implement adequate underwriting strategies to create competitive advantages.

Enrich your interactions with customers

The way companies provide their service to the public is changing. The web, mobile devices, social media and the Internet of Things (IoT) means that customers expect omnichannel interaction always on demand, and if they don’t get it, they are more than happy to let the world know it in a few seconds through social media. Evolving customer interactions are making more and more difficult for companies to fulfill customers expectations, especially when an extremely competitive scenario requires dramatic cost reductions, flexibility, time-to-market and efficiency. Improving Customer Experience is a priority for insurance executives who are embracing a customer-focused approach, leading a transition to business models which provide easy access to services. ICG SaaS (software-as-a-service) solutions deliver a superior customer experience and customer service, enabling you to analyze omnichannel customer interactions, to position them on the market and to offer concrete actions to improve performance.

Better manage risk and compliance

Risk mitigation and regulatory compliance are two fundamental elements for an organization and often require complementary strategies. An effective risk management plan guarantees a structured and categorized approach to identify vulnerabilities efficiently and responsively. A well-designed compliance project will address regulations in order to ensure best practice and reduce exposure to sanctions. ICG Risk & Compliance practice will partner with your organization to deal with three critical areas of interest:
– Audit and compliance: collect information on business and processes. Perform internal and external independent checks.
– Policies and Standards – Ensure compliance with regulations, data protection and data privacy.
– Information security – Review and control all company platforms, including: policies, new contracts, new technologies and initiatives.

Business process as a service (BPaaS)

ICG offers a vast number of outsourcing services of business processes (BPOs) that allows insurance players to grow their activity by reducing operating costs. The BPAAS model is cloud based and it is built to support multi-tenancy, so that you can access it via internet-based technologies.
Price determination models are based on consumption or subscription.