Product Trends

STREAMLINING PROCESS

BajajCapital to implement C-KYC in their Insurance buying Journey . India CRN, January 2, 2023.

Bajaj Capital Insurance Broking Ltd amongst the first in the industry to implement C-KYC in their digital insurance buying journey. This will help convenient and seamless on-boarding of customers.

LifeSearch announces range of digital partnership solutions to reach new markets. Press release, February 27, 2023.

‘Powered by LifeSearch’ enables partner brands to offer digital protection journeys. “Powered by LifeSearch” will enable partners to embed a suite of innovative products via open APIs and end-to-end white label solutions. It will give partners access to the established LifeSearch offering. LifeSearch already works with a range of large and small partners including Which?, Unbiased, CompareTheMarket, MoneySuperMarket, Royal London, MoneyFacts Lloyds Banking Group, MoneySavingExpert, Zurich.

Socotra launches CorePlus line of end-to-end insurance IT solutions, powered by Socotra Connected Core and Socotra App MarketPlace Press release, February 27, 2023.

Socotra CorePlus is a line of complete insurance IT solutions composed of Socotra Connected Core, seamlessly integrated via Socotra App MarketPlace. CorePlus includes a powerful suite of features designed for the entire policy lifecycle. Socotra Connected Core empowers insurers to easily configure and scale cloud-native insurance products, Socotra Unified Portal streamlines the sales channel with frontend experiences for customers and agents, Snapsheet Claims Management is an all-in-one system that simplifies and improves the customer claims experience and Stripe Payment Links allows carriers to quickly and easily accept payments for insurance premiums amongst others.

New Claims Module by Fadata simplifies insurance claims processing on all levels. FF News, February 21, 2023.

INSIS Claims Module is streamlined for ease-of-use, delivering flexible configuration and simple scalability through a user-centric interface. It delivers a fast, intuitive and user-centric claims experience, handling and satisfying a claim become easier and quicker. It uses Open APIs for plug and play connectivity. INSIS Claims Module provides the flexibility to seamlessly integrate with external providers and third-party systems

New AI-powered products from Experian Health will help healthcare providers recoup the billions in lost dollars due to insurance claim denials. Press release, February 15, 2023.

AI Advantage encompasses two products that optimize the current claims process. They are AI Advantage – Predictive Denials which evaluates each claim and its likelihood of being denied while also providing insights back to the provider in their existing workflow systems, AI Advantage – Denial Triage helps providers focus efforts on denials based on their potential and likelihood for yield, automating decision-making for providers.

Revolutionary AI Underwriting Tool Unveiled: UnderwriteGPT Changes the Game for Insurance Industry. Coverager, February 1, 2023.

UnderwriteGPT is the world’s first generative AI underwriting tool. UnderwriteGPT generates new data and insights that will differentiate brokers and insurers. The solution is designed to streamline the underwriting process and improve risk assessment, ultimately leading to better pricing and coverage for policyholders.

Appian Releases Connected Underwriting to Equip Insurers with Speed and Precision. PR Newswire, January 30, 2023.

The prebuilt solution empowers insurers to reduce time to quote, minimize risk, improve profitability, and elevate the customer experience. Appian Connected Underwriting empowers insurers to accelerate the underwriting process and improve customer experience. The solution uses Appian's process automation, data fabric, and low-code architecture to rapidly unify data from disparate sources, optimize workflow, and reduce the time to quote new policies.

EXL and Brown & Brown Absence Services Group Partner to Develop Integrated Disability Claims Management Technology & Services. Press release, January 10, 2023.

The two companies will develop an end-to-end claims management service that leverages conversational AI and powerful analytics to improve the claims adjudication process. This new technology optimizes AI and advanced analytics to improve the speed and accuracy of claims processing. It also including humans in the loop to focus on more complex cases.