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  • White Paper

    Transforming Insurance
    Through GCP-Powered
    Data Virtualization and AI

  • Insurance

    Shaping The Future Of
    Insurance Experiences

Enterprise AI in Insurance

Driven by intelligence.

Overview

The insurance industry is facing disruptive changes. Today’s digital-savvy customers demand hyper-personalized service at every stage of their policy journey. Meanwhile, new-age insurtechs are leveraging customer data to reimagine products and performance, challenging traditional insurers’ market dominance. Regulatory, cost, and workforce challenges persist, if not accelerate. The big question is: How can insurers remain relevant and competitive?

Many leading insurance companies are leveraging AI to become disruptors rather than being disrupted. By leveraging AI, automation, and analytics, they are transforming core processes such as claims, distribution, underwriting, and pricing, shaping the future of insurance experiences.

Are you ready to join them? We can help. Wherever you are in your transformation journey, we can help you embrace AI across the value chain. From automating paperwork to reimagining claims, underwriting, and delivering stellar experiences to policyholders, we can help you harness the transformative power of AI and other cognitive data technologies and lead the way into the future of insurance.

Intelligence in action

Digital insurance concept with various service icons on laptop screen used by an individual, highlighting AI-driven solutions for accurate pricing, underwriting, claims processing, fraud detection, customer insights, and upselling and cross-selling opportunities in the insurance industry

Underwriting automation

Simplify underwriting with advanced prediction models and intelligence.

Improve efficiency, risk assessment accuracy, and processing times with AI solutions for underwriting claims management. Reduce your costs while delivering transparent and simplified services to your customers.

Predictive pricing

Optimize pricing and risk assessment with deep customer insights.

Leverage advanced algorithms, including Generative AI in Insurance, to assess various factors and predict the likelihood of specific outcomes while deciding premiums. Improve your price competitiveness and customer experiences with intelligence and insights.

Claims management

Leverage AI in Insurance Claims Management and enable smarter claims processing and fraud detection capabilities with advanced analysis.
Identify claims suitable for straight-through processing while efficiently flagging potentially fraudulent claims to minimize risks. Predict large loss scenarios using claim severity analysis. Leverage subrogation opportunities to manage claims and mitigate financial impact effectively. Explore the potential of Generative AI for Claims Processing to revolutionize your claims management.

Next best offer

Leverage AI-driven upselling and cross-selling opportunities for revenue growth.

Take advantage of upselling and cross-selling opportunities with AI support, reducing customer churn and maximizing revenue potential. Mine valuable insights from intelligent predictions to generate tailored offers that resonate with customers, driving increased sales and customer satisfaction.

Intelligence in action

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Intelligent Underwriting Copilot

Supercharge your underwriting with AI-driven insights and automation

Revolutionize your underwriting process with MAGE’s Intelligent Underwriting Copilot. With the Copilot, you can underwrite policies more accurately and faster, enhancing productivity and capacity through enriched data insights and automation. Key features include:

  • Automated Data Extraction and Processing (IDP) : Leverage AI including NLP to extract critical information from documents like medical records and financial statements, and populate the extracted data into your core system reducing manual entry errors.
  • RiskMaster: Manage the entire process—from data collection to policy issuance autonomously, especially for low-risk policies, with our RiskMaster, ensuring near-instant approvals and improved CX.
  • Enhanced Decision-Making: Automate data analysis for accurate risk assessments, allowing underwriters to focus on high-value tasks.
  • Intelligent UW Assistant Dashboard: Monitor, assess, and execute underwriting actions on policies and quotes seamlessly integrated with your policy administration systems.
  • Improved Customer Insights: Utilize pre-built algorithms for deeper analysis, delivering actionable insights into customer behavior and risk patterns to enhance service and policy offerings.
  • Expanded Underwriter Capacity: Automate routine tasks with the Intelligent Underwriting Assistant, enabling your team to manage more applications while maintaining quality risk assessments.
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AI-led Sales and Distribution

Ensure hyper personalization that drive sales and loyalty

Reimagine every step of the customer journey with MAGE. Deliver hyper-personalized offerings aligned with customer behavior and demographics. Anticipate needs, tackle churn proactively, and foster loyalty, all while sharpening your sales efforts. Every interaction becomes meaningful through tailored offers, timely communication, and proactive support. Key features include:

  • Customer Behavior and Churn Prediction: Integrate data seamlessly from various touchpoints using MAGE’s pre-built ingestion plugins. Analyze key data—coverage limits, loss history, exposures, underwriting scores, and more— to uncover trends and predict churn.
  • Dynamic Engagement Strategies: Develop targeted strategies, including personalized outreach plans, to address individual concerns and improve customer retention. Use insights from sales dashboards to guide your next best action, ensuring optimization for each line of business.
  • AI Sales Assistant: Enhance sales effectiveness with predictive scoring to identify high-potential leads, coupled with Email Assistant Bots for timely communication and follow-up.
  • Proactive Churn Management: Predict customers at risk with MAGE’s churn predictor, enabling timely interventions through targeted outreach plans.
  • Retention Monitoring: Visualize high-risk customers on dashboards using churn prediction scores, risk meters, and heat maps. MAGE integrates seamlessly with tools like Power BI to give you real-time insights and visibility.
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AI-led Claims Management

Deliver a stellar claims experience, win the customer’s loyalty!

Transform your claims management operations with MAGE’s AI-driven capabilities. Improve combined ratios, minimize premium leakages, and boost operational agility by seamlessly integrating AI into your claims processes. Our solutions optimize the entire claims lifecycle, accelerating processing times and enhancing customer experiences while reducing operational costs.

  • Automated FNOL/Claim Intake: Implement our AI/ML-powered First Notice of Loss (FNOL) automation, which supports multi-channel intake through email, IVR, contact centers, mobile apps, or scanned documents.
  • Enhanced Customer Interaction: Leverage intelligent bots to respond to customer inquiries and process requests, significantly reducing manual intervention and increasing transparency in the claims journey.
  • Streamlined Routine Workflows: Automate workflows using conversational bots to trigger actions, such as: Seamless updates of claim status and details as they progress; Automatic loss reserve calculations for routine claims, expediting intake and adjudication and Effective communication of subrogation notices to keep all parties informed.
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AI-led Insurance Operations

Elevate efficiency, enhance service, and protect profits!
Explore next-level insurance operations with our AI-driven solutions tailored specifically for the industry. Built on the MAGE platform, our tools empower insurers to streamline processes, enhance customer service, and protect profit margins, all while delivering exceptional experiences. Experience effortless integrations with your existing core systems, ensuring a smooth transition without extensive customizations. Key features include:
  • Automated Policy Management: Quickly submit policy changes and endorsements on behalf of customers, reducing team workload and improving response times.
  • Seamless Agency Onboarding: Accelerate the onboarding process for faster contract life cycle management, ensuring timely resolutions and compliance.
  • Proactive Renewal Management: Automatically track rate increases at renewal and re-shop policies to provide better options for customer retention.

Insurance Data Modernization

Supercharge your underwriting with AI-driven insights and automation

Experience a paradigm shift in data management with HTCNXT’s Insurance Data Warehouse Modernization, powered by our AI platform MAGE. Our solution expedites the modernization of data in disparate and/or legacy systems, enhancing each stage from ingestion and cleaning to transformation and storage, thereby preparing the data for actionable analytics.

MAGE’s advanced capabilities streamline integration across various core system platforms, such as Guidewire, Duck Creek, Majesco, homegrown systems, and diverse legacy systems, establishing a unified taxonomy and data catalog for a single source of truth for all insurance metrics. Efficient data structuring means creating a consumption layer that accommodates various business user personas. It’s time for a swift, cost-effective, and AI-powered data warehouse for effective data analysis and decision-making.

Our Process

01

Brief

02

Assessment

03

Trial

04

Deployment

Insights you can trust