BFSI Digitalized

In the past few years, the insurance industry has undergone numerous transformations in terms of new developments, modified regulations, proposals for amendments, and growth. Such developments bring in new opportunities for insurance providers. The insurers are broadening their products and services to meet the ever-evolving customer habits. The industry needs to transform digitally from traditional preconceptions through the power of data and analytics along with innovative technologies.

Cygnet Digital offers enterprise transformation solutions and an overall omnichannel strategy to help insurance clients achieve a business vision. Our industry experts help our customers to derive meaning from the different forms of archived or unprocessed data. We have the experience and broad digital expertise to help insurers build agility while creating seamless digital services across the business.

Use Cases

Parametric insurance

Parametric insurance is an innovative approach that provides coverage for specific events based on predefined triggers, such as a certain level of rainfall or wind speed. Unlike traditional insurance, which requires complex claims assessment, parametric insurance automatically pays out when the trigger condition is met. This speeds up the claims process and ensures quicker financial assistance for policyholders facing events like natural disasters.

Smart claims

Smart claims leverage advanced technologies like artificial intelligence (AI) and data analytics to streamline the claims process. By analyzing data from various sources, including policyholder information and incident details, insurers can quickly assess the validity of claims. This results in faster and more accurate claim settlements, enhancing customer satisfaction and reducing administrative burdens.

Antifraud – Claims & underwriting

Antifraud measures in the insurance sector involve using AI and data analysis to detect and prevent fraudulent activities in both claims processing and underwriting. By analyzing patterns, anomalies, and historical data, insurers can identify potentially fraudulent claims and applications. This not only protects insurers from financial losses but also maintains the integrity of the insurance ecosystem.

Rule engine-based underwriting

Rule engine-based underwriting automates the decision-making process in insurance underwriting. Insurers set up predefined rules and criteria that the system uses to evaluate policy applications. This technology enables consistent and efficient risk assessment, ensures adherence to underwriting guidelines, and speeds up the policy issuance process.

External customer analysis

External customer analysis involves using data analytics to gain insights into customer behavior, preferences, and needs. By analyzing external data sources, such as social media activity, online shopping behavior, and demographic trends, insurers can create more personalized and tailored insurance offerings. This helps them better understand customer segments and design products that align with their requirements.

Collaborative insurance

Collaborative insurance refers to digital platforms that connect insurers, customers, and intermediaries (such as brokers) in a transparent and interactive ecosystem. These platforms facilitate efficient communication, data sharing, and collaboration throughout the insurance process. Policyholders can access information, submit claims, and receive updates in real time, enhancing overall transparency and customer experience.