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THE INSURANCE INDUSTRY IN THE AGE OF COVID19

Innovation cannot be stopped due to the pandemic, rather, it’s the only way to face it. Leading enterprises understand innovation is the key to confronting the operational challenges triggered by the crisis, and how it can help them take advantage of the hidden opportunities.

The consumers’ digital journey has gone from a nice-to-have to a must-have. That’s why insurance companies are prioritizing the digitization of their services and operations. They’re seeing lucrative opportunities through new business models such as pay-per-use, dynamic pricing and micro-segmented discounts.

 

Softtek delivers the key strategies, skills and accelerators to help you achieve the results you’re looking for.

THE MANY PARALLEL CHALLENGES

  • How do we drive retention and renewal during the new normal?
  • How does this affect revenue and profitability?
  • How will our fixed and variable costs change?
  • How will these new strategies change our positioning vis-à-vis competitors?
  • Can we deliver all our services digitally, end-to-end, 24x7? And can we deliver at the highest quality?
  • Do we have the skills to forge this new path? Can we manage it remotely?
  • What are the operational and reputational risks involved?
 

Mandates

 

 

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Strengthen the Digital Consumer Journey
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Digital Partnerships
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Business Process Outsourcing
business model
New Business Models
campaign
Brand Enhancement Campaigns
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New Products or Discounts for Retention and New Client Acquisition

React, Recover & Grow with the right solutions

Softtek offers a suite of rapid deployment solutions that can be developed and implemented on an agile basis to help you in 5 areas:

 

Rapid Remote Workplace Enablement

Rapid Remote Workplace Enablement

Rapidly and securely enable workers to work from home or on the move:

  • For office workers​
  • For Field Services​ Workers​
  • For Call Centers Leaders
  • For Business Leaders & Key Decision Markers

 

Digital Triage

Digital Triage

Rapidly improve digital experience and enable​ new delivery channels

  • Digital Commerce Rapid Implementation
  • Enterprise-grade Digital Commerce​
  • Custom-made eCommerce Platform Hypercare
  • Digital Front-ends Hypercare
  • Rapid Integration to Delivery Services
  • Cognitive Testing for eCommerce

 

Business Process Automation & ​IT Operations Cost Optimization​​

Business Process Automation & ​IT Operations Cost Optimization​​

Optimize business processes and boost efficiency through automation. Uncover waste, overcapacity and hidden budget leaks across IT.

Business Functions​
  • Agile RPA & ​Cognitive Automation​
  • Smart Procurement​
IT Spending​
  • Telecom & Cloud Expense Optimization​
  • Software License Expense Management​
  • Technology Landscape Simplification​
  • IT Operations Productivity Improvement​

 

Operational Intelligence​

Operational Intelligence​

Monitor the health of technology-enabled business and operation functions through the integration of operational, technology and back-end data​.

  • Operational Intelligence for Mission-critical Processes​
  • Intelligent Application Performance Monitoring​
  • Rapid Financial Dashboard Implementation​

 

Other Services

Other Services

Navigating this fast-changing environment requires agility and fresh thinking. As we reinvent how we work, live and play, Softtek is helping clients across all disciplines and from every angle. We will help you address your toughest challenges, with our full portfolio of services, so your business is fit for today and prepared for the new normal.

LEARN MORE

How we are helping clients in the Insurance sector

All
 
React
 
Recover
 
Grow
 

Driver Risk Reduction
Reduced risk for operators of heavy machinery

 

Leverages a Machine Learning model that is ‘trained’ to recognize behavioral batters based on eye movements and facial expressions that may infer sleepiness in drivers of heavy machinery in construction or engineering.

If signs of distraction are detected, such as sleepiness or suspicious behavior, an instant alert goes off that reduces the number of accidents and minimizes reckless driver behavior.

Can be implemented as a pilot with lower-cost equipment and a shared camera.

Medical equipment tracking and preventative maintenance
Medical clinics group in LATAM

 

This solution integrates elements of the IoT (Internet of Things) for the acquisition and processing of geolocated data in closed and small spaces, with real-time analytics for equipment tracking and generating predictive models to optimize its use.

It can interact with any type of data and signal in a simple and effective way, and in this way meet needs in closed or small spaces, with precision down to the centimeter through the use of “beacons.”

The architecture of open APIs allows the integration of all types of data and signals, both analog and digital, creating a scalable base upon which to build and monetize new cloud-based operational capabilities based on IoT.

Innovation Lab-as-a-Service
Case Study (Available only in Spanish)

 

Innovation Lab-as-a-Service

Digital Onboarding
Biometrics and Artificial Intelligence

 

Quickly and easily manage new client registrations using a mobile phone camera. No filling out forms or physical attendance required.

The solution uses biometric technology and AI application as measures to protect against fraud and guarantee regulatory compliance.

Transactional Fraud Analysis and Prevention
Behavior Analysis

 

Transactional Fraud Analysis and Prevention

The need to quickly conduct procedures remotely reinforces the importance detecting transactional fraud and identity theft.

The solution is based on behavioral analysis, through what is called a “digital fingerprint,” which combined with AI models, allows the creation of dynamic patterns to identify potentially risky cases that create an alert when the transaction strays away from normal parameters.

The end user can even register exceptions and manage behavioral rules, helping create a “safe zone” with the end user’s custom specifications.

It’s implemented quickly, doesn’t require applications or plugins, and is completely omni-channel.analysis.

“Smart reader” of paper documents to automate procedures
Health Services Organization

 

The app uses a service that recognizes text within video in real time, using only a mobile phone camera.

This function allows you to take data from a policy, certificate or form, simply scanning the paper and letting the app leverage Cognitive Automation to complete the rest of the process in seconds, without the need to manually enter data.

Remote “Alive Status” verification through voice

 

Remote “Alive Status” verification through voice

Many procedures and processes require the physical presence of a beneficiary to demonstrate that they are “alive,” which is why at-risk groups like older adults and retirees must stand in lines at care centers.

Combining biometric technology and AI for voice recognition, the solution allows clients to remotely validate their alive status using a simple and intuitive interface, even for users who are unfamiliar with digital media.

In this way, clients can remotely and safely carry out procedures while avoiding discomfort, risk and the need for intermediary assistance.

Preventive Analytics: Customer Churn

 

Preventive Analytics: Customer Churn

Customer turnover poses a permanent challenge to the sustainability of organizations in the insurance industry. High dropout rates are a serious problem and are directly correlated with loss of income and increased client acquisition spending.

Today we are using the full potential of Machine Learning and data mining to predict customer churn. How? Among other things, solutions based on these technologies make it possible to examine the past behavior of clients to determine what their future actions are likely to be, thus helping identify those at risk of “emigrating.”

Minor Vehicular Damage Estimates

 

Minor Vehicular Damage Estimates through Image Processing

Artificial Vision is one of the areas where AI can provide immediate value. I can train a model for automated image processing and object identification, as well as pattern and detail recognition. Frees personnel from manual processing and delivers accurate results, as well as the ability to process large, unstructured and ever-changing datasets.

By analyzing cell phone images, the app can recognize and classify the type and severity of damage to a piece or a section of a vehicle, thus accelerating the claims process through intelligent automation.

Social Listening for professional services company

 

Social Listening for professional services company

The application for Social Listening generates quantitative and qualitative information about the company’s mentions on social media.

It leverages an algorithm that collects data generated on networks related to how customers interact with services and brands. Using Cognitive services (Text Mining + Sentiment Analysis), dashboards are updated with real-time analytics with key information upon which to act.

Pharmaceutical Lab and Health Services in LATAM
Virtual Assistant

 

Pharmaceutical Lab and Health Services in LATAM - Virtual Assistant

The virtual assistant allows for the automation of daily processes while also obtaining valuable information from client conversation analysis.

The use of cognitive services such as Natural Language Processing (NLP) empowers the chatbot to converse in an intuitive and natural way.

One particularly innovative case involves the intelligent automation of Customer Care actions through sentiment analysis, which allows real-time scaling and the ability to switch immediately to human assistance when there’s a critical issue it cannot solve, or when it’s detected that client is experiencing discomfort or frustration.

Optical document reader and text extraction

 

The app uses a service that recognizes text and characters from images, photos and video, in real time, using only a mobile phone camera.

This allows the insurance agent to read and extract key information from documents, licenses and cards to facilitate processes like renewals or making a quote, without having to request or manually enter data.

 
 

About Softtek Softtek is a global company and the largest provider of IT services from Latin America. With a broad portfolio of business-transforming products and solutions, Softtek helps Global 2000 organizations evolve their digital capabilities constantly and seamlessly, from ideation and development to execution.

© 2020 Softtek