Insurance
The digital Revolution is arrived. Learn how we assist rules and regulations and life insurers in redefining their business and operating strategies and positioning themselves for success.
Insurance has been redesigned.
The insurance business is key to digital disruption and convergence. Leading insurers are widening and diversifying their goods and services in order to satisfy their clients’ evolving demands. This means investing in client-facing, cloud-based digital breakthroughs as well as developing unanticipated new ecosystems that meet a wide range of customer demands. Insurance companies are also rethinking their position in society, launching environmental projects, and promoting diversity among its executives and agents.
Insurance divisions
Life and Annuity Insurance
Control your expenses. Reduce your risk. Encourage expansion. Here’s how we assist insurers in achieving growth and operational excellence.
Insurance for property and liability
We assist property and casualty insurers in improving their policy, distribution, and claims activities, as well as reaping the benefits of digital technology and change.
Benefits for Groups and Volunteers
We assist insurers in increasing the value they provide to brokers, employers, and workers.
Customer Experience as a Service
There are both digital and physical touchpoints on your financial journey.
Consumers want institutions to anticipate their demands and do not want to have to repeat their question every time they go between agents or channels.
To deepen consumer involvement, financial institutions must deliver a responsive, relevant, and contextually aware experience.
Insurance Agent Analytics
Insurers are unable to make efficient and effective judgements due to a lack of data-driven insights.
Lack of personalised services for agents frequently results in low agent retention and excessive agent turnover, resulting in expensive expenses and a poor return on investment.
Cyanvave Insurance Agent Analytics uses analytics, artificial intelligence (AI), and digital data technologies to assist insurers in making data-driven choices. The solutions boost employee engagement and experience while also assisting insurers in meeting their key performance indicators, allowing for corporate development.
Azure-based Modernised Insured Platform
TROUBLE
The global COVID-19 epidemic has affected regular life, enterprises, and the economy. If recent events such as government furlough programs throughout the world, company bailouts, and Wimbledon payments are any clue, the insurance sector will face serious difficulties in the future.
However, this situation provides a chance. The moment has come for insurers to modernize their companies and associated screening processes by speeding up their embrace of cloud and automation technology. This will not only help insurers survive today but will also prepare them for harsher times ahead as the world’s financial system approaches a probable recession.
SOLUTION
Cyanvave Financial Transformation Solution, which is powered by artificial intelligence and machine learning, enables the following:
Comprehensive information gathering: Data extraction from surveys, contract notes, loss-control reports, and statements of values (SoV) is automated; critical data quality concerns such as identifying anomalies, duplication, and entity recognition are identified.
BENEFITS
Insurers can benefit from Cyanvave’ Underwriting Transformation Solution in the following ways:
AI-ML-based risk factor extractions, data cleaning, and insight-driven risk selection improved underwriting efficiency and time to market.
Risk analysis is improved and more efficient at the account, portfolio, and re-insurance levels.
Reduced manual processing allows for more time for underwriting analysis; different methods for analysing losses – average yearly losses, aggregate losses, occurrence losses, and excess losses