Alfresco and Tech Mahindra target insurance companies with four new solutions
Alfresco Software, an open source content, process, and governance software company, and Tech Mahindra, a provider of digital transformation, consulting and re-engineering services and solutions, have announced collaboration on four jointly-developed insurance solutions.
The collaboration combines Tech Mahindra’s insurance industry expertise and experience with Alfresco’s Digital Business Platform to create solutions for risk management, automated underwriting, a self-learning chatbot, and intelligent claims handling.
“Insurance companies are constantly competing for new digital-native customers in order to gain more customers and create new revenue streams. To succeed, they have to reinvent their current offerings and offer modern solutions that appeal to both insurance policy holders and providers," said Gautam Bhasin, global head—banking, financial services, and insurance (BFSI), Tech Mahindra, said.
Using the Alfresco Digital Business Platform as the cloud-native content management foundation Tech Mahindra is targeting insurance companies with the following four solutions:
- Intelligent Risk Management Solution (IRMS)—a risk management framework that incorporates all aspects of risk management into a single solution, including risk monitoring, profiling, exposure analysis and management.
- Zero Touch Underwriting—a fully digitalized insurance underwriting approach that eliminates all manual touchpoints and offers insurance providers with direct selling and improved straight through processing across channels and intermediaries.
- IntelliClaims—an AI-based automated claims processing solution that integrates with chat bots (for possible FNOL [First Notice Of Loss]) and backend documentation and processing systems, summarizes claims documents (including images), and suggests actions for claims handlers.
- IntelliChat—a self-learning NLP (neuro-linguistic programming) and AI-based enterprise bot that can act as a smart assistant to help potential customers discover relevant coverage, answer questions, act as an intelligent guide around a providers’ website, as well as help insurance agents with case creation.
“The transformative power of our advanced content, process, and governance platform enables insurance providers to achieve the full benefits of digitalization with real-time access to content—wherever it resides—and agile workflow development," said Jay Bhatt, CEO, Alfresco. "This, in turn, will enable them to operate more efficiently, offer new services, stimulate growth, and decrease customer churn by helping their customers find the coverage most applicable and appealing to them.”
For more information, go to www.techmahindra.com and www.alfresco.com.