TCS Solution
TCS’ Modernized Underwriting Platform on Azure offers an intelligent risk assessment platform that automates the traditional underwriting process by utilizing the AI and automation capabilities of Microsoft Azure. AI-based analytics brings the underwriting process closer to the point of sale, enabling agents to quote, submit, receive decisions, and issue policies, while improving the efficiency of the insurance value chain using straight-through processing. Its recommendation engine offers suggestions for medical examinations, risk classes, profile highlights and scores, probability of claims, and final decision of accepting or rejecting applications.
TCS’ platform offers:
- Data centricity: Brings data from varied external sources into a centralized data lake to increase data gravity, by leveraging a standardized data architecture based on the Common Data model framework.
- 360-degree risk view: Allows underwriters to view historical data to detect trends, patterns and KPIs for improved decision making with the help of interactive dashboards. Graph analytics-based underwriting rules enable underwriters to assess health and lifestyle to reach the final decision for overall profit.
- Personalized products and dynamic pricing: Enables underwriters to visualize and analyze physical activity patterns of applicants. It helps them understand whether the risk trends over a period of time are positive or negative, and shape dynamic pricing and product personalization capabilities.