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Insurance / WHITE PAPER
Muthu Natarajan
Consultant, Guidewire Practice, Banking, Financial Services, and Insurance, TCS
Gayathri Devi
Business Consultant, Banking, Financial Services, and Insurance, TCS
Ramesh Ramaswamy
Insurance Transformation Practice Leader, Banking, Financial Services, and Insurance, TCS
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Digital transformation in insurance is witnessing an uptick, and property and casualty (P&C) insurers too have upgraded their core platforms. However, claims processing automation in P&C insurance has largely failed to improve the customer experience or cut costs and settlement time. The ongoing COVID crisis has further highlighted the obstacles in seamless claims processing. Insurers are facing challenges in enabling straight-through processing, same-day settlement, and rules based automated adjudication due to siloed digital adoption. While the case for complete digitalization is strong, insurers are grappling with challenges such as complex claims, need for diverse skillsets, and the absence of a strategy that grabs opportunities for digital technology interventions in the insurance claims value chain.
To thrive in the post-COVID era, insurers must transform claims operations by:
Adopting AI Technologies to Transform Disability Insurance Claims
TCS Helps Insurer Implement an Employee Health Insurance Solution
Reimagining the Claims Processing Function with AI Agents
A Centralised Solution for Christelijke Mutualiteit’s Challenges