Emergence of new players and distribution channels, increasing customer demands for new products and innovative services, inflexible and expensive core legacy systems are some of the significant challenges that insurance industry currently faces with. The digital revolution is also enabling the need of intelligence driven automated business along with improved real time customer experience. By leveraging the new age disruptive technologies, Happiest Minds helps insurers to bring in automated innovative products and solutions, improve their revenues and thereby increase the customer experience.
- Long cycle time for product roll out
- Inaccurate risk selection and product pricing adversely affecting sales and claim ratios
- Lack of innovative and competitive products
- Low level of synergy and efficiency between various stake holders in the process
- Legal and compliance issues. Ensuring compliance is a manual process
- Lack of flexibility in developing product prototypes
- Product testing is cumbersome, lacks flexibility and does not cover complex real market scenarios involving multiple parameters.
What we offer?
To address these challenges Happiest Minds brings in “Insurance Product Accelerator”. It is an integrated platform to conceptualize, design, develop and test an insurance product with the help of advanced analytics tools and techniques, supported on a workflow engine.