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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.

Current Challenges

  • 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.

Features & Benefits

Features
  • 360 degree view using Advanced and predictive analytics
  • Interactive design configurator
  • Pricing based on predictive analytics output
  • Regulatory compliance box
  • Dynamically simulated test environment
Benefits
  • Consistent process across product lines and geographies
  • Obtain real-time insights on product performance
  • Increased accuracy in risk selection and pricing of products
  • Proper product fit will result in increased sales volume, customer satisfaction and reduced legal hassles from non-compliance
  • Remodeling of products to determine price variation because of feature changes
  • Improve communication between stakeholders through social collaboration
  • Product prototypes can be developed and tested thoroughly in an artificially simulated real environment
  • Considerable decrease in product roll out and go to market cycle times

Resources

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