Get in Touch


I Agree to the Privacy Policy
Please enter your name. Please enter alphabets only for Name. Please enter Organization. Please enter valid email id. Please enter numeric only for Phone number.

Being one of the oldest industries, Insurance is now perched at the brink of digital disruption. Although a little late to the game, the need to identify new risks and bring to market new products that are based on sophisticated risk modelling and pricing mechanisms is driving the need to embrace technologies like analytics, mobile, IoT and blockchain.

While we now have accurate information about a user’s driving habits, their health patterns and lifestyles – Insurance providers have largely ignored this information till now. But with the advent of IOT and the ability to collect usage data on a real-time basis, there is an upsurge in the adoption of usage based insurance and the underlying platforms that support it. Hence, Insure-Tech is looking to create better and personalized customer experiences to make everything from purchasing policies to claiming insurance as smooth and seamless as possible. In addition, insurers also want to help their agents in selling more, accelerate time to market, optimize risk and reduce the overall cost of claims.

Happiest Minds with its deep technology background and domain expertise provides platforms, services and solutions to ISVs in this domain so they can accelerate the product and technology roadmap, implement better software engineering practices and productize their innovations and ideas by leveraging the latest technologies and platforms.


Usage Based Insurance Enablement

Usage based insurance (UBI) has gained a lot of momentum as it provides insurers the ability to personalize their offerings to specific needs, behaviors and usage patterns. E&Y estimates that UBI has the potential to reduce claims costs by 40%, reduce policy administration by 50% while also substantially driving down acquisition costs. However, to be effective and translate with consumers, UBI solutions should be nimble, easy to understand, transparent and flexible with dynamic pricing and payment options.

Happiest Minds provides the necessary technology platforms to quickly enable cost effective UBI platforms to existing policy administration systems. Be it vehicle insurance, travel insurance or health insurance, we provide end-to-end solutions and technology platforms that can be customized based on product needs. We offer –

  • Mobile enablement for customers and agents – Mobile apps to engage with customers on a real-time basis and providing data for deriving the usage and behavior insights. We also carry out device design and IOT enablement.
  • Technology platform and services that support UBI – Cloud based data ingestion platforms that collate data from IOT enabled devices. This could be location, mileage, acceleration and braking for vehicles or lifestyle characteristics like regular exercise, footsteps, BMI, medications for health insurance.
  • External data source integrations – Systems that allow for consideration of external factors such as weather and time of day, location and other risk factors and combining them with usage data to provide comprehensive information for premium calculation.
  • Build out of customer engagement platforms – Dashboards and weekly or regular updates though portals to verify usage and keep track of insurance premiums and payment.
  • Solutions for Backend Integration – Underwriting, actuarial and pricing engine and payment platforms to support pay as use models and digital experience for claims management.
Digital Experience to End Customers

With comparative information available at their fingertips, digitally empowered customers have changed how they discover, evaluate, purchase and use insurance. At the same time, the ubiquity of social and digital channels has changed how customers communicate with insurance companies. Digital isn’t just a way to up-selling insurance to existing clients but also a great way to provide better and personalizer customer experiences. We at Happiest Minds enable the digital journey of an insurer by offering –

  • Digital experience solutions for Customers – Provide technology platforms to enable new ways of customer interaction and engagement models with insurance companies that include web, mobile, SMS and social. We also enable virtual assistants that are powered through voice such as Alexa and cognitive toolsets such as chatbots.

Our engineering solutions provide full, end-to-end digital experience — from product enquiry to claims and renewals. The digital customer experience involves an end-to-end customer life cycle covering – research, purchase, administration and usage.

  • Digital experience solutions for Agents – We provide solutions to enable distributors and agents to access relevant and dynamic content to promote the right products effectively. We also offer solutions to manage leads, online or mobile based mechanisms to track commissions, payments and reminders.
  • Claim management advancement and straight through processing solutions – Solutions to enable straight through processing to effectively and efficiently handle claims. Mobile based claim initiation and solutions to handle fraudulent claims. Mechanisms to enlist all the related teams to quickly evaluate, process and settle claims.
Legacy Product Modernization

Legacy systems in Insurance require increased maintenance and with shortage of mainframe based resources, it has become necessary to modernize legacy systems. Again, with the need to launch products based on new risk avenues and transparent pricing mechanisms that are in alignment with customer expectations, ISVs are aggressively embarking upon this journey. As a trusted partner, we offer –

  • Insurance backend system modernization – Provisioning a service oriented architecture enabled through the cloud. We also provide mechanisms to expose open APIs and enable microservices integrations.
  • Embedded Analytics and Insights – We build-out data platforms that provide enterprise level insights with tighter integration to system of records, enable rich analytics modelling and visualization and trigger workflows based on actionable insights.
  • Intelligent user experiences (mobile, voice, chatbots) – Platforms to modernize user interfaces with user centered designs that allow for full customizations based on themes with a dollop of analytics thrown in.
  • Solution for software engineering practices – Solutions and services to have self-managed upgrades that enable continuous deployment. We also offer scalable platforms with high performing and reliable software that can support elastic scaling.
Blockchain Enablement

Although it emerged recently, Blockchain has captured the imagination of enthusiasts all over the world and can be practically applied in several industries including the insurance space. A distributed ledger enables trust-free contracting and provides mechanisms to build smart contracts that are compliant with regulations and self-executing in nature.

Up to 65% of all fraudulent claims go unnoticed in U.S. and Europe alone – hence, Insurers will benefit immensely from immutable, time-stamped secure data that is trustworthy if stored in the blockchain. At Happiest Minds, we offer –

  • Blockchain enablement – Technology platforms that enable build-out of blockchain based fraud detection systems using decentralized digital repository to iron-out duplicate transactions or suspicious parties.
  • Implementation of Smart contracts – Claim settlement solutions using smart contracts that enable enlisting of related parties without the need for them to be available in the same platform and self-invoking code with no person required to initiate or verify.
  • Efficient risk pooling solutions – We enable multiple underwriting models that can reduce risk liability, optimize premiums and claim payouts.
  • Platforms to enable P2P insurance – technology solutions that make policy administration more transparent, trustworthy with no central authority and provide tool sets to automate P2P insurance operations.
Advanced Analytics and AI

AI and advanced analytics are going to have a profound impact on the insurance industry. AI can radically improve insurance underwriting, enhance risk assessment capabilities, identify new risk avenues and enable new products. As customers become more demanding, cost pressures escalate and insurers look to create differentiated offerings – capitalizing on advanced analytics and AI is the way forward. We offer – 

  • Platforms to Enable P2P insurance – Technology solutions that make policy administration more transparent, trustworthy and provide tool sets to automate P2P insurance operations.
  • Platforms for NLP, speech recognition, and virtual as­sistants – Services and solutions to enable easy adoption of innovative technologies to improve customer experience. With virtual-assistants available at various touch points, we work with you in ensuring personalized and contextual customer service.
  • Technology solutions for real-time underwriting and cash reserve management – We provide solutions that address real-time be­havioral and demographic actions to recognize changes in mar­ket forces and accordingly suggest optimal responses.


Contact us contact us