risk aggregation and automation to keep costs low
Overview
Property and Casualty Insurers in the last few years are enjoying record surplus. This has been fuelled by a booming economy and expanding levels of capital. Due to the influx of capital, the property and casualty market has resisted significant market wide rate increases. Property and Casualty has been highly profitable in developed markets, however, till as recent as 2015 had not entered a number of markets in Asia-Pacific (APAC) and South America.
Technological disruptions affect the Property and Casualty sub verticals differently, making some opportunities better than others in the emerging markets. However, the recent spate of catastrophic events and losses arising from them brings about less certainty on the impact on risk management for Property and Casualty insurers. We have worked with Property and Casualty insurers to enhance their risks management program with the help of Artificial Intelligence (AI).
Success Story: Risk Aggregation
One of our client is a specialist insurance and reinsurance business, part of the Lloyds of London market. A large part of work is manual in nature with large binder files for specific insurance cases. Therefore, the risk aggregation in underwriting of policies was very time-consuming, the simulation tools were expensive. Also, since the transactions are of high financial value, manual errors proved to be very costly.
Quale Infotech developed an automation tool to drive data into could-based risk aggregation tools and provide simulation of region-based risk exposure. Thereby, negating the integration with third-party apps, and reducing manual errors.
Features and Benefits
Insights for Risk Management
Get deep insights from your current portfolio to easily improve your risk management program with the help of Artificial Intelligence (AI).
Non Invasive Integration
Easily integrate with third-party applications with the help of Robotic Process Automation (RPA) as an ideal solution without any intrusive connectivity.
Add Features to Legacy Applications
Intelligent Automation helps modernize your infrastructure without the high cost of changing legacy applications.
Stay Ahead of Regulatory Compliance
Changing regulatory landscape in the insurance industry requires continuous investments, automation and AI helps you stay ahead.
Introduce New Products
Property and Casualty insurers looking at expanding their business by introducing new products or new geographies can do so with reduced lead time.
Improve Organization Efficiency
Intelligent automation helps provide improved accuracy for tasks and improved productivity for business units.