Industry Solutions

INSURANCE

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Drive Digital Transformation to Future Proof your Business

The insurance industry is evolving, driven by higher customer expectations and a rapidly changing business environment. A new breed of insurance companies is disrupting the traditional ways insurers evaluate risk and deliver service. Chatbots are insuring customers in 90 seconds, all while collecting significantly more data points than during traditional customer calls. Claims are paid in minutes rather than in days or even weeks.

Delivering modern services requires handling more data than ever before, running analytics and AI faster on more data, and even in real-time over multiple data sources in order to reduce risk and offer instant digital services and experiences that customers are expecting today. Smart DIH helps insurance companies meet these demands with unparalleled low-latency, high-performance, and scale that aggregates and offloads from your multiple back-end systems of record and data stores on-premise and on the cloud. With a unified API layer, you can decouple your digital applications from your disparate systems to rapidly power and deploy always-on time-sensitive applications.

In addition, efficient IoT sensor data ingestion and aggregation, along with real-time streaming enables a dynamic analysis, the generation of the optimal risk model, and customer engagement personalization.

Benefits

With Smart DIH (Digital Integration Hub), insurers can offload from and modernize their mainframe and legacy infrastructure. You can drastically reduce costs by lowering MIPS and/or optimizing Hadoop investments while increasing your agility to rapidly develop and deploy new low-latency digital applications and services on-premise, on the cloud or in a hybrid environment. The cloud-native platform supports your cloud migration strategies to reduce risk as you add new applications to the cloud and transition existing applications at the pace that you choose.

Insurance fraud bears a great financial burden on insurers as well as their policyholders. Fraudulent claims lead to higher overall insurance costs, which impacts not only the financial health of the business but also those who are seeking equitable insurance coverage.

Whether the fraud is around medical billing, claims, or life insurance, fraud detection and prevention is a strategic objective for every insurance company.

Smart DIH powers your applications with the necessary in-memory speed and scale to run predictive analytics and real-time AI that better equips you to recognize the increasingly complex patterns of hidden fraud, where suspicious claims and fraudulent payments can be stopped in time, reducing pay and chase situations.

Calculating risk is at the heart of every insurance business. A micro segmentation strategy can offer more accurate risk calculations and allows insurers to optimize their premiums and offer better prices to customers. But implementing such a strategy requires quickly processing a very large number of data points to identify the appropriate risk level of each customer and each policy.

Smart DIH helps insurers operationalize AI risk models in real-time, so they can offer each customer their best quote. In addition, it accelerates risk calculation batch jobs from hours to minutes or even seconds, powering a robust and timely risk management process.

Consolidating systems of record and data sources, including real-time data, into a distributed in-memory operational data store with a unified API, powers the development and deployment of innovative digital services. These include personalized offerings, instant policy issuing, and instant claim payments. Such new services can redefine the customer experience and lead to increased customer satisfaction and higher customer loyalty.

Furthermore, an event-driven microservices-based architecture enables constant innovation and rapid introduction of new digital services.

Analytics and BI are core functions of insurance companies. Batch processes such as risk calculations and actuary calculations can take minutes or even hours to run, which make analyst work slowly. This is due to the large amount of data that is usually stored in disparate and high latency data stores.

Smart DIH accelerates BI reports by up to 100X – from hours to minutes and minutes to seconds; combining both historical data with real-time streaming data. You accelerate your reports and BI while ensuring that fresh data is analyzed.

Internet of Things (IoT) devices offer a constant stream of data that allows insurers to make much more accurate customized risk assessments that result in more equitable premiums. The data from connected devices gives insurers the ability to understand their customer behavior on a deeper level, allowing for not only a better risk assessment but also the development of new products to address the customer needs that were not handled before. But with billions of IoT-connected devices, capturing and leveraging the huge amount of data that these devices generate is challenging, especially with legacy-based IT infrastructure.

Smart DIH allows insurers to ingest large amounts of IoT data with in-memory speed and scale to power real-time reporting and analytics and optimize insurance decision making. It also gives them the ability to offer innovative data-based services to customers. Examples include personalized car insurance, health insurance and more.

Learn how DIH helps financial services and insurance companies derive business insights by liberating their siloed data:

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Case Studies

Continuous Risk Analysis and Assessment

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Digital Transformation at an Enterprise Insurance Company

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