A positive customer experience is at the center of the insurance claim process. A study conducted by The State of Connected Customer report showed that 87% of customers found the experience they received weighed as much as the products and services that were being offered....
In today's rapidly evolving insurance landscape, companies face paramount challenges in effectively assessing risks while working within the boundaries of stringent regulatory requirements. These calls for innovative solutions, and artificial intelligence (AI) and machine learning (ML) are emerging as a unique remediation with a host...
The insurance industry, particularly small and medium-sized (SME) firms, faces several process bottlenecks. Employees are often engaged in repetitive tasks such as updating policies, reviewing claims, approving claims, and other clerical tasks. These tasks significantly add-up a firm’s operational expenses and are a constant pressure...
Manual claim adjudication is prone to significant bottlenecks. The tedious task involves entering the policyholder’s personal details, assigning a claim account, and transferring the claim form to a queue to be subsequently forwarded to the respective teams. A study by PwC shows that, on average,...
The landscape in the banking sector is evolving at a rapid pace. With the surge in digital transactions and ever-changing regulatory frameworks, traditional risk management and compliance methodologies are facing unprecedented challenges. Transactions occur at lightning speed, and regulatory mandates undergo constant updates. With these...
The banking and financial services industries have always been at the forefront of technological advancements. Today, they are leveraging cutting-edge technologies like Generative AI (GenAI) and hyper-automation to transform IT led processes into the next generation. In this blog, we delve into the capabilities of NuMantra’s...
The Banking, Financial Services, and Insurance (BFSI) Industry stands at a crucial juncture, marked by the integration of technological disruption and shifting consumer dynamics. At the forefront of this lies the advancement of Generative Artificial Intelligence (AI) technology, offering banks unparalleled opportunities to revolutionize customer...
Since its introduction into the mainstream during early 2023, Generative AI has transformed how we create, innovate, and enhance process efficiencies. For industry, the adoption of AI models has been a huge game changer with a multitude of applications, particularly with respect to customer/client and...
The Automation Generation is transforming company operations in an age of rapid technology innovation and digital disruption. Today's automation technologies alter workflows throughout industries, unlike prior waves concentrating on industrial processes. Robotic Process Automation (RPA) allows enterprises to automate repetitive, rule-based operations with unparalleled speed, precision,...
In today's fast-changing business world, companies are struggling to stay productive and efficient. No matter how advanced the technology, getting things done seems more complicated than ever. This problem highlights the ‘productivity paradox’ - which denotes that productivity gains often remain elusive while technology progresses. Robotic...