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EdgeVerve delivering results across the insurance value chain – 3 Success Stories

July 24, 2023


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EdgeVerve leads the charge in transforming the insurance industry with its innovative solutions. By harnessing cutting-edge technologies and advanced analytics, the company empowers insurance companies to revolutionize their operations and gain a competitive edge in a rapidly evolving landscape. Their transformative solutions streamline underwriting processes, resulting in enhanced accuracy, reduced manual errors, and faster policy issuance. With sophisticated algorithms and data-driven insights, insurers can optimize risk assessment and drive efficiency in underwriting operations, leading to streamlined workflows and improved profitability.

Also, its intelligent claims management solutions enable insurers to overcome the complexities of claims processing. Through automation and advanced analytics, insurers can expedite claims handling, resulting in reduced processing times, improved fraud detection, and heightened customer satisfaction. By optimizing the claims management process, insurers can provide a seamless experience to policyholders and achieve operational excellence.

Thus, by embracing EdgeVerve’s transformative solutions, insurance companies unlock new possibilities, foster innovation, and elevate their industry standing. With EdgeVerve as their trusted partner, insurers navigate the challenges of the modern insurance landscape, delivering exceptional results that differentiate them from competitors.

Pre-optimization challenges of insurance industry

The insurance industry faces a range of pre-optimization challenges that hinder operational efficiency and inhibit growth. One significant challenge is the prevalence of manual processes and paperwork, which introduce inefficiencies, increase the likelihood of errors, and impede the speed and agility of operations. Legacy systems further compound the issue, as outdated technologies lack integration capabilities, making it difficult to access and leverage data effectively across the value chain.

The complex regulatory environment adds another layer of complexity. Insurers must navigate numerous regulations and reporting requirements, which can result in administrative burdens and increase the risk of non-compliance. Moreover, siloed data and systems pose a significant obstacle. Insurers often grapple with fragmented data sources, making it challenging to obtain a comprehensive view of customers, policies, claims, and other critical information necessary for informed decision-making.

Inefficient underwriting and claims processes further exacerbate the challenges. Manual underwriting procedures, lengthy approval cycles, and cumbersome claims management workflows lead to delays, increased costs, and dissatisfied customers. Additionally, the lack of customer-centricity is a pressing concern. Insurers may struggle to deliver personalized experiences and meet evolving customer expectations, which can result in lower customer satisfaction and limited opportunities for upselling or cross-selling.

To overcome these pre-optimization challenges, insurers require a transformative approach. By leveraging advanced technologies, integrating systems, automating processes, and adopting data-driven decision-making, insurers can streamline operations, enhance efficiency, and deliver exceptional customer experiences. EdgeVerve’s solutions are specifically designed to address these challenges, empowering insurers to unlock their full potential, achieve operational excellence, and position themselves for long-term success in a rapidly evolving industry.

Why do insurers need to optimize their insurance value chain with EdgeVerve?

Optimizing the insurance value chain is a critical driver of business success in the dynamic and highly competitive insurance industry. It serves as a strategic imperative for insurers to achieve operational efficiency and deliver exceptional customer experiences. EdgeVerve, a leading provider of transformative solutions, stands ready to empower insurance companies on this transformative journey.

The insurance value chain encompasses various interconnected processes, including underwriting, claims management, policy administration, and customer interactions. By optimizing each stage of this chain, insurers can streamline operations, reduce costs, and enhance overall efficiency. The company’s state-of-the-art technologies and advanced analytics play a pivotal role in enabling insurers to achieve these goals.

Through automation, process optimization, and data-driven insights, EdgeVerve empowers insurers to automate manual tasks, eliminate redundancies, and expedite decision-making. This streamlined approach not only enhances operational efficiency but also enables insurers to deliver faster policy issuance, more accurate risk assessments, and seamless claims processing.

In addition to operational gains, leveraging RPA in insurance domain has a profound impact on customer experiences. With its personalized solutions, insurers can create tailored and customized experiences for their policyholders. From personalized policy recommendations to real-time communication and proactive support, insurers can build strong customer relationships and elevate satisfaction levels.

Therefore, by leveraging EdgeVerve’s expertise, insurers can unlock the true potential of their operations, streamline the insurance value chain, and elevate their competitive advantage. This strategic partnership empowers insurers to drive operational efficiency, enhance customer experiences, and achieve sustainable growth in a rapidly evolving industry.

Gains of optimizing the insurance value chain with EdgeVerve

Optimizing the insurance value chain with EdgeVerve brings five key advantages:

Operational excellence: Its solutions streamline processes, automate tasks, and leverage advanced analytics, leading to enhanced operational efficiency and productivity across the entire value chain.

Cost savings: By eliminating redundancies, reducing manual errors, and automating repetitive tasks, insurers can achieve cost savings and allocate resources more effectively.

Accelerated policy issuance: With EdgeVerve, insurers can expedite underwriting processes, enabling faster policy issuance, quicker response times, and improved customer satisfaction.

Efficient claims management: These solutions optimize claims handling through automation and advanced analytics, resulting in reduced processing times, improved fraud detection, and a seamless claims experience for policyholders.

Personalized customer experiences: By leveraging EdgeVerve’s capabilities, insurers can offer personalized policy recommendations, tailored communication, and exceptional customer interactions, fostering stronger relationships and higher customer retention rates.

Hence, insurers can achieve these gains, positioning themselves as industry leaders by delivering exceptional value and superior experiences to their customers.

Success stories of EdgeVerve

Success Story 1: Enhanced claims management

In a transformative move, a leading US-based healthcare insurance company (EdgeVerve’s client) serving 39 million individuals successfully tackled complex manual processes in ticket and claim management, resulting in remarkable cost savings of $6 million annually. Faced with inefficiencies and a decline in customer satisfaction, the company sought a solution to scale their operations effectively. They turned to AssistEdge, an automation technology provided by EdgeVerve, which proved to be a game-changer.

By implementing AssistEdge, the insurance company achieved outstanding results. The automation initiative led to significant annual savings amounting to $6 million, equivalent to freeing up over 170 full-time employee positions. This substantial reduction in costs marked a pivotal achievement for the company and enhanced their competitive edge.

Furthermore, the implementation of AssistEdge resulted in a rapid return on investment, with a break-even period of less than one year. These swift automation solutions highlighted the effectiveness and value of the automation solution. It allowed the company to reallocate resources and invest in other strategic areas to drive growth.

The deployment of AssistEdge also brought about a notable improvement in productivity, with a remarkable increase of approximately 7%. By automating labor-intensive tasks and streamlining operations, the company was able to accomplish more within the same time frame, enhancing their overall operational efficiency and output.

In addition to cost savings and improved productivity, AssistEdge enabled the insurance company to achieve a high level of accuracy, maintaining an error rate of around 3% or less. This heightened precision reduced the risk of mistakes, leading to smoother operations and increased customer satisfaction.

Largely, the successful adoption of AssistEdge revolutionized ticket and claim management for the insurance company. By leveraging automation technology, they achieved substantial cost savings, rapid ROI, increased productivity, and enhanced accuracy. This transformative journey propelled the company towards operational excellence, empowering them to provide superior service to their vast customer base.

Download the case study for more information https://www.edgeverve.com/assistedge/us-based-fortune-healthcare-claim-settlement/

Success Story 2: Elevated customer experience

AssistEdge boosts customer experience: Leading Australian insurer (a global client of EdgeVerve) achieves 15% faster turnaround Time (TAT).

A leading Australian insurer sought to enhance their customer service by reducing TAT for customer requests. With the implementation of AssistEdge, an advanced automation solution, they achieved an impressive 15% decrease in TAT across ten high-frequency processes.

AssistEdge seamlessly integrated with the insurer’s systems, automating manual interventions and accelerating customer request processing. This resulted in faster responses and shorter wait times for customers, significantly improving their overall experience.

The automation of high-frequency processes also brought operational benefits, including cost savings and improved productivity. By optimizing resources, the insurer’s employees could focus on more valuable tasks, driving greater efficiency.

Through their adoption of AssistEdge, the Australian insurer showcased their commitment to leveraging innovative technologies for exceptional customer care. The remarkable decrease in TAT demonstrates their dedication to delivering prompt and efficient service.

Success Story 3: Enhanced efficiency and productivity

Enhancing efficiency: US healthcare insurance company processes 10,000+ transactions with AssistEdge RPA

Experience streamlined efficiency and improved productivity with a leading US-based healthcare insurance company, powered by AssistEdge Robotic Process Automation (RPA). Witness the seamless processing of over 10,000 transactions, elevating the customer journey to new heights.

As a valued customer, expect faster turnaround times and enhanced accuracy. AssistEdge RPA effortlessly manages transactions, ensuring your requests are promptly addressed without errors or delays.

Through the collaborative capabilities of AssistEdge RPA, enjoy secure and smooth data transfer. Your information is handled with precision, meeting regulatory requirements, and following standardized processes. Rest assured; your transactions are in safe hands.

The impact of AssistEdge RPA extends beyond efficiency. By automating thousands of transactions, the insurance company achieves operational excellence, leading to significant cost savings. These savings directly benefit customers, enabling a more personalized and tailored experience.

The embrace of AssistEdge RPA showcases the insurance company’s commitment to delivering exceptional customer experiences. By harnessing innovative technology, they have revolutionized the transaction process, creating a seamless and customer-centric journey.

Prepare to experience heightened efficiency and productivity with AssistEdge RPA as your trusted automation partner.

Download the case study for more information https://www.edgeverve.com/assistedge/us-based-insurance-company-transactions/

EdgeVerve – Empowering innovation and transformative solutions

EdgeVerve is driven by a steadfast commitment to innovation. With a focus on delivering transformative solutions, EdgeVerve continuously pushes boundaries to bring cutting-edge technologies to the forefront. Investing heavily in research and development, EdgeVerve explores emerging technologies and industry trends, enabling them to develop advanced solutions that address evolving client requirements and drive digital transformation.

With expertise in RPA, AI, machine learning, and many more, EdgeVerve empowers businesses to simplify operations, optimize processes, and unleash new opportunities for growth. By adopting a customer-centric model, EdgeVerve associates closely with clients to co-create tailored solutions that align with their unique needs, enabling them to achieve strategic objectives and gain a competitive edge.

Through partnerships with leading companies, academic institutions, and industry experts, EdgeVerve fosters a vibrant ecosystem of knowledge sharing and thought leadership, ensuring their solutions remain at the forefront of industry advancements.

EdgeVerve’s transformative solutions have helped organizations enhance operational efficiency, improve customer experiences, and accelerate their digital transformation journeys.

In a rapidly transforming business ecosphere, EdgeVerve stands as a reliable partner, empowering organizations to navigate the digital era and unlock their full potential through innovation.

Key takeaways

The success stories presented showcase the transformative impact of EdgeVerve’s solutions on the insurance value chain. Automation, improved efficiency, and enhanced customer experiences have led to significant cost savings, streamlined processes, and superior services for insurance companies.

Looking ahead, the future of the insurance industry holds immense potential for innovation and digital transformation. EdgeVerve is committed to pushing boundaries, leveraging emerging technologies, and co-creating tailored solutions to meet the evolving needs of insurance providers. The ongoing partnership between EdgeVerve and insurance providers will drive industry-wide success by navigating the changing landscape, seizing growth opportunities, and fostering collaboration and innovation. By embracing automation, AI, and advanced technologies, insurance providers will enhance customer experiences, optimize operations, and unlock new growth avenues.

Hence, EdgeVerve’s expertise and solutions will play a vital role in supporting their digital transformation journeys. Together, they will shape the future of insurance, delivering exceptional value to customers and driving industry-wide success.

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