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Transforming policy management

Overview

As casualty policy management becomes more complex, Tungsten Automation emerges as a game-changer amidst market dynamics and intensifying competition in the insurance industry. Global economic fluctuations, regulatory shifts, and evolving consumer preferences drive market volatility, necessitating agile solutions. A staggering 81% of insurers grapple with outdated policy administration systems, resulting in sluggish processes and reduced competitiveness. Our tailored solutions address the systematic administration and control of insurance policies throughout their lifecycle. This encompasses policy creation, maintenance, updates, and renewals, all aimed at ensuring accuracy, compliance with regulations, and efficient customer service. Leveraging cutting-edge technologies such as AI and Gen AI, our comprehensive platform empowers insurers to streamline processes and enhance efficiency in casualty policy management. From issuance to claims processing and renewal, Tungsten Automation accelerates every stage of the policy lifecycle, delivering exceptional service to policyholders.

Benefits

Solution capabilities

FAQ

Does the solution have out-of-the-box support for common insurance documents like applications, policies, endorsements, cancellations etc.?

Yes, the solution can be customized to process different types of standard insurance documents across P&C, life, and health

How does the solution integrate with prevailing insurance policy admin systems like Guidewire, Duck Creek, OneShield etc.?

The solution offers APIs, connectors, and adapters for seamless integration with all major industry admin platforms

Can the solution scale effectively and process high policy volumes like 1000s of documents daily even during spikes?

Yes, the solution can readily manage insurer needs involving very high document loads, avoiding choke points through always-on or event-based scalability

Does Tungsten Automation software allow insurers to develop and train AI bots custom-built to handle specific document processing needs in policy management workflows?

Yes, the solution provides integrated tools which empowers developers and business users to create tailored solutions for desired automation use cases without dependency on vendors

What data security protocols do you follow to protect transactional policy data?

The solution adheres to all global data security standards for encryption, network security, access controls etc. to safeguard policy data throughout its lifecycle

Does the solution provide reports, analytics and a customizable dashboard for monitoring automation metrics and identify bottlenecks?

Yes, the solution includes a pre-packaged bundle of metrics, dashboards and reports. The solution also allows organizations to create new reports and dashboards based on a library of best practices metrics, and features pre-built content for capture-based processes

How are exceptions handled outside the standard insurance document types?

Any outliers get directed to human-in-the-loop review using the quality assurance module where the exceptions are classified, to improve models

Does the solution handle updates and changes to insurance policies?

The solution accommodates policy updates, ensuring quick adaptability to evolving business needs and compliance requirements