Technology Offerings
Consulting and System Transformation
Dynamic market trends and soaring customer demands are pressing insurance businesses to diversify their services and products. Shifting from legacy models to modernized tech-powered systems can help improve market competitiveness and customer experiences. Digital transformation provides insurers an opportunity to advance business agility, scalability, and growth while meeting critical challenges. Iris technology experts have a strong understanding of Insurance services. This brings assorted experience from an experienced workforce and decades of InsurTech solutions delivery around consulting and portfolio diversification. Considering IT as a mandate enabling function, we curate the right digital transformation path for the insurance enterprises that assist in divesting IT services from their core business. While handling IT and IT systems estate, we help insurers focus on their core offerings and develop new business and revenue streams for their businesses faster.
Cloud Migration and Tech Modernization
With extensive expertise in rendering digital transformation services, Iris delivers dependable systems and technology modernization solutions for insurance businesses. In line with the changing technological landscape of the Insurance industry, we transform the existing systems into future-ready applications through re-platforming, re-factoring, and cloud-native re-writing. We have enabled several insurance companies to capitalize on greater business opportunities by migrating on-premise estate and application infrastructure to cloud. Our grey screen application modernization makes them accessible on hand-held devices, allowing insurers to expand their outreach multifold at a reduced total cost of ownership (TCO). Iris Insurance technology and systems modernization services span the following critical systems:
- Customer Relationship Management
- Agent and Consumer Management
- Enterprise Resource Planning (ERP)
- Workforce Management
- Service Management and Workplace Services
- Insurance SaaS (Software as a Service) Applications
- Applicant Management
- Insurance Catalogue and Asset Management
Robotic Process Automation
Robotic Process Automation (RPA) offers agility to any business by transforming mundane, repetitive, transactional, and several administrative tasks into trained, scripted procedures. Insurance processes automation provides the ability to pivot as per changing needs of micro and macro-economic factors. Iris helps insurers achieve enormous business benefits, including customer onboarding, KYC (Know-Your-Customer), claim processing and customer experience through seamless RPA implementations. Our automation services have assisted several Fortune 500 insurance companies in scaling their performance while significantly reducing business overheads. Some of the insurance businesses process automation use cases that Iris has invested in include:
- End-to-end claims processing and management
- Insurance operations transformation
- Claims and policy underwriting
- Sales and business development (campaigns and promotions)
- Customer support requests management
- Insurance and reinsurance
- Rate adjustments following changes in micro and macro-economic factors
Artificial Intelligence and Machine Learning
Artificial Intelligence (AI) provides the ability to learn from historical data, market trends, patterns impacting the business. Machine Learning (ML) technologies are used to develop future-proof, scalable, cognitive and predictive models. Iris insurance technology services let insurers leverage the data captured from various sources to unearth actionable insights, build predictive models, and deliver a superior customer experience. Ues of AI and machine learning powers up divesre insurance functions, including product strategy, fraud prevention, claim processing, risk mitigation, and regulatory compliance. Our InsurTech solutions with AI and ML as underlying technologies enable insurers to:
- Predict market risks
- Improve insurance distribution, liability and risk identification processes
- Strategize product pricing and associated risks
- Segment customers based on various factors
- Personalize offerings based on customers’ historical and behavioral data
- Predict customer lifetime value
- Balance workstreams for agents
- Detect frauds at early stages and forecast volumes
- Inspect and analyze damages
- Reduce turnaround time by deploying self-learning virtual and live agents
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