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Insurance
Insurance organizations are focusing on transforming themselves to meet ever changing needs of their customers by leveraging and investing in new age technologies & solutions
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Insurance

Insurance industry is changing at “warp speed”, globally! Insurance organizations (carriers, reinsurers, brokers, Third Party Administrators) are focusing on transforming themselves to meet ever changing needs of their customers by leveraging and investing in new age technologies & solutions. Disruption in the form of InsurTech and Digital Technologies is leading to newer methods of customer & partner engagement. Artificial intelligence, machine learning, intelligent automation, blockchain and digitization are driving transformation initiatives across the industry.

Service Offerings

Insurance practice at Tech Mahindra offers solutions and services across Life & Annuities, Property & Casualty, Reinsurance, Brokerage and Third Party Administrators

Property & Casualty

We believe that the key drivers of change in the P&C insurance industry are Digitization, Core Insurance Transformation, Intelligent Automation, Big Data, Artificial Intelligence, IoT (Internet of Things) and Cloud Capabilities.

Tech Mahindra is providing a wide range of IT services, consulting services to the global Property & Casualty industry for more than 2 decades. Our services span across the insurance value chain in personal lines, commercial lines, specialty lines & reinsurance. We believe that the key drivers of change in the P&C insurance industry are Digitization, Core Insurance Transformation, Intelligent Automation, Big Data, Artificial Intelligence, IoT (Internet of Things) and Cloud Capabilities.

Our offerings portfolio for the P&C Insurance market is designed to empower the insurers be Future Ready, manage the seemingly impossible and experience the power of Digital. Our insurance innovation offerings are designed to address the business ambitions of insurers and add value in terms of

  • Enhancing existing processing capabilities in the core and non-core business functions
  • Delivering value to their end customers, partners
  • Deriving cost efficiencies across the enterprise
  • Improving the market share by achieving speed to market in delivering products and services

L&A – Life & Annuities Insurance

Our offerings portfolio for the life insurance, annuities and retirement market are designed to empower the insurers become Future Ready®

TechMahindra is providing a wide range of IT services, consulting services to global Life & Annuities industry for more than 2 decades. Our services span across the entire insurance value chain in Life, Annuities, Pensions and Group Insurance. We also understand the need to support closed book of business of Life Insurers in the wake of emergence of newer products and customer driven choices. The emergence of newer technologies, new players, changing demographic patterns and increasing customer expectations has disrupted the way life insurers are operating for a long time.

Our experience in working with some of the leading insurance companies in ANZ, APAC, EMEA and North America markets has helped us understand the trends and shifts life insurance, pensions and retirement domains in greater detail. Key drivers of change like digitization, core insurance transformation, intelligent automation, Big Data, Artificial Intelligence/machine learning, and cloud based capabilities are transforming the way insurers are operating. Our extensive project experience, in-house subject matter expertise, solution accelerators, frameworks and methodologies help us deliver custom built, tailored solutions for our customers. We have partnerships with various core platform vendors in Life & annuities domain along with InsurTechs, to bring in some niche’ solutions that meet the current and emerging needs of the insurance companies.

Our offerings portfolio for the life insurance, annuities and retirement market are designed to empower the insurers become Future Ready ®, become more agile and customer focused. Our insurance innovation offerings are designed to address the business ambitions of insurers and add value in terms of

  • enhancing existing processing capabilities in the core and non-core business functions and help them transform digitally
  • delivering value to their end customers, partners
  • deriving cost efficiencies across the enterprise
  • improving the market share by achieving speed to market in delivering products and services

Reinsurance

Tech Mahindra’s insurance digital offerings help reinsurers offer various value added services to their customers.

The global reinsurance market is under pressure due to various factors like ever changing capital adequacy requirements, increasing number of catastrophes leading to higher claims, changes in the business environment due to geopolitical & economic issues, and technology disruptions.

At TechMahindra we understand the impact of these issues on reinsurance industry and provided various IT & business solutions to several reinsurers in the space of technical accounting, Finance applications, intranet portals, data management & analytics. We have built innovative solutions involving technologies like Block chain, Robotic Process Automation (RPA), Artificial Intelligence / machine Learning (AI/ML), advanced analytics for the insurance industry that are extendable for the reinsurance domain. Our insurance digital offerings help reinsurers offer various value added services to their customers who include insurance companies, reinsurance brokers

Solutions Offerings

Some of the Insurance Industry specific innovative solutions developed by Tech M include:

  • IntelliClaims - an AI based Claims Straight through processing platform with integrated Chatbots, Voicebots, Image Analytics, Robotic processing & Cognitive Automation.
  • Zero Touch Underwriting (ZTU) - The Zero Touch Underwriting framework is an IoT, RPA, & AI-based solution for insurers to help insurers raise their underwriting threshold and process additional volumes of new business in a straight-through mode in real time through automation.
  • Insure-EZ - Insure-EZ is an agent and customer digital self-service platform that provides digital and omni-channel experiences to insurance customers, agents, and advisors.
  • Sentinel - Sentinel is a risk data aggregation platform which connects with a variety of risk data capturing devices like sensors, drones, health bands, and on-board diagnostic devices to analyze and process the data.
  • Robotic Processing Automation solutions across insurance value chain – Robotic Process Automation (RPA) involves the use of software ‘robots’ that are easy to configure, require little IT expertise and can be quickly ‘trained’ and deployed to automate manual tasks.
  • Data Analytics Platform Life Insurers - Tech Mahindra has developed a one-of-a-kind platform, along with its partner Atidot, designed to increase profitability for insurance companies by predicting customer behaviour, lapse patterns and improve their cross-sell as well as up-sell capabilities.
  • Health ATM for Diagnostic tests and Lead Generation - Health ATM is a device designed by Tech Mahindra in partnership with an India-based InsurTech organization, “Yolo Health”. It is an aggregation of FDA and CE approved medical diagnostics devices combined with HIPAA compliant backend software, and a video conferencing facility for live consultation.

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