Property Risk Assessment with Digital Tools for Global Insurer

Overview

A major global insurer collaborated with Tech Mahindra CTCo to revolutionize its insurance risk assessment process by introducing digital tools. This initiative reduced the delivery time of its insurance risk assessment reports from two weeks to two days. As a result, the client was able to significantly lower operational costs, enhance customer satisfaction, and accelerate service delivery while empowering customers with autonomy in risk assessments.

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Business Challenge

The global insurer’s operational processes were manual, with over 1,000 risk engineers using cameras and notepads for data collection, resulting in the following challenges:

  • Inefficiency and Time Delays: Each assessment report took up to two weeks to deliver, leading to a poor customer experience.
  • Lack of Standardization: Varied workflows and no real-time access to data resulted in inconsistent processes and difficulties in retrieving data.
  • High Operational Costs: The frequent deployment of risk engineers, even for minor assessments, increased costs disproportionately.

Our Approach and Solution

Recognizing the need to modernize their risk assessment processes, the client partnered with Tech Mahindra CTCo to develop digital tools tailored to their specific requirements. The transformation journey involved several strategic initiatives aimed at enhancing efficiency, accessibility, and user engagement:

  • Created a bespoke application supporting text, images, and videos, tailored to various assessment methods and property types used by client engineers.
  • Integrated the application with Microsoft Dynamics to address data accessibility and enable real-time synchronization and centralized storage.
  • Launched a mobile app enabling customers to conduct risk assessments via dynamic questionnaires specific to their business and property, reducing reliance on onsite engineers.
  • Conducted training sessions and seminars post-pilot to drive adoption among engineers and customers; usage of applications was later mandated to ensure compliance and maximize benefits.

Business and Community Impact

The digital transformation led to substantial improvements across several aspects of their operations:

  • Reduced Report Turnaround: The turnaround time for delivering the insurance risk assessment report was reduced from two weeks to one to two days.
  • Cost Efficiency: The need for on-site risk assessments was significantly reduced, lowering operational costs and enhancing efficiency.
  • Improved Customer Experience: Faster report delivery and the ability to perform self-assessments enhanced customer satisfaction.
  • Operational Standardization: The new digital tools provided a standardized method for risk assessment across various global locations.
  • Employee Retention: Improved working conditions and reduced mundane tasks helped retain experienced risk engineers.