Being digital is an absolute necessity rather than a choice for Insurance companies viz., providers & payers, leveraging newly created distribution opportunities through modern technologies, helping C-Suite to analyze, assess, price & manage risks. Predictably and with consistency.

 

Digital technologies are in high demand due to the recent global economic crisis and has led to a major change in the consumer behavior driving intense competition in positioning & marketing the personal and commercial insurance product lines for new customer acquisitions making the role of a CIO even more tougher – A role that calls for tighter alignment with business results and operations’ automation.

Digital insurance executives and the C-Suite must demonstrate the results from the projects that they have already implemented, but also plan and deploy the most recent and future initiatives that will drive customer and business outcomes. Consistently.

According to Forrester’s most recent February FY21 report, ‘The Digital Insurance Strategy Playbook For 2021’, Analyst David Hoffman et al. writes about how digitally led insurance firms embrace rapid change and innovate through technology. Stephen Powers, VP at Forrester, a leading expert on technologies to support online customer experiences, elucidates how digital customer experience becomes a key business differentiator when Insurance executives drive a unified strategy through modern technologies like AI, Cloud and Data.

The Journey:

The Insurance industry has transformational opportunities for the automation of many manually-intensive operations relating to data extraction, spreadsheet manipulation and transaction processing.

Haystream has deployed Artificial Intelligence, Machine Learning, Natural Language Processing, and other innovative technologies to automate manual processes for Insurance clients, achieving

  • Greater than 80% cost and time savings compared to manual operations

  • Significantly reduce processing times for paper-based and manual operations

  • Improve client satisfaction

  • Increase straight-through processing of transactions using automation

The Strategy:

Haystream’s proven technology stack includes the industry’s best platform which successfully extracts data from a wide variety of structured and unstructured data sources, using multi-dimensional proprietary algorithms built using semantic engineering, domain, geographic and industry sector expertise.

Haystream’s platform works across all financial, legal and other document types, such as Historical Files Sources, Data and accompanying Data Dictionaries (in table or CSV format, Policy Forms in PDF or another machine-readable format or in a scanned image format), Business Rules (in Word, PDF machine readable, or in a programming language), Product hierarchy, Programming code or Excel, Product catalogs.

Haystream can help automate the modeling of various relationships and linkages such as customer, policy, claim, payments, and others to replace the functionality of the legacy policy administration systems. Operation transformation areas include

  • Automation of spreadsheets and manually-intensive processes

  • Extracting relevant data from financial documents such as K-1 forms, and computing taxable income automatically with 96% accuracy

  • Reading customer account related forms, including handwritten applications, account on-boarding, customer feedback and service requests

  • Digitizing and extracting attributes from legal documents, including paper-based, PDFs and scans