Newgen Software’s unified digital transformation platform, NewgenONE, has proven to be a boon to the insurance industry in just a few months since its launch. The platform helps insurance companies transform critical processes such as customer onboarding, claims processing, underwriting, and policy management.
Newgen’s digital transformation platform accelerates policy issuance and claims processing across all areas of insurance coverage, simplifying underwriting and document processing transformation with image enhancement capabilities. It also provides real-time access to all policy and claims information to ensure intuitive and intelligent customer service and reduce fraudulent claims.
“One-size-fits-all” strategy is no longer an option for insurance providers. Today’s customers expect customized policies tailored to their needs. To deliver first-class customer service, insurers need to overcome obstacles such as a lack of contextual engagement and omnichannel experience, paper-based processes, and poor Process visibility, fraudulent claims, regulatory compliance and audits, and more.These bottlenecks inadvertently lead to higher customer service response time, claims processing delays, poor complaint handling, and error-prone underwriting,” said Shantanu Tiwari, Head of Insurance Practice, Newgene Software. : “Operational costs increase, customer loyalty wanes”.
Tiwari added, “The newgenONE Digital Transformation Platform provides a unified, agile interface layer that simplifies all processes and enables the automation of end-to-end underwriting, claims and policy services. The NewgenONE platform is backed by 30 years of passion and innovation. Using the platform, our clients have succeeded in managing award-winning operations around the world.
NewgenONE is the only platform that can handle any level of complexity and help organizations deliver superior customer and customer experience. The company has applied for 44 patents to date, 20 of which have been granted in India and the United States. The company has chosen to grow organically without merging with another organization or acquiring a company/technology. They originally developed the platform from scratch.
Post-pandemic insurance companies are increasingly taking advantage of new age technologies such as artificial intelligence (AI), machine learning and analytics to improve their internal processes, transaction accuracy, and smart decision-making. They also leverage behavioral analytics and advanced data analytics capabilities to understand individual behavioral trends to develop customized solutions and fast-track customer service. Leverage of cloud-enabled solutions to lower the total cost of ownership (TCO) has skyrocketed after the pandemic.
Currently, the company is enabling its solutions with technologies such as artificial intelligence, machine learning, process analytics, intelligent content services, contextual business process automation, mobility, and digital sensing to improve every aspect of insurance operations – including customer service, policy servicing, underwriting, And claims processing – quickly and accurately.
While discussing a case study, Tiwari said, “A leading health insurance company developed and launched a core health insurance system using Newgen’s digital transformation platform with low code capacity. They were able to meet customer expectations within eight months of expressing a need, even though the that most of their teams have been working remotely due to the pandemic.The application has hundreds of screens, dozens of processes, complex business rules, integrations, and adherence to security and compliance requirements.Traditionally, similar application development projects have taken 2.5-4 times the time and resources that entail massive code development, debugging, Bug fixing, back-and-forth. The low code development methodology and suitability for rapid application development and deployment were a perfect fit for this innovative case.”
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