The ASSOCHAM 13th Global Insurance E-Summit & Awards

Intellect was a Presenting Partner at ASSOCHAM’s 13th Global Insurance E-Summit & Awards. Ramanan SV, Intellect’s CEO, India and South Asia, provided thought leadership at the panel discussion The Role of Technology In Insurance-InsureTech. He was joined by other noted industry leaders.

Key topics covered at this virtual event include:

• Digital acceleration in insurance and strategies to success
• Emerging trends around Micro-Segmentation and Hyper-Personalization
• Disruptions in Claims and Underwriting post COVID
• Role of insurtech at every customer touch point

Watch the recording here:

Intellect showcased its Artificial Intelligence (AI) solutions: Contextual Business Exchange-Insurance (CBX-I), CBX-I Claims and Intelligent Data Extraction (IDX).

• CBX-I is a comprehensive omnichannel solution that delivers exponential results across new business and servicing operations. With this AI-powered platform, advisors, contact center representatives and customers can engage and transact seamlessly across devices in real-time.
• CBX-I Claims is a complete claims management system with intrinsic product configurator and reserve & benefit calculation engines. It can be used with the CBX-I Sales & Service Suite for a seamless customer experience.
• IDX is a purpose-built platform that addresses real-world challenges in the document-to-data space. It leverages state-of-the-art AI technologies like computer vision, machine learning, deep learning and Natural Language Processing to understand, extract and process unstructured, semi-structured and structured documents at any point in the insurance life cycle. APIs enable seamless integration with current business processes.

Many insurers globally have realized the value from these solutions. With IDX, one client experienced greater than 50% improvement in operational efficiency and average processing times reduced from 75 minutes to 10 minutes per case. With CBX-I, one of the largest insurers in India benefited with CBX-I implementation. Using CBX-I digital platform, the client has 16.7 million customers onboarded to the Customer portal, effectively services over 4.7 million web requests per day and processes over 3.4 million transactions per day. With CBX-I Claims, our clients have experienced up to 80% reduction in servicing costs and 75% improvement in processing time.