The COVID 19 pandemic has turned the world upside down resulting in lockdowns and curfews. The impact to insurance is increasingly significant and highly disruptive due to operational processes. Today we are seeing augmented reality (AR) and virtual reality (VR), collectively known as Extended Reality (XR), increasingly leveraged to provide solutions that address current issues.

When the Business Advisory team engage with clients, we focus on the problem or initiative and then how we can deliver the requisite business outcome. A key component leveraged is our Business Process Re-engineering expertise.

Customs processes are of critical interest to governments due t o their trade and national security significance. However, current manual processes overseeing customs operations can miss risky trade and declaration profiles potentially putting nations and their trade apparatus at huge r isk. Continuously learning Intelligent Customs Solutions powered by AI/ML can help customs experts zero in on the high r isk profiles while continuously managing all trade movements without fail and getting better with their prediction s over time.

Coforge Property & Casualty (P&C) SME Vikram Singh asks industry leaders from our partner Fennech on how their product can help Insurance Carriers address key challenges, how they can help reduce manual effort, improve quality and drive down cost through automation.

While customer demands and frontend, customer-facing interfaces are evolving at breakneck speeds, the back office in banking still lags woefully behind. There is heavy dependence on paper processes, manual effort, or at best, legacy-era spreadsheets. Back-office automation could help banks eliminate these inefficiencies and discover new opportunities in core functions, such as account opening, credit processing, and fraud prevention.

Cyber criminals often take advantage of major global events and under current COVID19 pandemic conditions, the risk to our digital assets is even greater. This is where Security Operations Centers (SOCs) become critical for a organizations, as they are one defending our digital landscape and are working harder than ever trying to contain and remediate increased number of Cyber threats.

Without this data, the focus may defer to low priority areas or increase the insurance premium without due analysis. Unfortunately, this type of strategy negatively impacts both new prospects and existing customers, bringing decline in their existing GWP. To overcome this, insurance carriers need a thorough analysis of their portfolios and adjust their pricing based on risks projected over time.

As insurance businesses scale far and wide, their service desks are finding it an uphill task even to handle day-to-day claim-related email traffic and respond within SLAs. This builds a huge backlog to the point that it starts to hurt the performance and productivity of the service desk. Moreover, lack of timely responses and effective solutions to customer issues negatively impact a company’s credibility in the long run.

Assessing the value of a property right before underwriting is critical and time-consuming especially in High Net Worth cases. The process is riddled with inherent challenges as it is expensive to send an appraiser to every property and a manual appraisal is slow and incomplete while the appraisal results vary widely.