Banking Financial Services & Insurance

Insurance

Insurance industry has its own products that they offer in the market. The new modern industry is working towards promoting innovative products for individuals, companies across industries, SMEs, MNCs to cover the different contents and forms of risks. The growth of insurance industry and its developing rate varies from one country to other. For sure the demand for insurance products is likely to increase, considering the fact, exponential growth of working population, increase in awareness of various insurance products, growth of life and non-life industry, regulations are becoming conducive for growth and expansion of industry, etc. It primarily depends on the geographical area, social and economic development level, entities, objects, etc.


Industry’s driving factors – Innovative products, building robust distribution channels and customer servicing

Changing environment constantly forces insurance companies to reconsider their existing products, distribution channels and customer servicing mechanism. This in turn puts pressure on insurance companies to show continuous innovation in the products by bundling or unbundling, show continuous improvement in the distribution channels and customer servicing mechanism. “Product innovation or Process innovation” is the only solution to counter the competition and challenging environment. Insurance companies understand that all these are possible only when there is an application in place for managing the process end-to-end.


a)Product offerings for sale

    
  1. Online listing of products for selling
  2. Online registration of customer
  3. Online payment of premium

b)Claim handling


  1. Online notification of claim in any means of communication by insured & acknowledgement by insurer.
  2. Online support by insurance companies by supplying appropriate claim form and sharing the list of documents to be submitted by insured.
  3. Online submission of claim document with proofs by insured & acknowledgement by insurer.
  4. Online assignment of service provider by insurer to assess the claim and notification of status to claimant.
  5. Online submission of assessment report by service provider and notification of status to claimant.
  6. Online receipt of assessment report and notification of status to claimant.
  7. Processing of claim and make an offer to settle the claim or decline the claim by insurer and notification of status toclaimant.
 

c)Fraud detection and prevention


  1. Automatic identification of fraudulent claim and marking it as suspected to be fraudulent.
  2. Online notification on the status of claim forms referring to the consequences of lodging fraudulent claim.

d) Customer help desk


  1. Online acknowledgement of complaints.
  2. Online processing of complaints.
  3. Online updating of progress to claimant.

What we offer

Consonansys’s technology and domain experts deliver innovative IT solutions for insurance marketspace that enables the service owners to operate insurance business with ease and effective handling of data. Embracing internet of things our experts enables enterprise insurance solutions to access customer’s large volume of data. This would enable the insurance providers’ insights on understanding consumers desire and behavior.


Our services in this segment will deliver:

  1. The insurer to arrive personalized pricing enable to tailor price more closely to customer’s needs
  2. Increasing agent effectiveness by bringing data to the fingertips of the agent so they know more about the customer they are work and their insurance needs
  3. Value added services - Things that would be packaged together with Insurance to provide additional value to the customer.example: customer is at the risk of flooding, insurer to inform the customer about the flood alert and enable the businesshousehold to reduce the risk of flood damage by taking measures necessary
  4. Decision making simplified using advance IT landscape that could adapt to changing insurance world
  5. Seamless claims settlement with process optimization tools
  6. Compliance with statutory and regulatory bodies

Our Services Include


  1. Application Development Services
  2. Application Support & Maintenance Services
  3. Solution Implementation Services
  4. Big Data Implementation Services
  5. Infrastructure Services
  6. Program Management

Key Differentiators

  1. Leaders in our organization has got tremendous amount of experience leading several transformation projects across the globe, where business solutions were implemented ranging from 100 to 500 locations, on every project.
  2. Leaders in our organization has got tremendous amount of experience leading product development, wherein product was put in use for around 2000 + customers.
  3. Consultants with relevant industry experience go through a structured training for carrying out the consulting and technical work on their respective areas.