Claims Management is a crucial function performed by insurance companies. And with thousands of claims to be managed with diverse data to handle on a daily basis, AI is slowly becoming a disruptive technology.
Artificial intelligence is getting used in insurance in many ways, but claims management requires radical upheavals and changes. The applications of AI range from chatbots that offer quick customer service to machine learning technologies that improve automation in insurance.
Read the article further to know how Artificial Intelligence is improving the working of the insurance industry.
What is the function of AI in Claims Management?
Insurance companies use insurance claims management to manage claims lifecycles right from intimation to settlement. These software products automate claims processes and large parts of the function. Here are some benefits:
- Reduction of fraudulent claims
- …
Bringing a new customer onboard costs 7 to 9 times as much as holding an existing client.
The first step for companies to boost business revenue is to prevent attrition of present customers. Currently, it is hard to find customers unless programs are designed to retain such quality customers. And with well-thought-out customer up-sell and cross-sell strategies, insurance companies should look into increasing revenue.
The current average customer retention rate in the industry is 84%. If your company takes preventive measures to keep customers taking their business to a competitor. By offering more digital options, you can bring it up by almost 10%.
Read the article to know more about various strategies to boost your customer retention…
SAP has said that it will commit to offering support for ECC until 2027 under a standard support contract. But, some customers may be able to extend this timeline up to 2030.
SAP has about 50,000 ECC customers that will all need to become part of the shift to the HANA database. And ECC support has been offered since the year 2004. Which begs the question that how much of a challenge will it be to shift to the new ERP solution? By now, most SAP customers can agree that SAP ECC ERP is a time-tested solution that will get support till 2027.
What does a future upgrade to SAP S/4HANA entail?
Some experts suggest that ECC will receive support well into 2035. It is good news for companies reliant on ECC to control their business operations across Finance, HR, Logistics…
Digitizing enables growing businesses to serve their clients better and improve their standing.
Businesses need to make instantaneous decisions for the benefit of their company. They need to hold up the processes. With operational integrity to ensure optimum efficiency, collaboration, custom software solutions can enable better communication. Also, research suggests that for an enterprise to perform well, it needs to have a strategy to handle big data.
How can businesses enter the digital transformation age?
In today’s business ecosystem, which is constantly evolving, good communication is central to reliable data reporting and analytics.
Data and analytics have become the mainstay for businesses to make well-informed business decisions. …
How can businesses leverage data to improve the customer experience?
Companies continue to be data-rich and information-poor. Robert wrote this Waterman in his book In Search of Excellence. He pointed out thirty-five years ago that companies churn large bundles of data without any insight. Lack of reporting and analytics to derive insights from valuable data creates incongruence between products and consumers. This struggle translates to hit-and-miss business strategies, lukewarm conversion rates, a case of unhappy customers, and unsuccessful products.
Therefore, businesses need to tailor the digital experience to the customer needs with bold marketing strategies and realize their digital transformation requirements more accurately. They also need to set a vision…
How does fleet tracking improve visibility into fleet processes? How does fleet management software help decision-making?
Tremendous volumes of big data produced from an enormous fleet of vehicles make fleet management challenging. Any business that employs vehicles in its day-by-day tasks needs assistance. For example, fleet management software controls the fleet management process for many business vehicles. More insights enable proficiency in fleets and upgrade the operational efficacy with reliable decisions (How is my fleet performing? What carrier should I dispatch for this delivery? How can I improve fleet management?) These questions are a crucial aspect of becoming a better fleet manager.
What is a Fleet Tracking System?
It is a part of a fleet management system that uses GPS tracking to…
Here’s how consumer expectations will shape the insurance industry in 2021.
In a year, a lot has changed in the insurance industry. And as 2021 stands, the economic fallout of the COVID-19 pandemic has radically shifted consumer expectations and compelled companies to virtualize their insurer operations to drive operational efficiency.
Now consumers are changing the way they view, buy, and assess insurance. But, while most industry leaders in insurance adapted to this change quickly, some companies faced many fundamental issues while generating profits this year.
A global survey by Deloitte’s Center for Financial Services found that insurers have to put in extra work, despite adapting to the impact of the Coronavirus…
What to consider when deploying SAP S/4HANA for the cloud?
An ERP solution helps streamline all kinds of businesses ranging from small to large. The goal of an ERP solution is to integrate all their business processes. This benefit enables viewing of those operations from a single dashboard.
SAP SE is a German multinational software corporation that develops enterprise software to manage business operations such as finance, HR, supply chain management.
In this article, we will discuss the implications of an SAP S/4HANA implementation on your business. And, also, why is it easier to migrate your hardware and applications to S/4HANA? …
The ERP market is vast and predicted to grow at 8% through the years 2021–26. And many trends have come up as a result of the pandemic as well.
There is no denying the unpredictability of last year as our expectations from the New Year were high because the technological innovations were at a peak. With the market continuously growing through 2018–2019, the ERP software market statistics augured well.
A forecast by Gartner before the COVID-19 pandemic projected the ERP market will be worth $44 billion by 2022. By the end of 2020, the ERP market had reached a value of $37.8 billion.
Despite, the unpredictability and numerous technological breakthroughs during COVID-19, one thing is for certain. Some important insights have been revealed for the year 2021. …
There are many other industry trends, but we will focus on the role that remote fleet management and electric-vehicles have in 2021. Read more in this article.
In 2020, our perception of the fleet industry changed entirely. It was a year when fleet managers learned to adapt to a remote working environment. Fleet managers understood the importance of catching up with industry trends, allowing them to overcome future roadblocks.
With all the building blocks for 2021 almost in place, two things pop up in discussions: how to go electric and fleet management software.
Going Electric To Reduce Carbon Emissions
To embrace a sustainable future, fleet managers need to make concerted efforts to include electric vehicles in their fleets. Statistics show that by 2030, the US market for charging electric vehicle fleets will value…
