Modernise your underwriting processes, increase customer acquisition rates and lower costs
Insurance companies are facing fierce competition as markets become increasingly saturated. This has put insurers under growing pressure to raise customer acquisition rates while lowering operational costs in order to stay competitive and gain market share.
However, several challenges are hindering insurers from achieving the required levels of customer growth and operational efficiencies. Legacy systems with heavy reliance on manual labour have led to inefficient customer data integration, costly risk evaluation processes, and reactive responses to changing customer risk levels.
Outdated and inefficient client engagement processes have also resulted in insurance companies facing difficulties in identifying new up-sale and cross-sale opportunities.
Why ELEMENT of Insurance™?
ELEMENT of Insurance™ enables insurers to modernise the underwriting process by seamlessly automating data acquisition, assessing risk, visualising complete customer profiles, personalising communications and discovering new opportunities. Ultimately, ELEMENT of Insurance helps organisations to increase customer acquisition rates while lowering costs.
ELEMENT of Insurance pre-populates underwriting questionnaires with information from public sources, more efficiently capturing information from prospective policyholders while creating a smoother client onboarding experience. The application uses the power of our flagship platform ELEMENT™, with award-winning knowledge graphs – and AI that is recognised by Gartner – to infer relevant customer insights and assess customer risk levels.
ELEMENT of Insurance streamlines the integration of structured and unstructured data from internal and external sources using a Data Fabric. It bypasses data silos by connecting internal sources across an enterprise, and pre-integrates external sources including hundreds of reputable sources and millions of secondary sources.
Automate Data Acquisition
Pre-populate underwriting questionnaires with data from internal and external sources, and utilise AI-powered chatbots to guide customers in providing pertinent information.
Visualise Customer Profiles
Achieve a comprehensive 360-degree representation of all relevant information about your customers while complying with global privacy regulations.
Assess Risk Scores
Configure risk scoring rules and leverage machine learning algorithms to derive risk scores by uncovering patterns that affecting the risk profile of a customer.
Discover New Opportunities
Monitor changes in key customer information to unearth up-sale, cross-sale and post-sale opportunities and automatically generate tailored offers.
Achieve Rigorous Governance
Consolidate your data providers, gain a single point of visibility into data consumption across your enterprise and enforce granular access controls
Property and Casualty Insurers
Achieve granular segmentations of customer risk profiles and more accurate predictions of claims, while enhancing the customer experience during policy purchasing and onboarding. Read More
Establish a sustainable competitive advantage over other reinsurers in a rapidly evolving global marketplace by unlocking new sources of revenue and operational efficiencies in your value chain. Read More
Gain a complete view of the cyber risks of your customers by assessing how their defences and recovery plans stack up against their peers, while monitoring their industry for emerging threats. Read More
Delivering an end-to-end financial crimes compliance process and leveraging advanced AI, this application addresses requirements for Know Your Customer, Anti-Money Laundering, Anti-Fraud, Watchlist Screening, Adverse Media Monitoring, and Transaction Monitoring & Intelligence, while dramatically increasing operational efficiencies.
This application covers the entire underwriting process from identifying and quantifying the risks and exposure associated with potential clients, through negotiating with the customer on coverage cost, to analyzing complete markets, and beyond