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Transforming policy management

Overview
As casualty policy management becomes more complex, Tungsten Automation emerges as a game-changer amidst market dynamics and intensifying competition in the insurance industry. Global economic fluctuations, regulatory shifts, and evolving consumer preferences drive market volatility, necessitating agile solutions. A staggering 81% of insurers grapple with outdated policy administration systems, resulting in sluggish processes and reduced competitiveness. Our tailored solutions address the systematic administration and control of insurance policies throughout their lifecycle. This encompasses policy creation, maintenance, updates, and renewals, all aimed at ensuring accuracy, compliance with regulations, and efficient customer service. Leveraging cutting-edge technologies such as AI and Gen AI, our comprehensive platform empowers insurers to streamline processes and enhance efficiency in casualty policy management. From issuance to claims processing and renewal, Tungsten Automation accelerates every stage of the policy lifecycle, delivering exceptional service to policyholders.
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Benefits

Improved Operational Efficiency

Optimizing policy administration minimizes the need for manual intervention, resulting in expedited processing times of up to 60%.

Enhanced Scalability

Advanced automation addresses seasonal shifts and policy volume spikes without sacrificing performance or accuracy.

Enhanced Fraud Detection

Streamline identity verification processes, guaranteeing the legitimacy of individuals associated with insurance policies and reducing the risk of identity theft or impersonation.
Solution capabilities

Advanced AI/Generative AI

Simplify content recognition, extraction, decision-making, and workflow design with GenAI.

Business Rules Engine

Define and apply business rules to automate task completion and drive smarter decision-making. 

Task Automation

Gather, compare, and complete data comparison tasks for faster, more accurate review.

Data Validation

Validate extracted data for precise accuracy and consistency.

Multi-Channel Delivery

Deliver documents via various channels to reach customers effectively.

Continuous Monitoring

Provide real-time process monitoring and alerts.

FAQ
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Yes, the solution can be customized to process different types of standard insurance documents across P&C, life, and health
The solution offers APIs, connectors, and adapters for seamless integration with all major industry admin platforms
Yes, the solution can readily manage insurer needs involving very high document loads, avoiding choke points through always-on or event-based scalability
 Yes, the solution provides integrated tools which empowers developers and business users to create tailored solutions for desired automation use cases without dependency on vendors
The solution adheres to all global data security standards for encryption, network security, access controls etc. to safeguard policy data throughout its lifecycle
Yes, the solution includes a pre-packaged bundle of metrics, dashboards and reports. The solution also allows organizations to create new reports and dashboards based on a library of best practices metrics, and features pre-built content for capture-based processes
Any outliers get directed to human-in-the-loop review using the quality assurance module where the exceptions are classified, to improve models
The solution accommodates policy updates, ensuring quick adaptability to evolving business needs and compliance requirements