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Overview

A general insurance company approached our technology solutions company with the challenge of streamlining their insurance verification process. The client was facing long processing times of 1-2 days, which required a large backend team, resulting in high operational costs. The client also wanted to improve their new customer addition opportunities.

Challenges

The insurance company faced challenges in processing new insurance verification requests due to the time-consuming manual process. The existing system was not able to efficiently process the high volume of requests, which resulted in high operational costs.

We identified the 12 most critical use cases for policy issuance and developed an AI/ML-based solution that allowed for a high-performance API-based system. We integrated mobile capabilities, allowing customers to initiate the verification process from their smartphones. Our solution also supported a variety of vehicles, including bikes, cars, buses, trucks, etc.

Strategy

We used AI/ML technology to develop models that analyze customer data and streamline the insurance verification process. Our solution allowed for quick processing times, improved user experience, and reduced operational costs. Our focus was on delivering a comprehensive solution that addressed all of the client's pain points.

Result

Our AI/ML-based solution allowed the insurance company to process new insurance verification requests more efficiently. The ML-based system enabled quick and accurate processing of customer data, resulting in a 93% decrease in processing time. This reduction in processing time resulted in low operational costs and improved user experience. The solution was successful in increasing new customer addition opportunities, resulting in more sales for the client.

Product Growth & Impact

Our AI/ML-based solution enabled the insurance company to reduce processing times, resulting in low operational costs and an increase in new customer addition opportunities. The client was able to provide a better customer experience, resulting in more sales and a positive impact on their business.

Conclusion

Our AI/ML-based solution helped the general insurance company streamline their insurance verification process, resulting in a more efficient and cost-effective system. Our solution improved the user experience and resulted in more sales for the client. The project was a success, and the client was satisfied with the outcome.