Having served global corporations with end-to-end insurance technology services and accelerators, Iris has gained an edge in understanding the needs of the insurance businesses. With continually disrupting economies and market trends, well-in-time product launch is one of the biggest challenges. Our cloud practitioners transform monolith insurance applications into microservices. We make application development collaborative and agile for insurers by automating the product design processes. Iris cloud enablement and automation frameworks help enterprises deliver custom builds faster and quick-launch applications, reducing time-to-market.
Unparalleled Customer Experience
Ever-evolving technology is taking customers’ expectations to new levels. They want complete transparency with processes, pricing, risks, and value. Iris InsurTech services are strategized following a customer and business-centric approach, letting insurers stay in control of customer preferences, market dynamics, and operational costs. Our AI and data analytics-powered solutions help our clients better understand their customer sentiments by processing and analyzing historical and behavioral data from a host of other sources that impact insurance businesses. Adopting technology frameworks for real-time data visualizations, predictive models, and automated processes can deliver an exceptional customer experience.
Reduced Operating Costs
While not always the case, typically, insurers have the opportunity to reduce operating costs by reducing or eliminating hardware, licensing, and maintenance costs. Further, with automation, key areas such as customer onboarding, underwriting, and claims management can be streamlined and provide a better customer experience with greater efficiency and reduction in costs and timelines. All indispensable prerequisites when it comes to client acquisition and retention in today’s competitive environment.
Risk & Compliance
Regulators are inspecting insurance service companies more closely. The complexity is compounded by the industry’s dependency on outdated systems and growing data volumes. Organizations need to upgrade their IT infrastructures and use technologies such as machine learning, artificial intelligence, data analytics and cloud to tackle compliance concerns. Iris ensures that our InsurTech services support risk management, actuarial functions and internal audits adhere to necessary global standards and regulatory compliance.
Amplify Business Competencies
Many insurers have been very measured and cautious in launching new products; and concerned about the ROI given the significant upfront costs to modify underwriting, claims, billing systems, and the infrastructure. With the ability to spin up temporary test environments and utilize capabilities in SaaS platforms built on Cloud, Data and Analytics, and Automation— insurers can try out new products. If the product is a success, they are positioned to scale quickly. If the product fails, they can shut down the environment and deliver services with minimal capital outlay.
AI & Analytics-powered Calibration
Iris works closely with clients and end-user stakeholders to understand data semantics and develop data models that articulate value for insurance businesses. Our solutions help insurers identify market and customer trends and patterns to uncover actionable business insights from the data captured across channels and formats. Such insights are extracted using artificial intelligence and data analytics tools and techniques, and help insurers attain advanced business intelligence to shape offers and products, catering to specific customers’ needs and businesses objectives.