BOSTON & BENGALURU, India--(BUSINESS WIRE)--Alfresco Software, an open source content, process and governance software company, and Tech Mahindra, a leading provider of digital transformation, consulting and re-engineering services and solutions, today announced collaboration on four jointly-developed, transformative insurance solutions. The collaboration combines Tech Mahindra’s insurance expertise and experience in the insurance industry with Alfresco’s powerful Digital Business Platform to create solutions for risk management, automated underwriting, a self-learning chatbot, and intelligent claims handling.
Gautam Bhasin, Global Head - Banking, Financial Services and Insurance (BFSI), Tech Mahindra, said: “Insurance companies are constantly competing for new digital-native customers in order to gain more customers and create new revenue streams. To succeed, they have to reinvent their current offerings and offer modern solutions that appeal to both insurance policy holders and providers. Tech Mahindra’s collaboration with Alfresco, as part of our TechMNxt charter, has spawned four innovative applications that help insurance companies develop new products, optimize their current offerings, and provide customers with an enhanced experience.”
Dineshkumar Shankarnarayan, Head – Digital Experience Offerings, Tech Mahindra said: “Alfresco’s cloud capabilities and digital business platform is synergistic with Tech Mahindra’s overall mission of serving the Digital Customer. Today’s announcement represents the expansion of our partnership to bring innovative digital solutions for Insurance companies. We consider Alfresco to be one of our key partners in helping our customers transition seamlessly to cloud-based service by making applications more usable and enhancing their overall user experience.”
Using the Alfresco Digital Business Platform as the cloud-native content management foundation (see IDC Technology spotlight: “Achieving Contextual and Value-Centric Customer Engagement in Insurance Through Connected Ecosystems”), Tech Mahindra is targeting insurance companies with the following four solutions that can help them reshape their operations and enable them to better serve their customers:
- Intelligent Risk Management Solution (IRMS) – a risk management framework that incorporates all aspects of risk management into a single solution, including risk monitoring, profiling, exposure analysis and management. The framework is designed to integrate with different Policy Administration, Underwriting and/or Claims Systems to manage risk and provide insights into Underwriting as well as support loss control. Providers can use Sentinel to assess the coverage risk and claims for property loss, risk for life and property insurance using wearable products (or other IoT devices) coupled with analytics and artificial intelligence, and generate the possibility for new revenue streams using enhanced analytics.
- Zero Touch Underwriting – a fully digitalized insurance underwriting approach that eliminates all manual touchpoints and offers insurance providers with direct selling and improved straight through processing across channels and intermediaries.
- IntelliClaims – an AI-based automated claims processing solution that integrates with chat bots (for possible FNOL [First Notice Of Loss]) and backend documentation and processing systems, summarizes claims documents (including images), and suggests actions for Claims Handlers.
- IntelliChat – a self-learning NLP (neuro-linguistic programming) and AI-based enterprise Bot that can act as a smart assistant to help potential customers discover relevant coverage, answer questions, act as an intelligent guide around a provider's website, as well as help insurance agents with case creation.
Jay Bhatt, Chief Executive Officer, Alfresco noted: “The transformative power of our advanced content, process, and governance platform enables insurance providers to achieve the full benefits of digitalization with real-time access to content – wherever it resides – and agile workflow development. This, in turn, will enable them to operate more efficiently, offer new services, stimulate growth, and decrease customer churn by helping their customers find the coverage most applicable and appealing to them.”
About Tech Mahindra
Tech Mahindra represents the connected world, offering innovative and customer-centric information technology experiences, enabling Enterprises, Associates and the Society to Rise™. We are a USD 4.9 billion company with 131,500+ professionals across 90 countries, helping 946 global customers including Fortune 500 companies. Our convergent, digital, design experiences, innovation platforms and reusable assets connect across a number of technologies to deliver tangible business value and experiences to our stakeholders. Tech Mahindra is the highest ranked Non-U.S. company in the Forbes Global Digital 100 list (2018) and in the Forbes Fab 50 companies in Asia (2018).
Tech Mahindra is part of the USD 21 billion Mahindra Group that employs more than 200,000 people in over 100 countries. The Group operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, after-market, information technology and vacation ownership. Connect with us on www.techmahindra.com
Alfresco Software, Inc. (“Alfresco”) is a commercial, open source software company that builds and markets a cloud-native, process, content and governance intensive Digital Business Platform. It is a single, integrated platform built from the ground up by Alfresco and is used to digitize processes, manage content and securely govern information. Alfresco is used by more than 1,300 industry-leading organizations, including Cisco, Canadian Museum for Human Rights, Delta Dental, Liberty Mutual, LexisNexis, Pitney Bowes, the Joint Chiefs of Staff, NASA, RBC Capital Markets and the US Navy Department. Founded in 2005, Alfresco has its headquarters in Boston, Massachusetts, USA and operations in Atlanta, GA., Maidenhead and London, UK, and Sydney, Australia. For more information about Alfresco, please visit http://www.alfresco.com.
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