Hyniva excels in providing realistic piratical solutions for insurers challenges that includes BPS, Cloud based solutions, Emerging technologies, consulting and integration.
Insurance industry today has a lot of challenge that differs largely on demographics the company operates in. Major challenges are encompassing the ability to maximizing profits with the ability to reduce risk by predicting future loss and reducing claims. All insurance companies needs to assess and minimize the risk associate with a catastrophic payout or over burdening of underwritten products that can become their biggest liability.
The opportunity to capitalize on favorable loss trends can be short lived. As insurers develop new products, rates/rules and forms for ever more finely-tuned customer segments and channels, speed to market continues to be a key goal behind many growth initiatives. New distribution channels in personal lines, that are much more direct to consumer advertising and a big move to researching and buying insurance online add to that social networking and mobile applications fueling the drastic changes and opportunities in a changed market is dramatic
Improve risk selection and pricing. Increase the use of predictive analytics to fine-tune and right-price customer segments improve risk modeling and scoring … in turn achieve a “lift” in their underwriting results
Consolidation and outsourcing of service and support operations, in both the front and back office will allow for reduction in operational cost. Broadening the use of BPM solutions and streamline business processes across the organization generating significant time optimization and reduction in cost. Significant saving in product development, reinsurance, claims, invoicing, billing and overall back office processing.
IUpgrade and/or replace claims admin system and improve processes to lower claims expense and expedite closure. Improve vendor management to lower loss adjustment expense.
Carriers continue to refine their risk-based capital models and reinsurance structure with the help of better tools for capturing and analyzing the data on their underwriting and financial exposures
Hyniva’s expert team looks into new paradigms to help insurers and help them think outside their comfort zone aligning with outside the box thinking to resolve business and technology problems.
Customers today have gotten very accustomed to the digital experience, ability to use the functional intuition and elegance of digital interaction and have started craving the same ease of use from every industry. Automotive industry is gearing up with connected car, Finance industry has started become more and more consumer and customer friendly with the ability to upload mobile checks, fast fund transfers. What can insurance industry do to connect to their customer?
Consumers today want greater transparency, they want to have a choice and a say on selection of products by having the ability to compare available options, being flexible, and control the outcome of their choices – walk away if services rendered are not satisfactory.
Tap into social media, unstructured data and use demography data to make better decision, provide better choices and connect to the consumer at their level with a higher satisfaction level developing a social relationship to increase brand equity and increase loyalty.