Digital Risk Management

Traditional risk assessment methods using paper, pen and camera doesn’t fit into our “On=Demand” economy, as they are inadequate for real-time events. Past goal was to reduce risk through data collection, not analysis, sometimes ending up taking 20-30 percent longer than automated methods.

Underwriting and claims processing both are highly dependent on successful collection of accurate data and its analysis. Ability to collect data digitally and analyze can expedite services by 50%. It also reduces human error introduced during conversion from manual forms to computer data entry. It eliminates the need to carry check lists forms and documentation that require physical detailing during insurance processing

Based on customer need our digital platform can be customized to automated large scale data collection at different levels collecting real-event field information in case of a devastating storm or flooding or a storm surge. We help streamline analytical risk engineering processes and enable superior pricing ability aligned to differentiated risk profiles allowing for efficient running of risk management in your organization.

Analytics in conjunction with new technology and mobile application change your approach to risk evaluation, field underwriting and loss control.

Mergers & Acquisition

Let us help in building your post-merger integration plan for your business, operations and technology. We listen to your needs and build the plan that is most cost effective to your current cash flow. We also provide long term insight on cost effective integration. After the plan is developed, we’ll help you with execution making sure you achieve your business and operational objectives.

Regulatory & Reporting Solutions

Regulatory and management customized reports are strategic advantages in today’s competitive environment. Hyniva can build you new reports and show your team how to create new reports as needed.

Claims Processing

Claims brings you close to your customer and sometime this face-to-face with policy holders determine Insurers future business. Use this opportunity to make your future, impress your customer or you chose to alienate and lose them along with a few more that will never look at your products today due to word or mouth which today extends to the world curtesy to Facebook, twitter, Myspace, blogs and so on. Hyniva’s expert team help you get close to statistically assured best possible outcome—whether you’re updating legacy systems or applying analytics to improve claim outcomes.

Usage based Insurance Products

Hyniva has developed a simple framework and a model of collecting Telematics and IoT data from connected cars and various other devices/technologies to identify varied set of information from from disparate sources. Hyniva’s SafetyNet solution enables our customer to connect to smartphone applications, external telematics data collector, connected in car GPS and navigation systems to collect telematics and system data and convert that information through analytics into models for usage based insurance solution. Insurers can use the framework to implement cloud based or localized high volume data collection to assess driving behavior covering speed/acceleration, braking patterns, cornering in a near real-time scenario.

The same framework can be utilized to implement teenage driver limits and fencing providing real-time alerts to teenage driver in case of boundaries set for their driving behavior. Identify early aggressive behavior with teenage driver and provide them with defensive driving trainings that would help reduce possible future accidents there by reducing insurance claims and loss. Use the same for incentivizing customers with discount for each teenager in the household going through such training one identified with aggressive driving behaviors.

Same framework can be used for fleet management and logistics. Our platform provides unique model for collecting data behavioral, telematics, IoT and connected system data that allows companies to develop and manage usage-based insurance products. We provide the ability to use complex event processing, portals and mobile apps for catering to end customers and even gather feedback. Insurers can use the data collected to develop new rating variable and create predictive models for better risk scoring where by providing policyholders new model for insurance premium that supports starting and continued discount based model for good driving and a tangible relationship with their carrier.

Digital Underwriting

Our UWD platform brings Commercial & Specialty insurers and their agents together to effectively submit, evaluate, price and quote risks. Modular and configurable solution components addresses key carrier challenges providing a seamless end-to-end underwriting experience through an underwriting Dashboard

We provide all forms of solution, end to end redevelopment to fast integration to internal and external systems with the ability to stand up go to market solutions in least amount of time. We have combined the basic structure into our UWD platform covering:

Our framework gives the ability to take legacy systems and blue screens and integrate them into a structured workflow with audit capabilities and logs eliminating high tech modernization allowing to realize your past investment and giving you the choice to prioritize high value transformations for your business and IT.

• Roll-out products faster and enter new markets with ease
• Analytics backed data driven insights to aiding underwriters to differentiate good risks from bad based on past data assessment and new variables from internal or third party solutions
• Versatile pricing ability from usage based models to derivatives of products for faster roll out
• Automate data extraction and validation with increased operational efficiency and improved quality
• Digital integration and dashboard combining all data and automate/human workflow to a speedy productive solution

Insurance Analytics

Analytics is the key for long term sustainability of Insurance industry. From Underwriting to Claims to Reinsurance to Invoicing to Risk management or Billing/Invoicing or Digital Social Interactions …… every aspect of insurance is indemnification of statistically predictable outcome maximizing shareholder profits. Well there is a new outcome today, in digital age your bottom line is not just your cash it’s also your ethical behavior to the outside world. Today millions are being spent to keep potential customers happy. Too many unsatisfied customers in social media can literally cost your brand value and business – ask Tiger Woods, or similar fallen heroes who lost millions in earnings due to image problem. To make sure you are on top of your brand you needs to deploy smart analytics and actively reduce the negativity and stand up for your own voice in the public.

To really get ahead in your business and compress dwindling profits and align your business value you need to move from reporting to analytics. Predictive analytics for underwriting, risk management, Scoring, fraud management, event processing to minimize risk associated with missed reinsurance claims. Let us help you with your Digital Analytics, Customer Analytics, Risk Assurance Analytics, Tax Data Management and Analytics, Deals Data and Analytics. Within the organization you have make sure you are attracting and keeping the right talent – use our People Analytics to keep your employee happy and manage expectation correctly