Transform Insurance Business with the World's Most Trusted Platform
Insurance automation enables innovative, quicker, and profitable policyholder strategies and decisions.
Industry Outlook
Insurance industry has demonstrated remarkable adaptability and resilience in recent years by successfully overcoming challenges such as the impact of COVID-19 and the economic consequences of the Russia-Ukraine conflict. Insurers have enhanced their systems and capabilities by leveraging agile talent and technology strategies. However, as we move into the future, the industry is posed with a host of challenges such as rising inflation and interest rates, the growing fear of recession, geopolitical turbulence, climate change and raising demand for ESG adoption, competition from InsurTechs, as well as increasing regulatory and disclosure requirements.
Companies in the insurance business should adopt to appropriate strategies to optimize their revenue and cost lines while at the same time ensure that its operations remain more resilient and sustainable in order to sail through today’s challenges of the industry. Consequently, it requires Insurance companies to embrace technologies such as AI/ML to bring in more efficiency in terms of cost and higher customer satisfaction by becoming process and technology agnostic. Surveys reveal that over 50% of insurance companies have embraced ML-powered predictive analytics in their underwriting processes while a staggering 76% of insurance experts affirm that innovation in this industry has reached unprecedented levels. Further, more than 40% of CIOs have expressed intentions to boost their investment in AI applications for process optimization and decision automation.
Benefits of AI/ML adoption
- Efficient Customer Support
- Detect and prevent fraudulent claim attempts
- High profitability
- Facilitate swift processing of claims
- Determining appropriate claims reserves
- Personalized policy recommendation
Our AI/ ML platform
It is one of the leading – edge platform using state of the art technologies in AI/ML. It is a stop solution providing end –to-end support to our clients in process optimization and decision automation.
Marketing
Supports direct communications through all channels
In-house A/B testing of products and messaging
Differentiate and target marketing strategies for optimal outcomes
Distribution
Allow agents and brokers to connect directly to carrier decision strategies
Accelerates response time to queries, translating to highest possible conversions
Allows carriers to offer differentiated service and explanatory responses to favoured agents and brokers to reward top performers
Underwriting
Consolidate data across the enterprise to utilize internal and external data efficiently
Processes more policies faster by driving higher levels of straight-through, exception-based processing
Helps understand growth/risk trade-offs to simulate scenarios in-house
Policy Administration
Accelerates policy administration, identify the correct document requirements for swift binding to get the right docs to the right place
Insurers get it right the first time by leveraging all points of contact (renewals, payments, collections, etc.) and life events (births, marriage, etc.)
Treat customers holistically and assess their insurance from across the portfolio
Product Management
Helps insurers glean new revenue opportunities by simulating different product configuration scenarios
Test premium disruption around new pricing and configuration ideas
Testing also allows for an increased number of configurations to match individual policyholder preferences
Claims
Improves the efficiency of claims processes and staffing
Make making rapid assessments at first notice of loss (fraud, severity, quick pay), straight-through claims, and all other policyholder events
Uses each claims contact for detailed information gathering to enhance its knowledge of each policyholder for future engagements
Manages all claim communications about status, next steps, missing information, etc., to keep the policyholder advised
Policy Holder Analytics
Real-time dashboards to keep ongoing, timely tracking of KPI results and what-if/what-will scenario testing
Uses production data to better understand policyholders
Identify cross-selling and upselling opportunities with production data
Support powerful test scenarios around potential new policyholder actions
Servicing
Easy to develop and maintain policyholder journeys to optimize lifetime value
Centralized servicing protocols give policyholders consistent treatment regardless of channel
Offers personalized, analytic-driven communications strategies
Premium Calculations
Calculate personalized premiums for each individual based on their historical background check, premium payments, and more.
Considers various factors such as the car’s make and model, the driver’s age and experience, and the location
Forecasts auto insurance premiums, offering more precise predictions than traditional methods
IFRS17
Offers risk transfer, claims advocacy, and capital management solutions
Mitigate volatility, fortify their businesses, and contribute to the resilience of financial systems
Help insurers to optimize cost and streamline claims resolution processes effectively
Core Insurance
Deliver prompt and precise settlements
Elevates customer satisfaction and retention
Offer comprehensive support from FNOL to claim liquidation
Automates monotonous and repetitive tasks
Empowers claims handlers and adjusters to prioritize customer-centric activities of utmost importance
Who we are:
SAM Corporate, as one of the leading FinTechs in the region has helped many clients in the financial and non-financial sectors for successfully implementing solutions and systems in line with the regulatory requirements and industry best practices. What makes us distinguished from others in the market:
300+ years of collective domain experience
Deep understanding of the market trend
Long term client relationship
Association with the industry think tank / standard setters
Hands on at the senior level
Value creation to our clients’ business
Free Demo: Start Exploring Today!
Our platform has become the top choice for numerous insurers globally, enabling them to enhance their decision-making process, achieve greater speed and profitability, and effectively engage policyholders, improving satisfaction and retention rates.