Policy Operations - KognitiveWorks

Streamline policy management processes

Policy Operations

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Accelerate policy issuance workflows

Policy Operations

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Enhance accuracy in policy updates

Policy Operations

Optimize customer query responses

Policy Operations

KognitiveWorks - Policy Operations

Problem:

In P&C insurance, policy operations often face inefficiencies due to the manual processing of policy change requests, lien holder requests, requests for documents etc. These requests come from various sources—agents, brokers, insurers, and customers—via different channels like emails, PDFs, and web forms. The manual handling of these diverse inputs slows down operations, increases the risk of errors, and ties up valuable policy administration resources.

Solution:

KognitiveWorks addresses this challenge by automating the processing of policy change requests using advanced AI-driven technology. The platform intelligently interprets and categorizes requests regardless of format, automatically updating policies within the insurer’s system. Whether it’s adjusting coverage, modifying endorsements, or changing policy limits, KognitiveWorks streamlines these processes by integrating them directly into the insurer’s workflow.

Intelligent Data Interpretation: KognitiveWorks can interpret and extract relevant data from multiple document types and formats, ensuring that all necessary information is captured accurately.
Next Best Action: Once the request is processed, the system automatically updates the policy details in the insurer’s backend systems, ensuring consistency and accuracy.
Error Reduction: By minimizing manual data entry, KognitiveWorks reduces the likelihood of errors, ensuring that policy changes are executed correctly the first time.

KognitiveWorks - Policy Processing

Benefits:

1. Improved Efficiency: Automating the processing of policy change requests significantly reduces the time required to complete these tasks, freeing policy administrators to focus on more complex tasks.
2. Enhanced Accuracy: By eliminating manual entry, the system reduces the risk of errors, ensuring that policy updates are made accurately and consistently.
3. Faster Turnaround: With automated processing, policy changes can be implemented in real-time, leading to quicker responses to agents, brokers, and customers, ultimately improving satisfaction.
4. Resource Optimization: Policy administrators can dedicate more time to managing client relationships and ensuring regulatory compliance, rather than being bogged down by administrative tasks.