In today’s digital age, insurance carriers understand the critical importance of enhancing customer and agent experiences, often investing heavily in digital engagement solutions. Despite these efforts, they continue to receive a significant volume of documents through email and traditional mail, which still require manual processing.

Client: A mid sized P&C insurance carrier 

Problem statement:

A West Coast-based insurance company specializing in personal lines insurance struggled with operational inefficiencies due to the manual handling of various policy requests. The company faced a high volume of requests for policy changes, lienholder updates, and document requests from agents, brokers, and customers. These requests came through multiple channels—emails, PDFs, and web forms—which required time-consuming manual intervention. The manual nature of the process led to delays, increased errors, and tied up valuable resources that could have been better utilized elsewhere.

The insurance company implemented KognitiveWorks to address these inefficiencies. The platform automated the process of managing policy change requests by interpreting and classifying data across different document formats and channels. It automatically updated policy details, integrated with the company’s backend system, and ensured that the policy changes were processed with minimal manual input. Whether the request involved modifying policy limits, adjusting coverage, or updating lienholder details, the platform streamlined the entire workflow.
Intelligent Data Extraction: KognitiveWorks accurately extracted and categorized relevant information from various document formats, allowing the insurer to handle requests consistently.
Next Best Action: Once processed, the system immediately updated the policies in the insurer’s backend, ensuring accuracy across systems.
Error Reduction: By automating manual data entry, the system minimized errors, ensuring accurate policy updates with each request.
Technology Landscape

1. • DuckCreek (Policy,Billing, Claims)
   • Customer portal – Angular, google analytics
   • Homegrown (document storage)

The implementation of KognitiveWorks led to significant operational improvements for the insurer, resulting in:

1. 1. 100% Classification Accuracy: The platform achieved complete accuracy in categorizing requests, eliminating errors that often arose from manual processing.
   2. 60% Reduction in Manual Effort: Automating the process drastically reduced the manual intervention required, allowing staff to focus on higher-value tasks.
   3. 40% Improvement in Productivity: With reduced manual work, the overall productivity of policy administrators improved, enabling them to handle more requests in less time.
   4. 90% Decrease in Turnaround Time: The automation of policy changes enabled the company to process requests in real-time, cutting submission turnaround times by 90%, leading to faster service for agents and customers.
   5. Increased Agent Satisfaction: With faster response times and improved accuracy, the company experienced heightened satisfaction from agents, brokers, and customers, ultimately enhancing relationships and customer loyalty.

In the dynamic world of insurance, an effective API implementation stands as a linchpin for digital transformation and operational efficiency. Leveraging AWS API Gateway, insurance companies are ushering in a new era of streamlined and efficient operations. The API Gateway acts as a centralized hub, orchestrating and managing interactions between diverse insurance systems such as policy administration systems, billing systems, claims management, agent portals and customer portals. By deploying APIs through aws API gateway, insurers benefit from seamless scalability, robust security measures, and real-time monitoring capabilities intrinsic to the AWS ecosystem. This allows them to handle vast numbers of policyholder/agent requests swiftly, ensure data integrity, and reduce latency. Additionally, with the built-in developer tools and integration capabilities of AWS API Gateway, insurance companies can accelerate the development and deployment of innovative insurtech solutions. This rapid implementation not only optimizes backend operations but also drives enhanced digital experiences for policyholders/agents, from instant policy updates to swift claim processing, all underpinned by the reliability and agility of AWS.

Client: A mid sized personal lines insurance carrier.

Problem statement:

Client was looking for rapid digital transformation and they realized that APIs often play a critical role in many functions of their business as an enabler for digital products and projects.

• Limited agility in launching new insurance products.
• Inefficient data exchange with partners, brokers, and third-party platforms.
• Suboptimal customer experiences due to delays and lack of real-time service capabilities.
• Increased operational costs and maintenance overheads.

Client was looking for a partner with expertise in building out APIs using aws API gateway so that they can speed-up delivery of APIs needed for agent portal and customer portal delivery.

– Built an agile pod to deliver APIs with team that comprised PO with deep domain background and engineers with deep technical knowledge.
– Implemented AWS API Gateway with ReST services built using lambda
– CloudWatch for monitoring
– Custom Lambda Authorizer.
– Leveraged best practices for APIs from design to coding with emphasis on automated testing engineered into the DevOps build pipeline.
– Implemented the APIs over 5 months period with 1st delivery live in 6 weeks.
Technology Landscape

• Duckcreek
• Agent portal – Angular
• aws API gateway, lambda, Java / Node.JS backend

• Enhanced integration – seamless integrations – helping speed to market (and cost reduction) for launch of new experience and capabilities.
• Innovation and agility – rapid experimentation of digital products.

In today’s digitized era, insurance carriers recognize the pivotal role of digital tools in elevating the customer experience. However, a mere investment in these assets doesn’t guarantee success; their meaningful adoption is where the true value lies. Without a strategic focus on maximizing the utility and adoption of these digital assets, carriers risk underutilizing their investments, leading to diminished returns. To truly reap the benefits and enhance customer experience, insurance companies must actively drive the adoption of their digital offerings, ensuring that they are intuitive, user-centric, and seamlessly integrated into the customer journey.

Client: A mid sized P&C insurance carrier had digital assets like online quote and bind, customer

Problem statement:

The question client was trying to answer – how do we improve digital adoption (enrolment in paperless and registration in customer portal) and increase customer digital engagement?

Client a had rolled out digital assets like paperless communication, customer portal for self service and was experiencing low adoption.

• Low adoption of paperless leading to increased operational cost

−1 in 5 have enrolled to receive paperless billing

−1 in 16 have enrolled to receive paperless policy documents

−1 in 304 have enrolled to receive text

• Less than 50% of Direct customers go on and register in customer portal after they buy a policy.
• Very small % of non-online (agent channel) customers registered for customer portal.

Current state study/data collection
– Identify customer communications and state of paperless initiative
– Adoption data on paperless, customer portal
– Customer journey for paperless and portal registration
Analyze
– Identify system and process gaps
– Identify critical data needs/gaps
– Customer data analysis to identify customer segments and propensity
Synthesize recommendation
– Future state customer journeys with system impacts.
– Recommendation for addressing data gaps.
– Recommendations for approaches for different customer segments.
– Monitoring and segment based campaigns to educate customers on digital solutions
– Identified system and process changes to drive portal registration/adoption and paperless enrollment.

Technology Landscape

• Guidewire (PC,BC, CC)
• Customer portal – Angular, google analytics
• DocuSign, Documaker (document generation) and Highland (document storage)

• Paperless adoption increased by 22% over one year.
• In one year Customer portal registration for direct customer went up to 85%.
• Customer portal registration for agent channel increased by 20%.

In the dynamic world of insurance, an effective API (Application Programming Interface) strategy stands as a linchpin for digital transformation and operational efficiency. By harnessing the power of APIs, insurance companies can seamlessly integrate disparate systems, from policy management to claims processing, facilitating real-time data exchange and automation. This not only streamlines internal workflows but also enhances customer experiences by offering tailored products, instant policy quotes, and rapid claim settlements. Moreover, with the proliferation of insurtech and digital platforms, APIs enable insurers to tap into innovative ecosystems, collaborate with third-party developers, and extend their offerings across multiple digital touchpoints. By doing so, they can cater to the evolving needs of modern policyholders, drive revenue growth through new channels, and stay ahead in the competitive landscape. In essence, a robust API strategy empowers insurance companies to be agile, data-driven, and customer-centric, setting the foundation for sustained success in the digital age.

Client: A mid sized insurance carrier personal and small commercial focused, who sell their products through independent agents.

Problem statement:

Client was looking for rapid digital transformation and they realized that APIs often play a critical role in many functions of their business as an enabler for digital products and projects.

• Limited agility in launching new insurance products.
• Inefficient data exchange with partners, brokers, and third-party platforms.
• Suboptimal customer experiences due to delays and lack of real-time service capabilities.
• Increased operational costs and maintenance overheads.

Client was looking for a partner with expertise in technology and business to answer

How are insurers approaching APIs?

What insurers are doing with  the APIs?

What eco-systems are out there?

What should we be doing? What should be our technology? What should be internal and external APIs?

Current state study/data collection
– Understand current integration patterns and technology landscape.
– Understand overall business goals, technological challenges, and the potential value drivers of implementing an API strategy.
– Understand potential API consumers, both internal and external – needs and painpoints.
Analyze
– Identify strategic fit of API between business and IT context.
– Identify technologies that fit the need.
– Identify critical data needs/gaps
– Identify API ecosystems that could have potential.
– Understanding the competitive landscape, market trends, and best practices in API implementation.
Synthesize recommendation
– A detailed API strategy blueprint, highlighting the architecture, integration points, and technology stack recommendations.
– A roadmap for API implementation, prioritizing critical integration points and quick wins
– Guidelines for API security, governance, and lifecycle management to ensure data protection and regulatory compliance.Future state customer journeys with system impacts.

Technology Landscape

• Guidewire (PC,BC, CC)
• Customer portal – Angular
• API gateway, Java / Node.JS backend

• Enhanced integration – seamless integrations – helping speed to market (and cost reduction) for launch of new experience and capabilities.
• Innovation and agility – rapid experimentation of digital products.

The consumers are expecting high quality, personalized seamless experiences and services across all digital channels. With integrated approach to strategy and execution, we will help you to define the digital transformation roadmap and exceed your customer’s expectation.

Client: A mid sized P&C insurance carrier had digital assets like online quote and bind, customer

Problem statement: Client wanted us to broadly answer two questions. What should be our strategy regarding mobile self-service capabilities? What should be our priorities?

We started with a Current state study. We Collected current customer portal usage pattern. We collected Competitor mobile apps and their capabilities. We got Customer feedback on competitor mobile apps.

Then we analyzed the data collected. Created a list of capabilities that customers are seeking from mobile by looking at traffic to customer portal from mobile. We did the analysis of competitor mobile features and analysis of customer feedbacks on mobile apps. Ended up with a comprehensive list key features and the needs for realizing them on a mobile app.  We established the customer need/demand from mobile apps from direct feedback and their frustrations with existing capabilities.

Finally we synthesized recommendation – which included many rounds of reviews and feedback. We created a Roadmap of features to be delivered with focus on key capabilities desired by the customer and internal capabilities to deliver that successfully. We also worked on technology selection and architecture.

Technology landscape included Guidewire, APIs built using Java, Mobile app built using Flutter for iOS/android.

We delivered a Mobile roadmap for 15 months – with first release in 6 months for table-stake features.

The benefits were enormous. JD Powers recognized the insurer as number one in digital  experience 6 months after the mobile app release. Customer satisfaction score improved 40%. The mobile application was rated 4.9 and one of the best insurance apps (limited features but works what it promises).

All this was achieved in 6 months from the start of kickoff of the strategic engagement with acxhange.

At axhange we value innovation, collaboration, integrity, and a relentless commitment to client success.

Payment processing plays a pivotal role in the insurance sector, especially crucial in today’s digital era where the expectation is for instant, secure, and flawless transactions. Effective payment processing systems ensure prompt and precise collection of premiums and expedite the settlement of claims, thereby fostering trust and satisfaction among customers. In the digital space, this necessitates the integration of payment gateways, the automation of reconciliation processes, and the secure handling of sensitive financial information, all contributing to a seamless customer journey. Additionally, digital payment processing allows insurance companies to gather and scrutinize transaction data, offering insights for enhanced operational efficiency.

Client: A mid sized personal lines insurance carrier.

Problem statement:

The client had multiple Policy (6), Billing (5) and Payment (8) systems. Client ended up having these many systems due to various mergers and acquisitions and in the midst of transforming their policy and billing systems to next gen systems.  This complex environment resulted in complex integrations for payment processing and multitude challenges such as

• Inability to reconcile
• Lack of audit controls
• Payment transaction used to hop through multiple intermediate systems
• Resulted in poor customer experience (inconsistent and inaccurate billing information, duplicate payments, dropped/missing payments, delay in posting payments to billing system, etc.)
• PCI compliance challenges
• Intermediate MS Access & Excel based solutions to support payment processes and reporting

Client were looking for a partner to help transform their payment processing with following objectives:

• Simplify payment processing
• PCI compliant
• Enable audit controls
• Reduce back office operational processes (manual processes with sizable team)

Current state analysis
– We performed a detailed analysis to understand current state challenges and documented.
– Detailed integration document that mapped what type of payments are processed by which system and how those payments are posted to billing system.
Design and Implementation
– Designed payment journey that provided detailed mapping of insured’s payment journey across payment channels and payment types.
– We ramped up team and implemented a modular payment system (Bill due lookup, payment processor, vault for CC & accounts, recurring payments, wallet, reconciliation, suspense, etc.)
– The solution also streamlined financial & GL reporting
– We delivered the solution in 2 phases with first phase with core capabilities implemented in under 7 months (phase 1) and phase 2 in 4 months.

Technology Landscape

Backend REST APIs built using Java/JEE Spring framework, Batch interfaces built using Informatica, with MS SQL Server as database, Angular as the front end technology, observability using Dynatrace, end-to-end encryption at rest and in transit

• PCI Compliance (with flying colors)
• Clear and concise auditability
• Improved customer experience & service NPS
• Reduced overall spend by $2M per year
• Repurposed back office operations team to focus on other key policy & claims functions
• ROI in under two years
• A centralized solution that processes USD 4.5 Billion in premium payments