There is also immense pressure on organizations to leverage data to be more competitive. HEXANIKA products have been built on philosophy of solving business challenges by leveraging data in simple, smart and efficient manner.
Insurance
The Insurance industry is facing the following challenges
300+ Million
pages of regulatory documents will be published by 2020
600+
Legislative initiatives
$270 billion a year
On compliance and regulatory obligations
$345 billion
Paid in fines since 2009
Source: MEDICI
Challenges & Solutions
- Disparate Regulations: Insurance is a sector that is heavily regulated by federal and state laws
- Frequent Changes: Dynamic regulatory changes require making changes to the application for compliance.
- Data Management: These recurrent releases make change management an arduous task. In addition supplying new sets of data and providing data auditability to regulators has become very difficult
- Disparate Processes: The insurance sector is characterized by a variety of insurance services like life insurance, property insurance, vehicle insurance etc., each of which have a varied range of products and business segments. All transactions like new business, contract management, claims, policy renewal have their distinct workflows.
- Complex Processes: From the claims, P&C, and other origination systems until the data is consumed for analytics and reporting, the data gets transformed and reconciled multiple times. This process is significantly manual and time consuming.
- Lack of standardization: Data across various business segments is mostly non-standardized which again makes automation a difficult proposition.
- Lack of Innovation: Other industries including banking have taken advantage of innovation based on Big Data, Artificial Intelligence, Cloud etc. Insurance as an industry is yet to take complete advantage of such technologies on a large scale
- Collaboration with InsurTech companies: InsurTech as a concept is new. Insurance firms are learning how to collaborate with innovative new companies and also as to how enable new edge technologies with the legacy thinking and technology.
- Time to Market: With AI changing landscape of how insurance is delivered to customers, Insurance firms are forced to release new products in short time. This highly competitive sector is forced to adopt new edge technology in order to do so. AS a result multiple IT releases go on to support the business need. This puts immense pressure on developers and testers who have to come up with a high quality, winning product in a limited window of time. This also makes it challenging for testers to devote adequate time on activities like test data identification, test environment set up etc. (SmartBuild)
- Cost: Cost of maintenance of existing technology and updates to keep pace with market requirements and innovative technology adoption is high for most insurance companies. Use of multiple technologies can be an inhibiting cost consideration
Reach out to us to know how HEXANIKA can address these issues
EUDA (End User Developed Application)
US Based Large Insurance Firm
100%
Data Lineage & Process Automation
IFRS 17
Global Insurance Firm
100%
Data Lineage & Process Automation
US Health Insurance Org
50% Savings
Reduced Customization Cost & Time For Report Rendering