Coforge, Newgen to deliver lifecycle management solutions to insurance firms

IT services firm Coforge Limited and Newgen Software on Monday collaborated to deliver two new solutions for the insurance industry. These include an insurance lifecycle management solutions in Customer Communications Management (CCM) and Document and Content Management (DCM) on the Low Code platform. 

With this the companies also take their partnership to the next level. In July 2022, the companies entered into a partnership to offer automation across insurance firms, public sector organizations, and others, using the low-code platform. 
“This will steer in a new era of agility, customer-centricity, and operational efficiency for Life and Annuity (L&A) and Property & Casualty (P&C) insurers. By combining their respective strengths, the companies are uniquely positioned to address the intricacies of the insurance domain,” Coforge said in a regulatory filing.  

Newgen is the provider of a unified digital transformation platform with native process automation, content services, communication management, and AI/ML capabilities, whereas Coforge is a global digital services and solutions provider that leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients. The firm has a presence in 21 countries with 26 delivery centers across nine countries. 

 “This collaboration will transform critical aspects of the insurance lifecycle, including policy underwriting, administration, and servicing,” Rajeev Batra, Executive Vice President, and Global Head of Insurance at Coforge, said in a statement.  

“By harnessing the power of Gen AI and leveraging Newgen’s CCM and DCM capabilities, paired with Coforge’s solution capabilities, insurers can enhance the efficiency of policy issuance, accelerate decision making in underwriting, and provide superior policy administration and servicing experiences to their customers, ushering in a new era of innovation and customer-centricity,” he added. 

Rajvinder Singh Kohli, SVP, Sales, Newgen Software, believes that “Coforge’s deep domain expertise combined with our proven platforms will deliver transformational outcomes for enterprises, allowing them to achieve operational excellence, improve customer experiences, and drive continuous innovation”. 

Last month Coforge launched its generative artificial intelligence platform Quasar for building enterprise AI capabilities. Quasar comes with a pre-loaded set of over 100 APIs which are readily available for integration. It has a modular and scalable architecture with several pre-built cognitive and generative use cases. 

Automated underwriting uses tools and techniques like robotic process automation (RPA) and artificial intelligence to import and correct data, assess risk and determine how much coverage a client should get and how much they should pay in premiums. 

The benefits of saving time and costs have led to many insurers implementing automated underwriting into their value chain. A report by consulting Deloitte published in February finds 65% of insurance executives increased their investments in technologies like robotic process automation and 74% increased their investments in AI. 

The increased use of AI and digitized claims have allowed carriers to streamline disjointed claims management practices, resulting in faster processing and reduced claim wait times. More than half of claims activities have already been replaced with automation.