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Newgen Software's unified digital transformation platform, NewgenONE, has proven to be a boon for the insurance industry in just a few months since its launch. The platform helps insurance carriers transform critical processes such as customer onboarding, claims processing, underwriting, and policy administration.
Newgen's digital transformation platform speeds up policy issuance and claims processing across all insurance coverage areas, streamlines underwriting and transforms document handling with image enhancement capabilities. It also provides real-time access to all policy and claims information to ensure intuitive and intelligent customer service and reduce fraudulent claims.
"A 'one-size-fits-all' strategy is no longer an option for insurance providers. Customers today expect customized policies tailored to their needs. To deliver top-notch customer service, insurers need to overcome hurdles like—lack of contextual engagement and omnichannel experience, paper-based processes, poor process visibility, fraudulent claims, regulatory and audit compliance, and more. These bottlenecks inadvertently lead to a higher turnaround time for customer service, delayed claims processing, mishandling of complaints, error-prone underwriting, growing operational costs, and dwindling customer loyalty," said Shantanu Tewari, Head of Insurance Practice, Newgen Software.
Tewari added, "NewgenONE Digital Transformation Platform with low code capability provides a unified and agile interface layer that streamlines all processes and enables end-to-end automation of underwriting, claims, and policy servicing processes. NewgenONE platform is backed by 30 years of passion and innovation. Using the platform, our customers have been successful in running award-winning operations around the world".
NewgenONE is the only platform that can handle any level of complexity and help enterprises deliver a superior employee and customer experience. The company has applied for 44 patents so far, of which 20 have been granted in India and the US. The company chose to grow organically without merging with another organization or acquiring a company/technology. They natively developed the platform from scratch.
Post-pandemic, insurance carriers are increasingly leveraging new-age technologies like artificial intelligence (AI), machine learning, and analytics to improve their internal processes, transaction accuracy, and intelligent decision making. They are also leveraging behavioral analytics and advanced data analysis capabilities to understand individual behavioral trends to develop customized solutions and fast-track customer service. Leveraging cloud-enabled solutions to lower the TCO has witnessed a spike post-pandemic.
Currently, the company is empowering its solutions with technologies like AI, ML, process analytics, intelligent content services, contextual automation of business processes, mobility, and digital sensing to optimize every facet of insurance operation— including customer service, policy servicing, underwriting, and claims processing— with speed and accuracy.
Discussing a case study, Tewari said, "A leading health insurance provider developed and launched a core health insurance system using Newgen's digital transformation platform with low code capability. They were able to deliver on the customer's expectations within eight months of expressing the need, even though most of their teams were working remotely due to the pandemic. The application has hundreds of screens, tens of processes, complex business rules, integrations and adheres to security and compliance requirements. Traditionally, similar application development projects would have taken 2.5-4X the time and resources entailing massive code development, debugging, bug fixes, and back and forth. The low code development methodology and its suitability for rapid application development and deployment perfectly suited this innovative case."
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Newgen Software's unified digital transformation platform, NewgenONE, has proven to be a boon for the insurance industry in just a few months since its launch. The platform helps insurance carriers transform critical processes such as customer onboarding, claims processing, underwriting, and policy administration.
Newgen's digital transformation platform speeds up policy issuance and claims processing across all insurance coverage areas, streamlines underwriting and transforms document handling with image enhancement capabilities. It also provides real-time access to all policy and claims information to ensure intuitive and intelligent customer service and reduce fraudulent claims.
"A 'one-size-fits-all' strategy is no longer an option for insurance providers. Customers today expect customized policies tailored to their needs. To deliver top-notch customer service, insurers need to overcome hurdles like—lack of contextual engagement and omnichannel experience, paper-based processes, poor process visibility, fraudulent claims, regulatory and audit compliance, and more. These bottlenecks inadvertently lead to a higher turnaround time for customer service, delayed claims processing, mishandling of complaints, error-prone underwriting, growing operational costs, and dwindling customer loyalty," said Shantanu Tewari, Head of Insurance Practice, Newgen Software.
Tewari added, "NewgenONE Digital Transformation Platform with low code capability provides a unified and agile interface layer that streamlines all processes and enables end-to-end automation of underwriting, claims, and policy servicing processes. NewgenONE platform is backed by 30 years of passion and innovation. Using the platform, our customers have been successful in running award-winning operations around the world".
NewgenONE is the only platform that can handle any level of complexity and help enterprises deliver a superior employee and customer experience. The company has applied for 44 patents so far, of which 20 have been granted in India and the US. The company chose to grow organically without merging with another organization or acquiring a company/technology. They natively developed the platform from scratch.
Post-pandemic, insurance carriers are increasingly leveraging new-age technologies like artificial intelligence (AI), machine learning, and analytics to improve their internal processes, transaction accuracy, and intelligent decision making. They are also leveraging behavioral analytics and advanced data analysis capabilities to understand individual behavioral trends to develop customized solutions and fast-track customer service. Leveraging cloud-enabled solutions to lower the TCO has witnessed a spike post-pandemic.
Currently, the company is empowering its solutions with technologies like AI, ML, process analytics, intelligent content services, contextual automation of business processes, mobility, and digital sensing to optimize every facet of insurance operation— including customer service, policy servicing, underwriting, and claims processing— with speed and accuracy.
Discussing a case study, Tewari said, "A leading health insurance provider developed and launched a core health insurance system using Newgen's digital transformation platform with low code capability. They were able to deliver on the customer's expectations within eight months of expressing the need, even though most of their teams were working remotely due to the pandemic. The application has hundreds of screens, tens of processes, complex business rules, integrations and adheres to security and compliance requirements. Traditionally, similar application development projects would have taken 2.5-4X the time and resources entailing massive code development, debugging, bug fixes, and back and forth. The low code development methodology and its suitability for rapid application development and deployment perfectly suited this innovative case."
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