Acess Meditech: Streamlining Insurance Operations
Imagine an insurance company with a magic wand that could digitize and streamline the insurance operations right from sales, quotation, underwriting, claims profiling, risk assessment, to resource optimization processes. And what if it could also realize the insurance company concerns related to tracking down information about risk-related behaviours and other crucial policy related information? India-based Acess Meditech turns this imagination into a reality and arms the insurers with such a wand that doesn’t just assure operational efficiency but also better decision-making capabilities.
Acess Meditech offers value-added services and niche products specifically designed for the insurance industry. The firm provides an enterprise resource planning (ERP) solution where multiple modules are integrated into a single platform, which automates insurance processes such as sales, underwriting, production, claims, customer service and finance operations. It provides support for quote creation, underwriting, conversion to policy, claims management, customer service and complete accounts integrated with bank and payment gateway. The company also develops mobile applications similar to web applications to cater to its clients’ varied requirements. These offerings help the insurance companies reduce manual efforts and obtain greater visibility into key performance indicators (KPIs) and metrics.
The firm’s portfolio also comprises LIMRA—“Live Insurance and Management and Risk Application”—for general insurance and TOSHFA which means “Good Health” deals with the medical insurance processes.
TOSHFA has enabled a multitude of companies to build successful relationships with their customers. One of these is a leading insurance company in Oman that adopted TOSHFA to optimize its process workflows and improve customer experience. Having implemented TOSHFA, the client witnessed a two-fold growth rate. Their branch offices in Abu Dhabi and Dubai also prospered as profit centers. “Using our solutions, insurers can gain higher marketing response rates as well as better underwriting outcomes and fraud detection,” states Syed Aijazuddin, founder and CEO of Acess Meditech.
The firm’s expertise and experience in insurance domain empowers it to devise innovative solutions thereby replacing aging applications with new technology and augmented methodologies. “Our deep understanding of the insurance industry makes us noteworthy in the global market,” says Aijazuddin.
Acess Meditech also provides a chatbot that helps customers to compare quotes, understand policy terms, and buy an insurance cover. The chatbot also assist insurers in obtaining knowledge on customers’ geographical and social data for personalized interactions.
Aijazuddin believes that any insurance company has three major challenges at its core— reaching out to prospective customers at the right time, understanding customers’ needs and providing the right product, offering fastest claim support to genuine customers and rejecting fraudulent claims. For Acess Meditech, the key to effectively address these challenges lies in implementing artificial intelligence (AI), a move that the company has already initiated.
The company is also reskilling its team and leveraging data analytics programming to accurately predict the future health trajectories of customers and the associated utilization of healthcare resources. All-in-all, Acess Meditech helps its clientele business achieve uniformity and integrity, curtail the operational cost, and have a significantly reduced system maintenance costs. In the near future, the firm seeks to deliver these capabilities to insurers in the North American market, the next destination on its radar.