The global specialty insurance business ecosystem is evolving at speed and Specialty Insurance Services need to keep pace to ensure seamless operations and sustained customer experience. The specialty insurance landscape today is challenged by the following shifts in customer needs and expectations, in addition to the severe constraints of market regulation, legacy operations and technology estate:
A move from product-centricity to customer-centric propositions – How can insurers and brokers demonstrate greater understanding to provide hyper-personalized risk advisory and management services?
Simplify the ease of doing business and reducing cost of distribution across the value chain – Can silos within organizations caused by the inherent complexity of specialty products be removed?
Transform document-centric and internal process-centric systems to data and digital-first operations – How can we leverage data and digital as assets to drive value, create unified engagements across multiple channels and achieve profitable underwriting?
What is required is an acceleration of specialty insurance services, focused primarily on complex, non-standard, unique and unusual risks.
Mphasis Specialty Insurance Services provides managed service offerings to deliver transformation and value creation. Powered by digital, analytics, AI and automation, our offering -
Digital Operations
Our simplified operating models enabled by technology and data drive efficiencies across front and back office operations across multiple lines of business.
Digital Solutions for business owners and distribution
We simplify complexity to enable faster and sharper decisions in client engagement, distribution and underwriting.
AI/ML-Led Specialty Data Solutions
Our intelligent solutions deliver customer-centric propositions, create additional revenue streams and unique differentiation – all aimed at customer stickiness.
Modernization of Legacy Systems
Our modernization solutions and services shrink legacy core systems and transform them into cloud native landscape.
Digital workplace platform and cloud infrastructure service management
We accelerate adoption of digital tools for underwriters, brokers, producers, and claims advisors to drive customer engagement while working from home offices.
Through our IP assets and flexible models, we accelerate the transformational outcomes of our specialty insurance services.
Additional assets help baseline the current state across operations, technology and business processes, identify the hotspots and opportunities to deliver value, design the target state vision and the options for implementation roadmap towards the target state.
Through a combination of our Front2Back™ framework and specific solution assets, we deliver the following business value:
30-40% reduced cost of operations through simplified operations
15-20% improvement in underwriter / broker capacity by eliminating time spent on administration tasks. This enables them to focus on clients and client centric propositions
Improved Operations efficiency through faster turnaround time (e.g. quote to bind, issue evidence of cover, claims settlement) and reduction in errors and omissions
Superior client experiences through consistent and predictable turnaround time / SLAs, eliminate standard queries and rework
Empowerment of underwriters and brokers with reliable data and insight to assist in operations e.g. renewals as well as business decisions e.g. market capacity
Enhanced brand reputation of clients
Specialty insurance services are niche insurance solutions that provide tailored coverage for complex, high risk, or non standard exposures such as cyber, marine, aviation, professional liability, etc. Insurers within this category need to combine deep domain expertise, customized underwriting, advanced risk assessment, and regulatory knowledge to address unique client needs that fall outside traditional insurance products.
Specialty insurance covers complex or high risk exposures that fall within niche insurance segments such as cyber and data breaches, professional liability, marine and aviation, construction, environmental risks, product recall, political risk, terrorism, etc. These require complex risk underwriting and advanced risk assessment.
Advanced risk modeling, AI driven underwriting, advanced claims handling, data-driven analytics, and compliance automation for complex risks are some ways in which insurers can use insurance technology for specialty lines. Mphasis uses analytics, AI and automation to counter complexity, and simplify operations, while infusing digital capabilities to increase client engagement.
Complex risk underwriting is the process of assessing and documenting high-severity risks for specialty insurance policies that require deep domain expertise of the given field. It involves advanced risk modeling, customized policy terms, multi factor analysis, and careful assessment of exposures to risks that exist far beyond traditional insurance frameworks.
Niche insurance segments required a careful combination of deep domain expertise with customized underwriting, specialized products, and risk modeling. Insurers can bank on cutting-edge technology, predictive analytics, and advanced risk modelling to manage policies within specialty insurance segments.
Specialty insurance services ensure compliance through expert underwriting, standardized processes, regulatory monitoring, detailed documentation, that allows for seamless audits and meet regulations across complex, high risk insurance products.
