Softweb transformed global insurance operations with generative AI

Softweb Solutions closely collaborated with the client to understand the urgency and complexity of the challenges. Our team used a consultative collaborative approach to identify the business pain points and implement generative AI solutions customized as per the client’s business needs.

Our generative AI solutions included –

• Intelligent claims processing: The intelligent claims processing solution that Softweb offered uses NLP to extract key information from claims forms and compare it to policy data. This information is then used to automatically verify claims and identify any potential fraud. As a result, this process has significantly reduced the time and effort needed to process claims while delivering improved accuracy.
• Simplified provider network management: By integrating AI technology, the management of the vast healthcare provider network became more efficient. This resulted in easier access to healthcare services for customers and better ways to control costs.
• Accurate fraud detection: By using artificial intelligence, our client can identify people trying to defraud their system and prevent fraud. With a generative AI application, they can detect unusual claims, find fraudulent techniques, and get notifications to prevent fraud.
• Personalized life insurance solutions: Softweb Solutions integrated generative AI models into our client’s CRM platform, enabling them to use customer data to generate personalized life insurance recommendations. This data includes factors such as the customer’s age, financial goals, and risk profile. The solution then uses this data to recommend the best life insurance policy for the customer. This solution has helped the client to increase policy adoption and improve customer satisfaction.
• Advanced asset management: By integrating generative AI into the client’s asset management system, we facilitated the provision of personalized insurance policies. Analyzing market data, the AI solution showed investment opportunities using historical trends, current economic conditions, and individual goals, thus optimizing investment strategies and yielding superior returns.