Hyniva excels in providing realistic practical solutions for insurers which includes BPS, Cloud based solutions, Emerging technologies, consulting and integration.
The insurance industry has a lot of challenges today(which differ largely on demographics): encompassing the ability to maximize profits with the ability to reduce risks by predicting future losses and reducing claims. All insurance companies need to assess and minimize the risks associated with a catastrophic payout or over burdening of underwritten products that can become their biggest liability.
The opportunity to capitalize on favorable loss trends can be short lived. As insurer develops new products, rates/rules and forms finely-tuned customer segments and channels, speed to market continues to be a key goal behind many growth initiatives. New distribution channels in personal lines, that are much more direct to consumer advertising and a big move to researching and buying insurance online add to that social networking and mobile applications fueling the drastic changes and opportunities in a changed market is dramatic
Improve risk selection and pricing. Increase the use of predictive analytics to fine-tune and right-price customer segments, improving risk modeling and scoring - achieving a “lift” in their underwriting results
Consolidation and outsourcing of service and support operations, in both the front and back office will allow cost optimization. Broadening the use of BPM solutions and streamline business processes across the organization, generates significant optimization in time and cost. Significant saving in product development, reinsurance, claims, invoicing, billing and overall back office processing.
IUpgrade and/or replace claims admin system and improve processes to lower claims expense and expedite closure. Improve vendor management to lower loss adjustment expense.
Carriers continue to refine their risk-based capital models and reinsurance structure with the help of better tools for capturing/analyzing data on their underwriting and financial exposures
Hyniva’s expert team looks into new paradigms to help insurers think outside the box to resolve business and technological problems.
Customers today have gotten accustomed to digital experience, using functional intuition, the elegance of digital interaction and have started craving for the same from every industry. Automotive industry is gearing up with connected cars, Finance industry has started become more and more consumer/customer friendly with the ability to upload mobile checks, fund transfers faster. What can insurance industry do to connect to their customer?
Consumers today want greater transparency - they want to have a choice and a say on selection of products by having the ability to compare available options, flexibility and control the outcome of their choices... Walk away if services rendered are not satisfactory.
Tap into social media, unstructured data and demography to make better decisions, provide better choices and connect to the consumer with a higher satisfaction level, developing a social relationship to increase brand equity and loyalty.