Exponential Digital Solutions provides insurance operations services using digital technologies like robotic process automation, blockchain, big data analytics, and artificial intelligence. These technologies can automate repetitive tasks, improve data collection and analysis, strengthen core insurance operations, and help companies comply with changing regulations. Some specific tasks that can be automated or enhanced include data entry, underwriting surveys, claims processing, actuarial research, and rating plan updates. The goal is to help insurance companies drive innovation, improve business outcomes, and deliver faster more personalized service.

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Exponential Digital Solutions
Insurance Operations
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Industry and challenges
Highly regulated industry hence unable to move quickly with
expectations from clients
Continually challenged to strengthen core insurance
operations and not just back office operations in order to
improve business profitability
Access multiple legacy systems to get work done and
ensure compliance
Changing financial management and reporting requirements

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To drive innovation, companies have to become
'bionic' organizations where humans
communicate with machines to improve
business outcomes
Hybrid workforce for Insurance
PwC 21st CEO Survey pertaining to the insurance industry

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RPA
Block
Chain
Big
Data
Analytics
Artificial
Intelligence
Drive personalization
On top of automating
simple, repeatable tasks
in back-end processes
Deliver speedy service
Ensure higher
degrees of self-
service
Digital Transformation in Insurance

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Data entry tasks
View and scan data
Flag mismatch/errors in data
Provide quick approvals
Collate insured’s data from multiple sources
Data compilation
Follow-up alerts
Data availability to customer support staff
RPA candidates - Tried and tested in recent years

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In any type of insurance, the actuary need to do extensive research to arrive
at a premium amount which is beneficial for both the insurer and insured. For
example, in life insurance, statistical data on death, birth, marriage,
employment, retirement, accidents etc need to be collected and evaluated.
The companies depend upon Government databases, current affairs and
forecast on natural disasters etc. for these data. This research can be made
more effective by assigning it to a digital worker. Artificial Intelligence,
Advanced Analytics blended with RPA can do wonders in the field.
Actuarial research

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Rating plan is prepared and published by Actuary for internal use in an
Insurance company. The underwriters use these plans to make decision on
whether to insure a prospect insured. This helps the underwriter in
determining the proper premium to be charged for each insurance coverage.
The premiums should ideally cover the production cost and a margin for
profit. Rating plan updates are typical Robot job which can be done based
on the logic and rules. It need to classify risks on the basis of selected
characteristics, proper use of statistics available to the company and on the
insurer's capability to compete in a market.
Rating plan updates & reviews

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Normally insurance companies' contracts with third party vendors for the
underwriting investigations. However the tasks could be easily handled by
Digital workers with AI and ML capabilities. Chatbot based interviews,
Directory searches, Media checks, Verification with Federal agencies are
some of the tasks that could easily be done by Insurance companies with the
help of digital technologies to be self reliant and to be cost effective. These
data can be further analyzed using advanced analytics techniques.
Underwriting surveys and investigation

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Underwriters usually select insurers whose actual loss experience is not
likely to exceed the loss experience assumed in rating structure. In order to
see that this is true, any loss claims need to be thoroughly checked. RPA
and AI can assist in fraud detection and prevention to enable early detection
of suspicious and exaggerated claims. AI could be employed to verify the
authenticity of the proofs submitted. It has to be checked back with policy
contract to verify the coverage so as to settle them fast and then to be
assigned to an available adjuster and follow up until the claim is settled.
Loss processing

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Exponential Digital Solutions FZ-LLC
Office #41, First Floor, Building 12,
Dubai Internet City, Dubai, UAE
Exponential Digital Solutions S.P.C
Suite No: 501, 5th Floor,
4th Gate Manama Centre,
Manama, Kingdom of Bahrain
Exponential Digital Solutions
www.10xds.com
Exponential Digital Solutions Pvt. Ltd.
Thank You
Jyothirmaya, Infopark phase 2,
Kochi
Kerala India 682 030
KSUM, Technopark,
Trivandrum
Kerala India 695 581
connect@10xds.com