Zensar, a leading digital solutions and technology services company that specializes in partnering with organizations across industries on their digital transformation journey, announced today that Cynosure, a Zensar company showcased its digital transformation solutions designed for the insurance industry of the future. The event was held in Austin, Texas, USA between May 28-May 31, 2019.
"Today's customer is a digital buyer, and insurance companies need to be disruptive to cater to them and tomorrow's customer. We have seen our insurance customers gain visibly from our Return on Digital® NeXT (New and Exponential Technologies) designed for the future focused insurance sector," said Sandeep Kishore, Chief Executive Officer and Managing Director, Zensar.
Commenting on the same, Malay Verma, Executive Vice-President and Head, BFSI and Retail, US, Zensar said, "We are working towards partnering with digital-led insurance companies who are looking at transformation that will enhance the experience of their customer. The solutions we displayed at the event focus on digital transformation that will provide insurers with end to end digitization capabilities."
Visitors could see for themselves how solutions built on intelligent automation, analytics and telematics, artificial intelligence and customer experience provide complete digitization of insurance processes for the carriers. The showcase included two self-service mobile applications for insurance claim applicants and policy holders which are built on AI and ML technologies integrated with Guidewire core systems. This is in addition to Cynosure's, a Zensar company's core expertise in Guidewire implementation, upgrades, test automation and cloud migration for core modernization.
Details on the solutions that were demonstrated were as below:
- First Notice of Loss (FNOL) Vehicle Damage Claims Mobile App - The first AI/ML based damage assessment and claim estimate engine in our domain, which enables policyholders enter claims faster and allows for smarter adjudication. Integrated with Guidewire ClaimCenter and PolicyCenter, this application is scalable and flexible to build on this functionality and add customized features to enhance the experience of your policyholders.
- First Notice of Loss (FNOL) Home Claims Mobile App- Based on AI, ML, and technologies for object damage detection and damage severity classification, this mobile app is built for a Homeowners insurance claim. Integrated with Guidewire ClaimCenter, the app also has an embedded bot inside to ease the user experience during the FNOL journey.
- Omnichannel Insurance ChatBot- An efficient bot embedded with Natural language processing capabilities that helps automate core insurance processes. With Zensar's Bot Insurance, users can now self-manage claims and policies in an engaging and interactive way. Our bots understand buyer's questions and guides them to select a suitable package. It also immediately answers other contextual queries which are riddling the buyer. It helps manage policy related change requests and enhance claim management experience by making it convenient to report loss, reduce steps to file a claim and track status in real-time.
- IoT based Smart Home Insurance platform- Enabled by IoT, Smart Home Solution uses real time data gathered from sensors, seamlessly integrate with existing systems of insurance companies, and third party applications to provide significant implication for insurance providers, who benefit from the enhanced features and abilities of smart devices by being able to offer risk insights to customers, advanced risk selection, sophisticated and incentive-driven pricing, loss detection and prevention. The sensors detect various parameters such as temperature, humidity, and smoke inside house and the solution can automatically adjust the environment to make it more comfortable or send an alert to home owner in case of emergency. Web and mobile dashboards are used to monitor and supervise safety of the house. Detail information is that is collected from various IoTsensors such as smart meter, intrusion detection is analysed to strengthen security in the house and proactive alerts.
Shares of ZENSAR TECHNOLOGIES LTD. was last trading in BSE at Rs.252 as compared to the previous close of Rs. 250.05. The total number of shares traded during the day was 3819 in over 305 trades.
The stock hit an intraday high of Rs. 253.9 and intraday low of 247. The net turnover during the day was Rs. 955168.