Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Industry News

| More

New Cognizant AI Insurance Claims Platform Enhances Processing, Accuracy and Customer Service Following Natural Disasters

Posted On: 2019-09-26 09:01:42

Cognizant (Nasdaq: CTSH) has unveiled a new artificial intelligence-powered software platform that gives property insurers the ability to process large numbers of claims stemming from natural disasters or other catastrophic events in record time. Cognizant Property Insights is a software-as-a-service solution that combines satellite and aerial imagery and property data, with machine learning technologies to quickly assess damage caused by hurricanes, tornados, floods, wildfires and other disasters in just four to five days, significantly speeding payment of customer claims.

Applying AI to before-and-after imagery in conjunction with location data provided by partner and global technology company Pitney Bowes ensures rapid, accurate damage assessments and expedited claims payment, while reducing handling expenses per claim to insurers by half compared to traditional processing. Insurers in several hurricane prone states, including Texas, Florida, New York, and Massachusetts, have beta tested the solution for the past several months. One such company, Velocity Risk Underwriters, LLC, is using these AI capabilities to reshape its future of claims processing.

"For homeowners who have experienced property damage following a natural disaster, it is especially difficult waiting for insurance claims to be settled given all of the other stress that goes along with such an experience," says Rod Harden, Chief Claims Officer from Velocity Risk Underwriters. "After a hurricane, for example, it can take up to 30 days or more just to provide an assessment of property damage, and that's if the property location is accessible to field adjusters. Cognizant Property Insights automates much of the manual work involved, helping to make adjusters more efficient in their assessments. AI will transform how we do business and serve customers quickly and efficiently."

"Property insurance is a data driven business - whether it is helping insurers assess risk or using AI and machine learning to improve service and accuracy," said Shannon McWilliams, Senior Vice President, Global Software and Data Channels of Pitney Bowes. "Our data sets integrated into Cognizant Property Insights are among the most authoritative in the industry and provide insurers with the confidence to quickly make decisions that help impacted customers get back on their feet."

"Leveraging AI when disasters strike can play a significant role in helping insurers with claims intake, self-adjudication and fraud detection," said Michael Clifton, Senior Vice President, Insurance Global Strategy and Venture Leader, Cognizant. "We work with all of the major underwriters and understand the challenges they face as well as the opportunities that digital technologies provide. Cognizant Property Insights is a new tool that protects claims adjusters from dangerous field conditions, offers a highly competitive industry a new way to evolve their processes for better service and enables homeowners and others in impacted communities to get their claims processed faster for quicker recovery."

Cognizant Property Insights will be showcased at InsureTech Connect 2019 in the Cognizant booth at the MGM Grand, Las Vegas, NV, along with all of Cognizant's digital insurance offerings.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Ather Energy invites dealers to set up experience centers across India

Restriction on import of refined palm oil will safeguard the margins of domestic palm oil refiners while also improving their capacity utilisation: ICRA

Cognizant Named a Leader in SAP Services by Independent Research Firm

CarDekho becomes first auto fintech platform to process 100 cr of monthly used car loans

Super Surfaces raises half a million USD as Angel Funding

KARVY Group initiates corporate restructuring

ICRA Analysis: Hospital sector performance on the growth path after two years of subdued performance

ICRA maintains stable year-end outlook for Construction sector

ZestMoney's 0% EMI Launched on Myntra

Ministry of Railways revises tariff of standard meals on static units

ClearTax launches feature of Nil GST Return Filing for CAs and Businesses

Almost 70% of BankBazaar Consumers have a Healthy Credit Score

MSE Financial Services Ltd has commenced online trading

JNPT bags 'Public Port of the Year (container)' at the Samudra Manthan Awards

TAFE Chairman Mallika Srinivasan appointed to the Global Board of U.S.-India Business Council

Mastercard Picks BharatPe for its Start Path Program

Adani Foundation celebrates skilling 50,000 youth

Vikram Solar Brings Solar Energy to 3 More Airports in India

Times OOH helps Godrej Interio set up Experience Zone at Mumbai Airport

Vikram Solar wins CII Award for Customer Obsession Three Years in A Row

Windrose Capital leads the $600K investment round in Nivesh.com

CarDekho closes $70 million round from leading investors in China and Europe

Bosch Power Tools inaugurates Bosch Service Center in Mumbai, India

CarDekho Group forays into Philippines, acquires Carmudi

Dun and Bradstreet launches first-of-its-kind cloud database repository on Indian businesses

GoAir attracts global delegates at Global Exhibition on Services 2019

Sluggish demand tempered cement prices; demand growth likely around 4% in FY2020: ICRA

ICAI signs MoU with Kuwait Accountants and Auditors Association (KAAA)

PAYBACK India Strengthens Travel Portfolio by Partnership with Online Travel giant Cleartrip

FlexiLoans.com emerges among the top 100 global FinTech innovators' list by KPMG and H2 Ventures

Over half the delayed housing projects in India's 9 residential markets are in MMR: PropTiger report

Cognizant Named an AI Consultancy Leader in Asia Pacific by Independent Research Firm

SIDBI plans to set up Swavalamban Connect Kendras to promote the spirit of entrepreneurship

Virgin Atlantic relaunches daily direct flights from Mumbai to London

MX Player raises $110 million from Tencent and Times Internet

OPPO to Launch Qualcomm-Powered Dual-Mode 5G Smartphone by End of 2019

Indians Accumulating Gold The Smart Way This Dhanteras With ETMONEY GoldDeposit

Mr. Ratan N Tata felicitated with the Chiratae Ventures Patrick J. McGovern Lifetime Achievement Award 2019

SIDBI acknowledges outstanding performers in the Micro and Small Enterprises sector with SIDBI India MSE Awards

Saraswat Co-operative Bank launches 'Saraswat Bank 100+ Smart Savings Account App'

Afghanistan Trade Event Drives Over $55 million in New Business

InstantPay granted Corporate Agency license by IRDA

ICAI and ICAEW renew qualification reciprocity agreement

Implementation of Uniform Banking Hours in all Public Sector Banks (PSBs) on PAN India

No more 'Single Use Plastic', says Usha International

Chennai Machine Tool Expo 2019 Brings Technologies to the Doorsteps of Tamil Nadu

Affordable homes account for over 48% unsold units in MMR: PropTiger report

PaisaWapas announces special cashback for Amazon and Flipkart festive sale

Mitsubishi Electric India pledges for a greener tomorrow in Nagpur

Cognizant Named an AI Consultancy Leader by Independent Research Firm







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019