Nexurance – Straight through claims processing – 2 Hours Briefing

Nexurance – Straight through claims processing, solution built with an API first approach includes capabilities such as core insurance product Claim’s REST APIs for self-managed instances, Microsoft Power Apps with embedded intelligence (IDP) and RPA, AI/ML based automated damage assessment engine. Key Business Challenges HIGH PROCESSING TIME Handling simple claims like glass, parking damage takes a significant amount of manual effort. EXPENSIVE DIGITAL PORTALS The core insurance products were designed and built primarily to improve the insurance business process. Building digital portals that co-exist with core insurance products comes with a heavy cost. DELAY IN TIME TO MARKET With the existing digital portal capabilities, extending automation process to an additional line of business takes months together which hinders business growth. INEFFICIENT DOCUMENT PROCESSING Difficulty in adopting a document processing engine that can classify, validate, and extract data from various sources [emails, text documents, scanned paper PDFs, and photos] and can be seamlessly integrated with the insurance business process in the industry. Key Features & Functionality • Embrace existing core claims product customizations which are time tested and well-integrated with reporting, fraud, and other Financial downstream systems • Provides an efficient system of engagement for providing a unified view system among a diversified system of records within the organization. Post-M&A, it can be a system of engagement where common business rules can be implemented across organizations. • AI based Damage assessment for precise and faster claim settlement. With our NETHRA vision framework, if the carrier has a home-grown artificial intelligence framework, it can be easily incorporated in the process. • Leveraging Microsoft Power Apps, low code platform, for reduced maintenance cost not just temporarily but permanently. By democratizing the software development to the business users' future enhancements and change requests can be handled with very minimal IT cost Benefits & Business Impact • 60% increase in quicker time to market. Within 3 weeks we can make digital portal offering for a new line of business. • 50% effort reduction in enhancing digital portal for new functional requirements. • Gained operational bandwidth equal to ~10 FTEs per year, for an insurer handling 10k claims / year. • Reduced cost of claims processing. • AI damage estimate for quick claim settlement.

Solution Components: Microsoft Power Apps: Used for the interface design for the customer onboarding solution. Microsoft Power Automate: Power Automate has been used to invoke the open APIs for LEI validation and sanctions screening. SharePoint: Used to store the data that was used for KYC validation of individual office holders of the institutional client.