Embrace Digital Transformation in Insurance Landscape for Competitive Edge

Make informed decisions, speed up the development, improve sales, streamline policy issuance and claim processing

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Ensure business continuity and adaptability in the face of changing customer expectations in InsurTech

Technology is changing the dynamics of policy pricing, underwriting, claims management, risk analysis, reinsurance, and customer service. Hence, the insurance industry is not immune to digital disruption. There is a need for businesses to adapt accordingly to remain competitive in a rapidly evolving market.

Novac can help you to stay ahead of the curve by acting as your digital transformation partner. We work with you to enhance fraud detection, increase accuracy in claim settlement, and comply with industry regulations.

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Unlocking new revenue streams and business models through digital innovation

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Better Customer Experience

Insurers giving priority to digital transformation will offer personalized services. This facilitates faster claim settlement, higher policyholder retention (procuring of insurance plans), and quicker resolution of policy-related queries.

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Data-Driven Decision Making

Insurance companies can make informed decisions based on the needs and preferences of customers. Data analytics will be handy while conducting background checks and for dealing with fraudulent claims.

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Improved Risk Management

Insurers can assess risks in an analytical manner and take steps to mitigate them. Eventually, a higher level of accuracy in risk assessment will help in reducing liability costs.

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Enhanced Agility

Automation of insurance processes results in improved operational agility. Thus, insurers can adapt to changing global market conditions and customer expectations.

Comprehensive insurance software solutions for end-to-end digital transformation

To keep insurers on top of their game, we offer insurtech solutions that are accessible, flexible, secure, and easily integrable.

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Statim® -
A Life & General Insurance Platform

STATIM®, a cloud-powered Life and General Insurance solution is designed to remove complexities for insurance businesses. As a next-gen platform, Statim LI and Statim GI take care of all aspects like sales and distribution, policy administration, claims settlement, and billing management. It perfectly suits the requirements of insurers, agents, brokers, and web aggregators.

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As insurers shift from legacy systems, technology has facilitated straight-through processing of claims. This brings several benefits like automatic processing of payments, reduced chances of fraud, enhanced customer experience, and reduction in the cost of claims.

Insurance companies leverage data analytics for accessing Human Life Value (HLV). They can collect demographic data, health records, and lifestyle information to determine an individual’s risk profile. This data-driven approach enables them to set appropriate premiums and issue tailor-made policy offerings.

Insurers can enhance customer retention by using self-service portals for policy management, integrating chatbots for quick support, and automating service processes using CRM. This will foster customer loyalty and increase satisfaction.

Powered by blockchain technology and smart contracts, Decentralized Insurance will restore the transparency and trust in the insurance industry. DeFi Insurance is characterized by aspects like hedging of price risk, discretionary mutual coverage, parametric insurance, and on-demand risk management.

As an alternative to fixed premiums, Usage-Based Insurance (UBI) charges premiums based on actual usage/ behaviour. Telematics collect data about customers and monitor their behaviour and habits. This data will determine the calculation of insurance premiums. Usage-Based Insurance offers advantages like accurate assessment of claims, better understanding of risk profiles, reduced chances of fraud, and precise estimation of damages.

Revolutionize the Future of Insurance Operations

Insurance companies can embrace the metaverse and enhance customer engagement. It also makes the underwriting process more accurate, speeds up claim settlement, and aids in fraud detection

Claims Management

Insurers can utilize metaverse headsets for conducting asset assessment. They can verify submitted claims by overlaying new damage information over pre-damage images.

Virtual Underwriting

Underwriters can evaluate assets without on-site inspection. Extended Reality (XR) helps in simulating and recreating real-life scenarios. Accordingly, claim adjusters will estimate the damages to assets.

Fraud Prevention

In the metaverse, smart contracts store all information related to policyholders. Operating immutably, it detects fraudulent claims and payout of claims are made only when predefined conditions are met. Insurers in the metaverse will benefit from higher trust, greater transparency, and lower litigation costs.

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Bring in the change to your Insurance business with STATIM®

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