The solution will enable insurance companies to reduce business exposure due to more optimized risk selection and lower claim incidences.
Mindtree has launched its Loss Control Platform, a cloud based solution for transforming the underwriting and risk assessment process for insurers and risk management companies.
The solution will enable insurance companies to reduce business exposure due to more optimized risk selection and lower claim incidences.
The Loss Control Platform is designed for the end-to-end life cycle of loss inspection and control. This comprehensive solution covers request management, assignment, risk assessment, tracking and publishing. It enables seamless collaboration among risk managers, risk engineers, underwriters, claims handlers, customers and other stakeholders.
Gaurav Johri, Senior Vice President and Head, Platforms Solutions Group said, “Loss control processes are manual and time consuming. Absence of automation and inconsistent assessment methods used by risk teams are inefficient to support the high level of agility required to handle todays’ more complex environments. Our solution automates the loss control processes, provides automated insights during risk assessment and reduces cycle time up to 30%.”
The solution is built using architecture and responsive design to deliver on-the-go services such as risk assessment, progress tracking and risk grading. The architecture extends loss control services to new user groups, locations, and external vendors. The Loss Control Platform uses controls, data security and data isolations specific to region, location and line of business.
Girish Joshi, Program Director, Loss Control Platform said, “Our solution offers a unified common workbench for insurers, brokers, managing general agents and risk management companies. It offers process configuration and flexibility to design templates, questionnaires and service level agreements for any line of business and generates automated recommendations for improving underwriting discipline.”