IT solutions and services for insurance industry

When talking about insurance, new ways to serve your customers are worth gold. A personalized, proactive insurance solution can win you a new customer for life, and a mobile solution can save the day on the road.

Covalent offers services and products from advisory consulting, products and services to IT infrastructure services where we take the full responsibility for application management and make sure regulatory requirements are fulfilled.Combining knowledge about insurance companies core business processes with leading edge IT technology we can help you to offer services that use all the new digital possibilities and brings out the benefits.Contact our financial services team and discover how to develop the next-generation services for the insurance industry.

Insurance solutions
Today, insurance products are commoditized. Customers rate and compare the prices and services offered by the insurance enterprises easily using web and aggregator sites. With the shift in customer preferences, buying behaviour and risk profiles, insurers need to be careful in identifying profitable customers and retaining existing customers.
Global Underwriting Automated Risk Defender (GUARD)
Covalent’s GUARD solution offers real-time exposure measurement for the insurers to optimize the underwriting process. It seamlessly integrates with underwriting systems and modelling tools to enable improved decision making for underwriters and risk managers.

This solution assists in managing uncertainties with better insights and leverages intuitive tools and automated processes to reduce underwriting cycle time significantly.

  • Benefits
  • Improved underwriting efficiency
  • Optimal pricing
  • Minimized loss exposure
  • Improved risk selection
  • Real-time exposure management
  • Speed and agility in underwriting
  • Minimized cost of reinsurance
  • IN-Social

Social networking has emerged as one of the most advanced and prevalent tool for insurance companies. Their strategies, predominantly – marketing, recruitments, product sales, training, services and customer feedback are dependent on this. 

“IN-Social” assists insurers to understand the reciprocating customer voices from the social networks. It helps insurance companies in analysing data from Twitter, Facebook, LinkedIn, Google+ and other social channels. This in turn helps them assess customer sentiments towards the brand, its services and the products. It also helps the insurer in making a competitive analysis across the insurance value chain to devise effective customer acquisition and retention strategies.

  • Benefits
  • Customer sentiment analysis
  • Tracking of real-time trends
  • Improved servicing
  • Effective customer churn management
  • Better investigation and fraud management
  • Competitor analysis
  • Intuitive Churn Management (ICM) solution

Covalent’s Intuitive Churn Management (ICM) solution helps enterprises improve customer retention, profitability and significantly reduce customer churn rate.

CovalentICM helps classify and target the most significant customers, using multi-dimensional categorization. Unlike traditional segmentations and modelling solutions, it offers a flexible intuitive approach and tools to plan, analyse and target customers. The platform agnostic solution leverages business libraries, proven modelling methods and various pre-built technical components.

  • Benefits
  • Early identification of customer churn
  • Profitability improvements by identifying most significant target customers segment
  • Platform Agnostic solution compatible with almost any technology
  • Flexible and scalable architecture
  • Quick implementation of models into real time reports
  • Based on Advanced Segmentation and Predictive Analytics