Synechron has launched a range of InsurTech Accelerator Programs to help develop various end-to-end solutions for insurance businesses.
The accelerators are each dedicated to specific core underlying technology, with each solution helping businesses to enhance operations, reduce costs, and improve client experiences
In total the company has launched six different accelerators which are focused on: blockchain, AI and machine learning, robotic process automation (RPA), mobile solutions, digital strategy/customer experience design, and the internet of things (IoT).
As part of the accelerator, applicants gain access to Synechron’s team of consultants, and data architectures which help construct effective insurance applications.
Synechron co-founder & CEO Faisal Husain said, “Emerging technologies and tools powered by Artificial Intelligence, the Internet of Things and Blockchain are key for the insurance sector, and have been a driver of radical change within the industry.
“Synechron is committed to bringing these technologies to our clients to accelerate their innovation. These technologies bring benefit to insurers, brokers and underwriters by allowing them to better predict customer needs, personalize every aspect of the customer interaction, manage risks and streamline processes to higher efficiency.”
The requirements for each accelerator are broken down into:
The blockchain accelerator will split between two use cases. The first is for solutions that help insurance claims processing through the use of blockchain’s distributed ledger technology, smart contracts, and digital capabilities.
Its second use case is around trade finance, and a solution which helps banks and corporates network together into a single distributed ledger to minimise fraud and improve transparency.
These solutions will be helping with visual risk, with machine learning helping to analyse 70+ data sources and providing risk analytics. Use cases also include for underwriter scoring, utilising historic and real-time policy data, and predictive modelling to help underwriters prioritise accounting onboarding.
Robotic Process Automation (RPA)
This accelerator is focused a range of automation processes with a customisable suite of pluggable insurance components.
These solutions will enable insurers to tap into functionalities built into mobile phones to help improve the customer experience.
Customer Experience Design
Solutions from this accelerator help insurance companies to transform their business to create and transform customer user experience, designed through direct to customer or insurance broker strategies.
Internet of Things (IoT)
IoT technology give insurers the ability to collect a host of data, which can be combined with other technology to improve solutions. An example of the potential use for these products are an insurer using drones to access a real-time damage assessment related to natural catastrophes, to help anticipate future claims.
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