Digitalization has changed the way industries function. In the insurance industry, non-traditional players who have embraced digital solutions thrive. They have broadened their strategies with the latest technology integration and data insights to drive the development. Insurers are achieving operational efficiencies by leveraging digital knowledge and harnessing the intersection of people, processes, and digital intellect.
Innovation goes beyond creativity and the generation of unique ideas. It involves identifying unmet needs and untapped markets, often addressing them with untested solutions and unproven business models. Odyss empowers insurers to drive innovation and growth, integrate modern insurance processes, enhance customer experience, optimize cost, and more. Our insurance solutions make insurers rethink their strategies to meet the needs of discerning customers.
Insurance Industry - Current Evolving Business Models
Life & Annuities
- Customer empathy, human values, and reaching customers at the right time, right place
- Producer to distributor
- Wellness initiatives
- Target the younger population with new products
- Pay as you live
- Hybrid flexible longevity annuities
- Premium Pricing
- Migration to closed-book providers via third party
Property & Casualty
- Embedded Insurance for protection at right time
- Payers to preventers
- Reinventing CX to balance NPS & Customer Acquisition Cost
- Risk Engineering services for revenue streams
- Pay as you go
- Al for Risk Selection
- Heterogeneous commercial exposure
- Parametric Solutions
- Claims volume control; Modernizing loss inspection
- Technology-enabled & self-service claims validation
- Climate risk consideration for investments
Odyss Insurance Solutions Enable Insurers to
Launch new products faster and integrate acquisitions quickly to enhance market presence and operational efficiency.
Scale platforms to new markets and boost cross-selling/up-selling opportunities for increased revenue.
Develop and maintain robust cybersecurity solutions and platforms for organizational resilience.
Automate and mature processes such as data ingestion and straight-through processing (STP) for greater efficiency.
Enable real-time data insights for underwriting, claims processing, and distribution, and implement intelligent document management.
Modernize customer interactions, ensure compliance, and update core systems with modular solutions.
Engineer and maintain platforms, manage data sustainably, and enhance cybersecurity resilience.
Leverage advanced technologies like AI, machine learning, and cloud strategies, and optimize the insurtech ecosystem with partners and products.
Enhance data management practices to support applied sustainability and strategic decision-making.
Core Capabilities
Talent Supplementation
This diverse talent pool enables us to deliver innovative insurance solutions, data-driven insights, robust software development, and efficient business process management, ensuring comprehensive support for all your business needs.
Actuarial Solutions and Ratings Engine Modernization
Active Portfolio Management
Proactively optimizing portfolios through dashboards for data evaluation, rate assessment, and assumptions to reduce deviations and increase profitability.
Accurate Modeling Methods
Utilizing mathematical or statistical techniques for model development, testing, resetting actuarial baselines, and maintenance to predict accurate results.
Rating Engine Implementation & Integration
Leveraging actuarial services and expertise to accelerate product implementation and integration with PAS/Core systems, focusing on reducing time to market and improving execution time.
Brokerage Solutions
Automation and AI:
- Implement AI and automation to streamline claims and policy management.
- Enhance efficiency and decision-making with advanced AI.
- Optimize the insurance value chain with embedded automation for new business and customer relationship management.
- Provide low-code/no-code tools for automating claims processing, risk assessment, and customer engagement.
Enhanced Digital Customer Experience:
- Advance Stephens Insurance's digital engagement with user-centric websites, mobile apps, and self-service.
- Focus on intuitive design and personalized user experiences.
- Ensure continuous accessibility to policy details and services 24/7.
- Facilitate digital transformation in customer service by integrating data analytics, AI, and automation in CRM and contact center platforms, including system upgrades like EPIC.
Cybersecurity and Compliance:
- Enhance cybersecurity to protect customer data and comply with regulations.
- Implement strict security measures, including advanced encryption.
- Conduct thorough employee training to boost cyber risk awareness.
- Introducing Sec1.io for enterprise risk and security management, supported by SOC, IDAM, and GRC services.
Data Strategy, Transformation:
- Utilizing data analytics to understand customer preferences and market dynamics.
- Enhancing underwriting, pricing, and risk assessment with advanced analytics tools.
- Developing a comprehensive enterprise data strategy for Al-powered analytics.
Application Landscape Expertise
This diverse talent pool enables us to deliver innovative insurance solutions, data-driven insights, robust software development, and efficient business process management, ensuring comprehensive support for all your business needs.
Business services layer
Business insights layer
Analytics/AI layer
Data layer
Software engineering/integration
Business process & ecosystem layer
Modern premium rating engine
- Allows actuaries to make adjustments to models promptly
- Reduced time-to-market and improved execution time
- Facilitates actuarial analysis, monitoring, and reporting
- Auditable in every step
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