Alfresco Software has entered into a partnership with Tech Mahindra to introduce four jointly developed AI/IoT solutions targeting insurance companies.

Under the partnership, Tech Mahindra will combine its expertise in the insurance sector along with Alfresco’s digital business platform to develop solutions.

These solutions are intended for risk management, automated underwriting, a self-learning chatbot, and intelligent claims handling.

Tech Mahindra banking, financial services and insurance (BFSI) global head Gautam Bhasin said: “Insurance companies are constantly competing for new digital-native customers in order to gain more customers and create new revenue streams.

“To succeed, they have to reinvent their current offerings and offer modern solutions that appeal to both insurance policy holders and providers.

“Tech Mahindra’s collaboration with Alfresco, as part of our TechMNxt charter, has spawned four innovative applications that help insurance companies develop new products, optimize their current offerings, and provide customers with an enhanced experience.”

Tech Mahindra is targeting the insurance companies with four solutions by employing the digital business platform of Alfresco as the cloud-native content management foundation.

The four solutions include Intelligent Risk Management Solution (IRMS), Zero Touch Underwriting, IntelliClaims and IntelliChat.

IRMS is a risk management framework that includes all features of risk management into a single solution, including profiling, exposure analysis, risk monitoring, and management.

Zero Touch Underwriting is a fully digitalised insurance underwriting approach that removes all manual touchpoints and provides insurers with direct selling.

IntelliClaims is an AI-based automated claims processing solution that combines with chat bots  and backend documentation and processing systems, summarises claims documents (including images), and recommends actions for claims handlers.

IntelliChat is a self-learning NLP (neuro-linguistic programming) and AI-based enterprise bot that can act as a smart assistant to possible customers

Alfresco CEO Jay Bhatt said: “The transformative power of our advanced content, process, and governance platform enables insurance providers to achieve the full benefits of digitalization with real-time access to content – wherever it resides – and agile workflow development.

“This, in turn, will enable them to operate more efficiently, offer new services, stimulate growth, and decrease customer churn by helping their customers find the coverage most applicable and appealing to them.”