Agentic Journeys for Insurance
Transforming General Insurance with Agentic Claims Automation and Rule-based Decisioning
Enhance general insurance claims with autonomous AI agents that streamline claims processing across Property, Fire, Marine, and other LoBs. Assess damage, predict fraud, optimize reserves, and automate end-to-end customer journeys with AI. Enable insurers with faster settlements, improved risk management, and cost-efficient processing across digital and assisted channels using structured and unstructured data.
Key Features of Newgen’s Agentic Claims Automation for General Insurance
AI-driven Damage Assessment & Resource Allocation
Analyze damage severity across Property, Fire, and Marine claims using AI-powered image and sensor data analytics. Automate surveyor dispatch for large-loss claims while fast-tracking digital processing for minor cases, optimizing resource deployment and claims resolution.
Fraud Intelligence & Real-time Risk Scoring
AI-powered fraud models analyze historical claims data, property damage patterns, repair shop behavior, and policyholder risk scores. Intelligent fraud triaging escalates high-risk claims while enabling the seamless processing of genuine claims, reducing revenue leakage and false positives.
AI-driven Fraud Case Management & Recovery Optimization
Detect fraud across Property, Marine, and Fire claims with an AI-powered case management system. Automate fraud identification, case escalation, and litigation workflows, improving fraud detection rates and optimizing recovery efforts.
Predictive Claims Reserving & Capital Optimization
AI-driven claims reserving dynamically adjusts reserve amounts based on real-time property damage, fire risk exposure, and payout trends. Optimizes capital allocation, enhances solvency management, and improves financial accuracy.
Continuous Reserve Validation & Risk Adjustment
Validate reserves against real-time payouts and market shifts. AI-powered reserve monitoring ensures accurate financial forecasting and risk-based solvency management.
AI-driven Damage Assessment & Resource Allocation
Analyze damage severity across Property, Fire, and Marine claims using AI-powered image and sensor data analytics. Automate surveyor dispatch for large-loss claims while fast-tracking digital processing for minor cases, optimizing resource deployment and claims resolution.
Fraud Intelligence & Real-time Risk Scoring
AI-powered fraud models analyze historical claims data, property damage patterns, repair shop behavior, and policyholder risk scores. Intelligent fraud triaging escalates high-risk claims while enabling the seamless processing of genuine claims, reducing revenue leakage and false positives.
AI-driven Fraud Case Management & Recovery Optimization
Detect fraud across Property, Marine, and Fire claims with an AI-powered case management system. Automate fraud identification, case escalation, and litigation workflows, improving fraud detection rates and optimizing recovery efforts.
Predictive Claims Reserving & Capital Optimization
AI-driven claims reserving dynamically adjusts reserve amounts based on real-time property damage, fire risk exposure, and payout trends. Optimizes capital allocation, enhances solvency management, and improves financial accuracy.
Continuous Reserve Validation & Risk Adjustment
Validate reserves against real-time payouts and market shifts. AI-powered reserve monitoring ensures accurate financial forecasting and risk-based solvency management.
Built-in AI models for General Insurers
AI-powered Property Damage Assessment Model
Leverages AI and geospatial data to assess property damage post-disaster, automating claim categorization, repair cost estimation, and surveyor dispatch. Improves efficiency in large-loss claims management.
AI-driven Fire & Marine Fraud Prevention Model
Detects fraudulent claims in fire and marine insurance by analyzing claim irregularities, repair shop collusions, and false loss reports. Ensures real-time fraud mitigation.
Predictive Marine Cargo Loss Reserving Model
AI forecasts marine cargo loss reserves by analyzing shipment routes, weather conditions, and historical loss patterns. It adjusts dynamically for real-time accuracy.
Smart FNOL Triage & Risk-Based Claims Processing Model
AI auto-triages claims based on FNOL insights, policy conditions, and historical claim behaviors. It enables risk-based automated or manual claims workflows for faster settlements.
AI-powered Property Damage Assessment Model
Leverages AI and geospatial data to assess property damage post-disaster, automating claim categorization, repair cost estimation, and surveyor dispatch. Improves efficiency in large-loss claims management.
AI-driven Fire & Marine Fraud Prevention Model
Detects fraudulent claims in fire and marine insurance by analyzing claim irregularities, repair shop collusions, and false loss reports. Ensures real-time fraud mitigation.
Predictive Marine Cargo Loss Reserving Model
AI forecasts marine cargo loss reserves by analyzing shipment routes, weather conditions, and historical loss patterns. It adjusts dynamically for real-time accuracy.
Smart FNOL Triage & Risk-Based Claims Processing Model
AI auto-triages claims based on FNOL insights, policy conditions, and historical claim behaviors. It enables risk-based automated or manual claims workflows for faster settlements.
Core Capabilities of Newgen’s Solutions for Insurance
Core Capabilities of Newgen’s Solutions for Insurance
Core Capabilities of Newgen’s Solutions for Insurance
Core Capabilities of Newgen’s Solutions for Insurance
Core Capabilities of Newgen’s Solutions for Insurance
Core Capabilities of Newgen’s Solutions for Insurance
Insurance LOBs Served by Newgen
Insurance LOBs Served by Newgen
Insurance LOBs Served by Newgen
Insurance LOBs Served by Newgen
Insurance LOBs Served by Newgen
Insurance LOBs Served by Newgen
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Frequently Asked Questions
Modernization can’t wait because of the following challenges and impacts of legacy systems:
- Rigid Legacy Systems: Prevent scaling operations, innovating, and launching new products quickly
- Disjointed Processes: Manual data intake and siloed systems slow down efficiency and hamper customer experience
- Inflexible Architectures: Difficulty integrating new platforms with existing systems, data sources, and workflows
- Limited AI Capabilities: Minimal automation and lack of real-time insights
Insurers should shift to Newgen’s AI-first Policy Administration System for General Insurance because of the following reasons:
- Trusted by Insurers Globally: Trusted by leading insurers across Life, Health, Motor, and P&C, with strong execution capabilities and deep domain understanding.
- Cloud Migration & Integration Readiness: Cloud-first delivery model with proven experience in large-scale migrations. Prebuilt connectors enable smooth integration with third-party and legacy systems.
- Accelerated Delivery with Prebuilt Accelerators: Reusable components, pre-configured templates, and automation tools help reduce time-to-market by up to 40%.
- Expertise in Emerging Technologies: Embedded AI Agents, ML, RPA, and analytics support intelligent underwriting, fraud detection, and enhanced customer experience.
- Global Reach with Local Expertise: Strong presence across APAC, the Middle East, Asia, and the Americas, with a deep understanding of local regulations and market dynamics.
Transitioning to a modern digital core can be complex and high-risk. With Newgen’s AI-first Policy Administration System, insurers avoid common pitfalls. Our proven, industry-tested approach helps you overcome challenges such as:
- Decades of technical debt and undocumented business rules
- Fragmented data silos and legacy integration bottlenecks
- Process reengineering needs and frontline resistance to change
- Inconsistent partner delivery models leading to scope creep and failure
The Core Capabilities of Newgen’s Policy Administration System are:
- Product Configuration
- Underwriting & Issuance
- Reinsurance and Co-insurance
- Policy Servicing
- Claims Management
- Reporting & Analytics
The Product Configuration feature provides:
- Configuration offerings on the move, with flexible coverages, limits, and risk classes
- Swift import/export of product data in various formats, including CSV, Excel, PDF, HTML, etc.
- Efficient product version management and synchronization
The Underwriting & Issuance feature supports:
- Intelligent underwriting with 360° risk view for customers, claims, and reinsurance
- Omnichannel application intake with auto data extraction
- STP engine for auto-processing while routing priority/exceptions to underwriters
The Reinsurance and Co-insurance capability includes:
- Seamless management of proportional & non-proportional treaties in real time
- Support for facultative reinsurance with system-driven reinsurer communication
- Auto-allocation of treaties and premium distribution per defined share patterns
The Policy Servicing feature ensures:
- Effortless management of endorsements and service requests for policy changes
- Auto-trigger renewal notices and simplify the renewal process
The Claims Management feature provides:
- Seamless end-to-end claims processing, from FNOL to settlement
- Intelligent fraud detection and leakage reduction with intelligent checks
- Auto-calculation of reserves with dynamic system updates
- Streamlined management of salvage, legal, recovery, and subrogation workflows
The Reporting & Analytics feature delivers:
- Comprehensive reporting across policy, claims, underwriting, reinsurance, and compliance
- Real-time dashboards for instant visibility into business performance
- Automated report scheduling and distribution for timely, informed decisions
The Built-in AI Models for General Insurers are as follows:
- AI-powered Property Damage Assessment Model: Leverages AI and geospatial data to assess property damage post-disaster, automating claim categorization, repair cost estimation, and surveyor dispatch. Improves efficiency in large-loss claims management.
- AI-driven Fire & Marine Fraud Prevention Model: Detects fraudulent claims in fire and marine insurance by analyzing claim irregularities, repair shop collusions, and false loss reports. Ensures real-time fraud mitigation.
- Predictive Marine Cargo Loss Reserving Model: AI forecasts marine cargo loss reserves by analyzing shipment routes, weather conditions, and historical loss patterns. It adjusts dynamically for real-time accuracy.
- Smart FNOL Triage & Risk-based Claims Processing Model: AI auto-triages claims based on FNOL insights, policy conditions, and historical claim behaviors. It enables risk-based automated or manual claims workflows for faster settlements.
A leading multi-line insurer leveraged Newgen’s Policy Administration System to modernize its legacy infrastructure and streamline operations. Within the first year, the insurer achieved:
- 2x faster time-to-market
- 5x increase in operational agility
- 60% end-to-end automation of claims
- 35% improvement in underwriting efficiency
- 9% accuracy in reinsurance allocation
- 80% faster regulatory report preparation
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