Category: BFSI

Intelligent Automation (IA) is a powerful combination of machine learning (ML) and artificial intelligence (AI) capabilities with process automation. Intelligent Automation can be called the descendant of robotic process automation (RPA), which is limited to rule-based functions. Intelligent Automation for financial services will drive business innovation by taking over mundane tasks and relieving the mental […]

How can users be convinced to give software ratings, other than five stars, in the Google Play and Apple Store and simultaneously win their trust and loyalty? In our case, it’s, Fintech UX design! Payoda has continued to create unique digital banking experiences through custom UX design for global banking brands. We understand that it’s […]

Not only has the pandemic impacted the way we work, travel, and communicate with family and friends, but it has also affected the way we pay for goods and services. Even though contactless payment technology has been around for a decade, the new norms of social isolation and reduced human interaction have brought contactless payments […]

Many industries are seeing incredible growth due to new automation technology and shifting customer expectations. Unfortunately, the insurance industry has been slower to benefit from these breakthroughs. Today we have “born-in-tech” insurance companies that intelligently and efficiently integrate automation and intelligent technologies into their operational and administrative processes. In this blog, we will be discussing […]

Digital Transformation refers to the adoption of digital operations and tools to reach strategic business goals. It encompasses everything that is involved in the business of an IT company right from internal processes to customer interactions. Whether it is a small business or a large enterprise, digital transformation is an absolute necessity in the modern technological era.

Insurance frauds have been in existence ever since the inception of the concept of insurance. False claims and incorrect statements in subscriptions cause the insurance companies to lose several millions of dollars every year. An FBI report states that the total value of insurance fraud is approximated to be more than $40 billion per year. The loss on fraudulent insurance claims last year reached $34 billion in the U.S alone.

The expected claim method is usually used by Insurers when entering new lines of business or new territories. This method is more commonly used in lines of business with longer emergency patterns ad settlements like Medical Negligence, Workmen compensations, Product liability, etc.

DFA is a manner of viewing the world; it is not a specific model or procedure rather it is a perspective. Stochastic simulation, scenario testing, financial modeling, risk covariance, sensitivity estimation- all the terms that are associated with dynamic financial analysis - are handmaidens to the central perspective.

When it comes to designing an insurance product, the insurer has to keep in mind the customer need, preferences, appropriate delivery mechanism, regulatory requirements, and knowledge of local and global conditions even though there is no “one size fits all“ solution.

A preexistence of a proper risk management culture underpins a risk management framework. Risk management-related communications and taking strict actions for violations, including disciplinary actions send the right signals across the organization. On the positive side, good risk management communication acts as an educative tool to assist the functional heads to build a solid risk management framework.