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Carriers

INSURANCE CARRIERS

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Introduction

in2vate’s comprehensive AI powered risk management solutions and services are focused on driving outcomes for P&C insurance providers across key areas, including:  

  • Winning and retaining new business 
  • Increasing underwriting profitability through data centric risk analysis and proactive decision making 
  • Create competitive differentiation through purpose-built solutions (even those using in2vate technology)
  • Minimizing frequency/severity of claims through predictive analytics and risk prevention 
  • Capitalizing on competitive advantage through client-first differentiated services  

Challenges

Today, many P&C insurance carriers are using legacy systems and solutions that drive up operational costs and limit flexibility and capacity to meaningfully support agencies and policyholders. They struggle to provide resources to prevent losses and improve acquisition and retention rates and are unable to generate actionable insights for data-driven decision making. 

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Risk Management Solutions

in2vate solutions help P&C insurance carriers to leverage enterprise risk management technology and the power of AI to streamline operations, expand client services and move to data-centric decision making. 

  • Process Automation
    • Maximize employee value through AI powered automation of manual workflows, allowing for more time spent on high impact activities that improves top and bottom-line growth. 
  • Employee Development & Support
    • Quickly onboard, train, and upskill employees across the enterprise to support employee advancement, reduce churn, and drive down operating cost. 
  • Value Chain Engagement
    • Expand digital engagement capabilities and value-chain ownership by delivering meaningful interactions with agencies and policyholders. 
  • Improve Risk Identification and Mitigation
    • Improve safety and compliance with real-time reports and live dashboards and reduce total cost of risk with documentational insurance loss prevention efforts. 
  • Expand Your Reach
    • Leverage your internal expertise, resources, and third-party partners to develop insurance loss prevention resources on a centralized online platform unique for any coverage, risk, or industry. 
  • Improve the Lifetime Value of Your Policyholders
    • Increasing interaction frequency with customer-centric services designed to identifying, mitigating, and managing insurance risks.  
  • Support Agencies' Acquisition and Retention Rates
    • Support your agency partners acquisition and retention initiatives with marketable services to improve operations and reduce risk for insureds. 
  • AI Analytics in Risk Management
    • Improve strategic decision making by pairing internal data, newly generated data streams and AI/ML to create dynamic reports and real-time dashboards. 
  • Predictive Risk Management
    • Proactively identify adverse trends and opportunities at a granular or global level to improve risk ratings, underwriting profitability, and focused resource allocation. 
  • Benchmarking
    • Benchmarks are built on real data to measure improvements over time and to maximize efficacy of internal operations and external engagement. 

Case Study

A large regional mutual insurance company came to us because they had data bottlenecks and silos that led to loss control and other stakeholders not having access to critical information. This in turn caused pricing conflicts, a lack of client engagement, and a lack of services for high-value clients. We implemented the in2vate online system, which gave them access to our operational risk management services such as the learning management system, management training bulletins, and the risk management consultation line. Our comprehensive online platform gave them aggregated usage data to better track and analyze client engagement. In one year their in2vate online platform attracted 200 high-value policyholders and 22,000 active users with 90,000 logins and almost 113,000 assigned trainings – all while averaging a 9 Net Promoter Score. 

  • Expand value proposition and better serve high-value clients with online insurance loss prevention services and training 
  • The existing system required loss control staff to administer client platforms, tying up their time with repetitive tasks 
  • Loss Control Reps, underwriters, and decision makers had no data on client engagement 
  • Usage data was limited or completely inaccessible, leading to pricing conflicts with the training provider
  • Real-time aggregated usage data is now available for insurance loss control, underwriting, and leadership to gain new client insight for decision-making and support underwriting profitability 
  • In 1 year, the platform attracted: 
  • 205 high value policyholders 
  • 22,000 Active users 
  • 90,000 logins 
  • 113,000 Trainings assigned 
  • 9/10 NPS Rating 
  • in2vate's risk management services directly attracted and helped acquire several key clients from direct competitors The flexible pricing model allows for the carrier to fund only organizations actively engaged on the platform and provide negotiated pricing to all other clients that don’t meet sponsored funding premium thresholds. 
  • In 1 year, the platform attracted: 
    • 205 high value policyholders 
    • 22,000 Active users 
    • 90,000 logins 
    • 113,000 Trainings assigned 
    • 9/10 NPS Rating 
  • in2vate's risk management services directly attracted and helped acquire several key clients from direct competitors 
  • Real-time aggregated usage data is now available for insurance loss control, underwriting, and leadership to gain new client insight for decision-making and support underwriting profitability 
  • The flexible pricing model allows for the carrier to fund only organizations actively engaged on the platform and provide negotiated pricing to all other clients that don’t meet sponsored funding premium thresholds. 
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