Latest news with #claimsmanagement
Coin Geek
2 hours ago
- Business
- Coin Geek
Indian finance minister urges AI-driven overhaul of insurers
Getting your Trinity Audio player ready... Indian Finance Minister Nirmala Sitharaman has called for an urgent digital transformation of all public sector general insurance companies (PSGICs) to improve operational efficiency and service quality. She emphasized adopting artificial intelligence (AI)-driven systems to accelerate and improve claim settlements—particularly in Motor Own Damage and Health insurance segments. Sitharaman highlighted the strategic role of advanced data analytics and AI in building accurate pricing models and effective claims management frameworks—both critical for improved risk assessment and long-term sustainability. She also stressed the need for PSGICs to develop innovative insurance products tailored to emerging risks, such as cyber fraud, and diversify their portfolios in line with evolving customer needs. The PSGICs have been directed to implement these initiatives within a defined timeframe, the Ministry of Finance said in a statement. Progress will be closely monitored through regular reviews to ensure effective execution and tangible results. 'The Union Finance Minister emphasised the urgent need for digital transformation across all PSGICs to improve service delivery and efficiency. This includes the adoption of AI-driven claim settlement systems, particularly for Motor Own Damage and Health insurance products, to ensure faster and more accurate claim resolution,' the statement said. 'The Union Finance Minister also emphasised the importance of leveraging advanced data analytics and artificial intelligence to develop precise pricing models and efficient claims modelling, which are essential for improved risk assessment and long-term sustainability,' it added. To widen market reach and improve accessibility, Sitharaman encouraged strategic partnerships with intermediaries and fintech companies. These collaborations aim to expand PSGICs' national footprint and drive deeper insurance penetration across diverse demographics. The use of AI for digital transformation of public sector general insurance companies is significant for India for several strategic, operational, and socio-economic reasons, especially at a time when private insurers are already adopting AI. Without similar upgrades, public insurers risk falling behind and losing relevance. With AI and data tools, insurers can assess risks more accurately and set smarter, more flexible pricing, thus reducing losses and ensuring long-term stability. Moreover, as digital threats like cyber fraud grow, AI can help design new insurance products to cover these modern risks. At the same time, AI can help identify and serve underserved communities by creating tailored products. AI-enabled insurers can support key national goals like affordable health coverage, protection from disasters, and financial security for vulnerable groups. While AI speeds up claim processing—especially in motor and health insurance—cutting delays and mistakes, it also reduces routine workload, lowering costs and allowing staff to focus on better services. Despite India's general insurance penetration remaining low at 1% of gross domestic product (GDP)—compared to the global average of 4.2% in 2023—insurance density has shown significant improvement, rising from $9 in 2019 to $25 in 2023, the statement said. Sitharaman underscored the importance of boosting penetration and density to broaden financial protection nationwide. Finance Minister praises fintech for DPI growth In a parallel development, Sitharaman lauded India's fintech companies for strengthening the country's Digital Public Infrastructure (DPI). India's DPI includes a Unified Payments Interface (UPI) public platform and Aadhaar, touted as the world's largest biometric identification system. 'We want every state to speed up on digitisation,' Sitharaman said in an X post. 'We are also helping them in expediting it. While giving the 50-year interest-free loans to states for capital expenditure, we underline that we will incentivise states who get on to digitise their records at the earliest. So, we want digitisation to happen sooner and in every sector,' she added. The finance minister recently visited the office of Pine Labs, a digital fintech company in India. Sitharaman interacted with the employees, acknowledging India's fintech firms' contribution to expanding the country's Digital Public Infrastructure (DPI) and in enabling seamless, secure and inclusive financial services for merchants and micro, small and medium enterprises (MSMEs). India's DPI—which includes digital identity, real-time payments, and consent-based data sharing—has shown how 1.4 billion people can access essential services in areas like finance, healthcare, education, governance, taxation, and skill development. This system was built through strong collaboration between the public and private sectors, enabling innovations tailored to India's large and diverse population. A G20 Task Force report highlights how AI can further strengthen DPI by improving service delivery in sectors such as health, education, agriculture, and finance. AI can analyze vast data to support better decision-making, optimize resource use, and personalize services. It can also automate repetitive tasks and make systems more efficient. Moreover, AI can drive innovation within DPI. Open-source tools, software, and AI models that are freely available can be reused and adapted, encouraging private sector participation and making DPI more scalable and impactful. In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek's coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI . Watch: Exploring use cases for blockchain in India title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
National Post
a day ago
- Business
- National Post
Co-operators Transforms Claims Operations with Guidewire ClaimCenter on Guidewire Cloud Platform
Article content GUELPH, Ontario & SAN MATEO, Calif. — Co-operators, a leading Canadian multi-line insurance and financial services organization, and Guidewire (NYSE: GWRE) announced that Co-operators successfully implemented Guidewire ClaimCenter on Guidewire Cloud Platform to power its claims management functions, adapt to changing market demands, and deliver more value to policyholders. Article content A Guidewire customer since 2007, Co-operators migrated ClaimCenter to Guidewire Cloud Platform simultaneously for most of its property and casualty (P&C) lines of business in the provinces where it operates. The company also extended its ClaimCenter instance on Guidewire Cloud Platform to its subsidiary Sovereign Insurance. Co-operators previously migrated Guidewire PolicyCenter and Guidewire BillingCenter to Guidewire Cloud Platform in 2023. With the conclusion of this project, the majority of the company's P&C Operations are now a full Guidewire InsuranceSuite customer on Guidewire Cloud Platform. Article content 'This was a multi-year transformation for Co-operators, a successful result of collaboration across our P&C Business and Technology teams and Guidewire,' said Harry Pickett, Executive Vice President and Chief Information Officer at Co-operators. 'We leveraged our learnings from our previous PolicyCenter and BillingCenter migration to accomplish this modernization on time and with little disruption to our claims process. The full suite on the Guidewire Cloud Platform provides us with more stability and security, and establishes a solid foundation for future enhancements, enabling us to be faster in implementing new features and capabilities that will deliver value to our stakeholders.' Article content 'We congratulate Co-operators on its successful ClaimCenter implementation project on Guidewire Cloud Platform and concluding its full InsuranceSuite migration,' commented Guidewire Head of Professional Services Michael Mahoney. 'We look forward to working with the company to grow its business and continue providing financial security for Canadians and their communities as it's done for the past 80 years.' Article content About Co-operators: Article content Proudly Canadian since 1945, Co‑operators is a leading financial services co-operative, offering multi-line insurance and investment products, services, and personalized advice to help Canadians build their financial strength and security. With more than $72 billion in assets under administration, Co‑operators is well known for its community involvement and its commitment to sustainability. Currently a carbon neutral organization, Co-operators is committed to net-zero emissions in its operations and investments by 2040, and 2050, respectively. Co‑operators is recognized as one of Canada's Top 100 Employers and ranked as one of Corporate Knights' Best 50 Corporate Citizens in Canada. For more information, please visit Article content About Guidewire Software Article content Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. More than 570 insurance brands in 42 countries, from new ventures to the largest and most complex in the world, rely on Guidewire products. With core systems leveraging data and analytics, digital, and artificial intelligence, Guidewire defines cloud platform excellence for P&C insurers. Article content We are proud of our unparalleled implementation record, with 1,700+ successful projects supported by the industry's largest R&D team and SI partner ecosystem. Our marketplace represents the largest solution partner community in P&C, where customers can access hundreds of applications to accelerate integration, localization, and innovation. Article content Article content Article content Article content Contacts Article content
Associated Press
03-06-2025
- Business
- Associated Press
Appian Connected Claims 2.0 Transforms Insurance Claims Management with AI
Appian is named a 'Leader' in Everest Group's 'AI-enabled Claims Management Systems for Property & Casualty (P&C) Insurance – Products PEAK Matrix®' for 2025 MCLEAN, Va., June 3, 2025 /PRNewswire/ -- Appian (NASDAQ: APPN) today announced the launch of Connected Claims 2.0, an AI-powered solution designed to provide a unified claims workflow. Everest Group also named Appian a Leader in AI-enabled Claims Management Systems for Property & Casualty (P&C) Insurance – Products PEAK Matrix® Assessment 2025. Connected Claims 2.0 leverages Appian's Case Management Studio, AI agents, and data fabric to offer streamlined, data-driven, and AI-powered automated processes. Driven by rapid digital transformation, the global insurance claims services processing market is projected to reach $638.3 billion by 2032. Connected Claims 2.0 will support insurers through this growth with a unified claims workflow that accelerates processing, enhances fraud detection, combats inconsistent handling, data management issues and improves customer satisfaction. Connected Claims 2.0 offers a fully integrated, AI-powered platform with customizable workflows and a superior user experience, featuring a single pane of glass, AI-powered data insights, real-time data access, and automated regulatory compliance management. Appian's Connected Claims solution brings powerful AI-driven support to every adjuster, making it easier to manage the demands of a document-heavy claims environment. With capabilities like data classification, document summarization, contextual chat, and next-best-action recommendations, AI accelerates work and improves decision-making. The next generation of the solution introduces the Appian AI Document Center, enabling users to easily train models to extract data from unstructured documents. This means faster intake, more accurate data capture, and seamless handoff for tasks like fraud detection and automated triage. Over time, users can achieve high accuracy and boost straight-through processing (STP) rates—freeing human experts to focus only on the most complex cases. The result is faster, smarter claims handling with less manual work. T rusted by companies like Aon, Canada Life, and Aviva, Appian has also been named a Leader in Everest Group's AI-enabled Claims Management Systems for Property & Casualty (P&C) Insurance – Products PEAK Matrix® Assessment 2025. The assessment considered several factors, including each provider's vision and strategy, technology capabilities, deployment flexibility, customer engagement models, support services, and overall value delivered. Appian's recognition as a Leader highlights its strength in embedding AI directly into processes. This approach enables insurers to easily access powerful AI capabilities exactly when and where they're needed—with just a few clicks. 'Appian's Connected Claims solution, built on its low-code platform, combines AI-driven document processing, seamless third-party integrations, and configurable accelerators to deliver rapid time-to-value for P&C insurers,' said Aurindum Mukherjee, Practice Director at Everest Group. 'Strong integration support across payment, risk, and fraud systems, coupled with proven success driving accelerated business value for insurers and high client satisfaction for implementation and support, underpins Appian's position as a Leader in Everest Group's AI-enabled Claims Management Systems PEAK Matrix® Assessment 2025.' 'We are launching Appian Connected Claims 2.0 to meet the urgent need for speed and early value realization as the insurance industry tackles complexity, " said Jake Sloan, Global Vice President of Insurance, Appian. 'Our solution drives digital-first claims innovation, aligning with core admin cloud modernization for early value realization. It's configurable, rapidly deployable, and leverages the latest powerful AI in Process to accelerate cycles, combat fraud, and personalize customer experiences. Connected Claims 2.0 empowers insurers to transform operations, balancing efficiency and accuracy with superior customer satisfaction, truly leading the evolution of claims management.' Connected Claims 2.0 supports insurance companies, from claims adjusters, fraud detection teams, customer service representatives, regulatory compliance teams, to IT and operations teams. About Appian Appian is The Process Company. We deliver a software platform that helps organizations run better processes that reduce costs, improve customer experiences, and gain a strategic edge. Committed to client success, we serve many of the world's largest companies across various industries. For more information, visit [Nasdaq: APPN] Follow Appian: LinkedIn, X (Twitter) Disclaimer Licensed extracts taken from Everest Group's PEAK Matrix® Reports, may be used by licensed third parties for use in their own marketing and promotional activities and collateral. Selected extracts from Everest Group's PEAK Matrix® reports do not necessarily provide the full context of our research and analysis. All research and analysis conducted by Everest Group's analysts and included in Everest Group's PEAK Matrix® reports is independent and no organization has paid a fee to be featured or to influence their ranking. To access the complete research and to learn more about our methodology, please visit Everest Group PEAK Matrix® Reports. About Everest Group Everest Group is a leading global research firm helping business leaders make confident decisions. Everest Group's PEAK Matrix® assessments provide the analysis and insights enterprises need to make critical selection decisions about global services providers, locations, and products and solutions within various market segments. Likewise, providers of these services, products, and solutions, look to the PEAK Matrix® to gauge and calibrate their offerings against others in the industry or market. Find further details and in-depth content at View original content to download multimedia: SOURCE Appian
Yahoo
29-05-2025
- Business
- Yahoo
Veson Nautical Expands IMOS Platform with AI-Powered Claims Management
IMOS X Claims CoCaptain leverages AI trained specifically to enable companies to tackle costly inefficiencies in demurrage management BOSTON, May 29, 2025 (GLOBE NEWSWIRE) -- Veson Nautical (Veson), a global leader in maritime data and freight management solutions, today announced the launch of IMOS X Claims CoCaptain, an AI-powered extension of claims management capabilities within IMOS designed to streamline the demurrage claims process. For decades, Veson has partnered with clients worldwide to solve challenges and drive continuous innovation across the full freight management lifecycle through the IMOS Platform. One challenge that could not be ignored is claims management. Claims teams are often overwhelmed by manual processes and time-consuming document collection—spending the bulk of their time preparing to process claims rather than analyzing them. This burden only grows with large, complex cases, leaving even less time for strategic decision-making. Developed using the latest advancements in artificial intelligence, Claims CoCaptain marks a significant evolution in managing claims. The solution automates time-intensive tasks, speeds up decision-making, and empowers analysts to focus on outcomes that drive business value. As part of the IMOS Platform, changes in Claims CoCaptain automatically update P&Ls, financial reporting and integrated systems throughout the claim lifecycle–providing a single end-to-end platform. 'Claims CoCaptain reflects our deep commitment to solving maritime challenges with technology that is both innovative and grounded in real-world workflows,' said Eric Christofferson, Chief Product Officer at Veson Nautical. 'As the claims settlement process is a critical and costly part of the freight contract lifecycle, managing both from a single platform provides numerous efficiencies and reduces errors. The IMOS foundation and data will allow claims specialists and operators to more strategically manage the claims outcome.'Built on IMOS. Powered by AI. Claims CoCaptain is a module offered within the IMOS Platform, Veson's market-leading solution for commercial freight management and voyage execution, and is accessed through IMOS X, Veson's new, fast, and mobile-friendly user experience. It was developed with maritime claims teams in mind, drawing on twenty years of domain expertise and focused research and development. Analysts typically spend countless hours reviewing statements of facts (SOFs), gathering timestamps, and calculating laytime—often across fragmented sources. Claims CoCaptain automates much of this manual work by using AI to organize and extract key data from emails and voyage documents in a centralized workspace. This enables analysts to concentrate on strategic aspects of the claim, improving accuracy, responsiveness, and overall outcomes. Improving visibility and creating a decision advantage Claims teams have long operated with limited visibility into the size, scope, and urgency of active claims—making it difficult to prioritize workloads and respond quickly. Claims CoCaptain solves this by centralizing information in one place and intelligently categorizing claims based on complexity and time sensitivity. IMOS X Claims CoCaptain is now available to existing and new IMOS Platform clients. Learn more and request a demo at About Veson Nautical Veson Nautical empowers the global maritime industry to navigate compounding complexity on all sides of the trade. Multi-jurisdictional regulations, geopolitical disruptions, decarbonization, cybersecurity threats, and more are forcing industry participants to recalibrate their risk tolerance. By combining trusted maritime data with built-for-purpose workflows, Veson gives clients the decision-making confidence to manage risk and maximize profit. With a heritage of innovation and expertise across all maritime related contracts, Veson serves more than 38,000 users across 2,400 companies in more than 100 countries and is uniquely positioned to enable a decision advantage. Learn more at If you have any enquiries, please contact the press team: Kevin BaxterSenior PR & Communications Managerkbaxter@ +44 (0) 20233970102 Veson Nautical Press Teampress@ Office +44 (0)20 3397
Yahoo
29-05-2025
- Business
- Yahoo
Veson Nautical Expands IMOS Platform with AI-Powered Claims Management
IMOS X Claims CoCaptain leverages AI trained specifically to enable companies to tackle costly inefficiencies in demurrage management BOSTON, May 29, 2025 (GLOBE NEWSWIRE) -- Veson Nautical (Veson), a global leader in maritime data and freight management solutions, today announced the launch of IMOS X Claims CoCaptain, an AI-powered extension of claims management capabilities within IMOS designed to streamline the demurrage claims process. For decades, Veson has partnered with clients worldwide to solve challenges and drive continuous innovation across the full freight management lifecycle through the IMOS Platform. One challenge that could not be ignored is claims management. Claims teams are often overwhelmed by manual processes and time-consuming document collection—spending the bulk of their time preparing to process claims rather than analyzing them. This burden only grows with large, complex cases, leaving even less time for strategic decision-making. Developed using the latest advancements in artificial intelligence, Claims CoCaptain marks a significant evolution in managing claims. The solution automates time-intensive tasks, speeds up decision-making, and empowers analysts to focus on outcomes that drive business value. As part of the IMOS Platform, changes in Claims CoCaptain automatically update P&Ls, financial reporting and integrated systems throughout the claim lifecycle–providing a single end-to-end platform. 'Claims CoCaptain reflects our deep commitment to solving maritime challenges with technology that is both innovative and grounded in real-world workflows,' said Eric Christofferson, Chief Product Officer at Veson Nautical. 'As the claims settlement process is a critical and costly part of the freight contract lifecycle, managing both from a single platform provides numerous efficiencies and reduces errors. The IMOS foundation and data will allow claims specialists and operators to more strategically manage the claims outcome.'Built on IMOS. Powered by AI. Claims CoCaptain is a module offered within the IMOS Platform, Veson's market-leading solution for commercial freight management and voyage execution, and is accessed through IMOS X, Veson's new, fast, and mobile-friendly user experience. It was developed with maritime claims teams in mind, drawing on twenty years of domain expertise and focused research and development. Analysts typically spend countless hours reviewing statements of facts (SOFs), gathering timestamps, and calculating laytime—often across fragmented sources. Claims CoCaptain automates much of this manual work by using AI to organize and extract key data from emails and voyage documents in a centralized workspace. This enables analysts to concentrate on strategic aspects of the claim, improving accuracy, responsiveness, and overall outcomes. Improving visibility and creating a decision advantage Claims teams have long operated with limited visibility into the size, scope, and urgency of active claims—making it difficult to prioritize workloads and respond quickly. Claims CoCaptain solves this by centralizing information in one place and intelligently categorizing claims based on complexity and time sensitivity. IMOS X Claims CoCaptain is now available to existing and new IMOS Platform clients. Learn more and request a demo at About Veson Nautical Veson Nautical empowers the global maritime industry to navigate compounding complexity on all sides of the trade. Multi-jurisdictional regulations, geopolitical disruptions, decarbonization, cybersecurity threats, and more are forcing industry participants to recalibrate their risk tolerance. By combining trusted maritime data with built-for-purpose workflows, Veson gives clients the decision-making confidence to manage risk and maximize profit. With a heritage of innovation and expertise across all maritime related contracts, Veson serves more than 38,000 users across 2,400 companies in more than 100 countries and is uniquely positioned to enable a decision advantage. Learn more at If you have any enquiries, please contact the press team: Kevin BaxterSenior PR & Communications Managerkbaxter@ +44 (0) 20233970102 Veson Nautical Press Teampress@ Office +44 (0)20 3397 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
