Cognition enabled business processes driving scaled operations and cost reduction
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Drive process accuracy using cognitive computing and Artificial Intelligence to enable operational costs reduction
Wipro’s global insurance clients have adopted cognition and AI solutions to drive transformation using automation across various processing like claims, new business, contract validation, customer onboarding, self-servicing, etc. AI can unlock an estimated 10-15% improvement in underwriting, 30-35% efficiency in new business processing and policy servicing, 20-25% improvement in claims FNOL process, 10-15% improvement in claims assessment and 2-4% improvement in claims payout with fraud prediction. HOLMESTM, our proprietary AI and cognition platform enables this transformation through the 5 core business applications which it enables. These are digital virtual agents (HOLMES™ HMI), self-Learning and predictive systems, cognitive process automation, visual computing applications and knowledge virtualization and diagnostics. The platform brings together comprehensive sets of capabilities such as language understanding, vision, learning, prediction, reasoning, and inferences to enable businesses to build and deploy cognitive solutions for the digital age. The platform has the ability to process lot of structured and unstructured data in different formats. It analyzes and understands the content. It can also interact with the users and ask questions through natural language processing (NLP).
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