The insurance industry heavily relies on data, from claims and payments to underwriting and fraud detection. However, insurers often face challenges in managing and reconciling this data efficiently. The insurance industry faces increasing pressure due to increasing customer expectations, changing policies, evolving technologies, and rising cost.
For instance, legacy systems are a major challenge for many insurance companies. The outdated legacy systems hinder the efficiency of the reconciliation process and overall financial control management.
A lot of insurers rely on manual or even semi-manual reconciliation processes. These processes tend to be extremely time taking while suffering from manual errors. They also lead to downstream issues like lack of tracking, monitoring, and reporting. This makes it difficult to track revenue leakage and overpayments and even timely auditing and compliance issues. To improve operational efficiency and customer satisfaction, insurers need to adopt automated reconciliation solutions.
Kosh.ai resolves challenges of insurance companies by holistically automating the finance operations and reconciliation processes. The Kosh platform can fetch, format and reconcile data from legacy systems as well as from bank statements. By automating all the intermediary steps, the platform cuts the man hours, thus freeing up the time of the finance teams. The platform has a rich in-built analytics engine that helps the finance teams in stemming overpayment and revenue leakage. Using the platform, the teams can generate customer reports that can help in meeting challenges around auditing and compliances. One of the additional benefits of the platform is that it helps in driving customer satisfaction and net promoter score by unlocking the bottlenecks.
Kosh.ai reduces the cycle time at least by 99% and cost by 65% while ensuring 100% accuracy. The product automates all the finance operations and reconciliation process unlocking major bottlenecks in the systems.
