In an evolving insurance market, organisations are facing increasing business and operational challenges at a rapid pace. The investment in technologies must quickly deliver business value and crucially must talk to older technology estates.
Intelligent Automation for Banking
The Essential Guide
In an evolving banking market, organisations are facing business and operational challenges increasing at a rapid pace. The ‘Amazon Effect’ of 24/7, streamlined delivery to meet the ‘want it/need it now’ demand, which filters through from customer experiences of other industries, has become the norm for consumers and how they view the value of services being supplied to them.
The banking industry is very highly regulated, so Compliance departments must ensure that the services entity, third parties, partners, or clients are compliant with rules and regulations. Cortex can be deployed to straight-through processing of documentation provided to check for compliance.
For Banks and Financial Services Lenders, the process or origination and adjudication of new loan queries and applications can be lengthy, require correlation and validation of multiple documentation, and be at risk of human error which can be problematic to trace.
Financial Institutions must be able to detect and act on the suspicion of fraudulent activity, accurately and efficiently. The Cortex Intelligent Automation platform can be used to orchestrate the management of fraud flags. This process minimises risk and operates at machine speed.
As part of onboarding new clients, Banks and Financial Services Lenders must verify applications to meet the requirements of KYC (Know Your Customer) regulations. Cortex can collect, correlate and analyse the data that is necessary to check for compliance and onboard the client at machine speed.
Find out how Cortex works with insurance companies, claims processing organisations, and out-sourced business service providers, to transform the way they manage, process, and handle their workloads.
A major US insurance corporation wanted to improve their end-to-end claims handling process. Cortex Intelligent Automation Software was deployed to automate the manual and disparate input of claims.
An Outsourced Service Provider delivers Integrated Business Administration Services to a US long-term life cover insurance company. Cortex Intelligent Automation was implemented to dramatically reduce the manual workload and automate the process to the point of approval.
The unified Cortex Intelligent Automation solution creates the Loan agreement with approved contract conditions, integrates with internal systems to populate relevant
data and creates related assets such as bank accounts or payment plans.