Insurance Technology Featured Article

Mindtree Releases Loss Control Platform

By Casey Houser
Contributing Writer

By definition, insurance companies handle a lot of risk. They are often responsible for duties such as underwriting, which put them into a position where they are responsible for guaranteeing payment to a client in the event of a situation such as property damage.

This is why insurance companies want to be careful when determining to which individuals they will provide the protection of underwriting. Assessment of risk – assessment of each individual client – comes into strong focus in this analysis process. Mindtree, a developer of software for insurance companies, recently announced the release of its Loss Control Platform to address this very concern. It offers businesses an application that helps reduce risk through the proper handling of the insurance coverage and claim lifecycle.

Girish Joshi, the program director of the Loss Control Platform, commented in the company release about how the application affects a number of types of insurance agents and the ways in which it allows for process control.

“Our solution offers a unified common workbench for insurers, brokers, managing general agents, and risk management companies,” Joshi said. “It offers process configuration and flexibility to design templates, questionnaires, and service level agreements for any line of business and generates automated recommendations for improving underwriting discipline.”

Joshi’s counterpart, Gaurav Johri, the senior vice president at Mindtree, further commented that the Loss Control Platform gives users a way to automate their operations. Historically, the process of examining risk could be time consuming; therefore, it could also be costly. The software here means to be agile enough to respond to a number of daily situations and, through that agility, reduce the time of risk analysis by as much as 30 percent.

It can only reach that level of success by inserting itself in all the steps of insurance underwriting. The Loss Control Platform handles request management, assignment of risk assessment tasks, the particulars of risk assessment itself, and tracking and publishing insurance claims. This means it tries to act as a tool for those employees who create risk assessment algorithms to those who actually handle customer claims. It can even affect business stakeholders who may not encounter much interaction with customers.

The new loss control software arrives as part of the cloud-based set of programs known as the Platform Solutions Group. Within that base of applications, Mindtree tries to modernize and digitize the whole of business operations. In this case, it may have nailed the transformation of underwriting and various associated insurance practices.