Business

The managed services market has huge growth potential; this is expected to grow from an estimated $152.45 billion in 2017 to $257.84 billion by 2022, representing a CAGR of 11.1%. Aligning managed IT services with all levels in business ensures reliability and continuity of business goals. Managed Services is nothing but proactively outsourcing certain business processes and functions which are meant to improve operations and reduce expenses.

Nuvento Managed Services Are Built Around The Following Main Features:

  1. Systems Administration: Management and maintenance of business operating systems, database servers and applications. We ensure your systems and servers run efficiently, with effective and fast troubleshooting applications. We provide network administration services which fits into your business within your budget. An outsourced Managed IT Service provider like Nuvento gives you access to the best trained and certified IT professionals. We monitor your servers and network round the clock; we address your connectivity issues, event log monitoring, disk/memory space related issues, backup monitoring, cloud management, routine maintenance activities.
  2. Support: Nuvento supports each component of your IT environment which includes workstations, servers, network devices. Typical support includes Router, firewall, network switch support, monitoring and maintenance,Computer application support,Computer help, both remote and on-site, all these within your budget.
  3. Monitoring & Reporting: Nuvento ensures your entire network is tuned, efficient and hassle- free. Managed Monitoring and Reporting Service can alert you to any business critical event like slowed server, slower response times. This enables you to decide who within your business team gets what type of alert, reason, time etc. This service also allows sending notifications based on the type and circumstances.
  4. Training: Nuvento provides expert guidance through remote sessions or on-site training, one- on-one and group instruction, be it for training your trainers or end-users. We have expert learning professionals for transforming your training function through training outsourcing services which curtail costs, add measurable value, provide efficient operations, and enhance business impact.
  5. Deployment and Support: Nuvento provides new dimensions to your business starting from strategy formulation to legacy systems migration, to hardware/software sourcing, maintenance and support. We tailor a world of technology which is perfectly suited to your business specific needs.
  6. Security: Nuvento makes sure your business network and data is safe with intelligently deployed security solutions, which includes firewall management, VPNs, intrusion detection monitoring. Managed security services are network security services which are outsourced to a service provider. Businesses turn to such providers to deal with information security issues such as malware, data theft, skills and resource constraints.

Benefits of Nuvento Managed IT services:

  1. Reduce Risk:

Government regulations, technologies, markets, financial conditions and markets all change at a rapid pace. Nuvento manages a lot of this risk for you because of our industry expertise in areas such as compliance and security issues.

  1. Proactive Solutions:

You receive better performance, prevent IT related problems from becoming worse which can otherwise turn into expensive repairs and increased downtime.

  1. Controlled and Predictable Spending:

Nuvento managed services help your business achieve better profitability through controlled and predictable spending, We ensure Immediate, round the clock and cost-effective technical support.

  1. Level the Playing Field:

One of the benefits of managed IT services is that outsourcing helps gain the expertise and the insight that larger companies have. This can help level the playing field between you and your competition.

  1. New Technology and access to expert IT team:

We are able to start projects utilizing the expertise of our IT team, right away, saving you valuable time and money.

  1. Faster Response Time:

When businesses work with NUVENTO, they receive the quickest response time support. We are able to repair most network problems that your business may have from our network operations center.

  1. Stay Focused on Business:

We help you stay focused on your business needs and let us deal with the complex IT situations. Our Managed IT services operations help businesses to reduce the largest cost driver of their operations and thereby re-focusing their efforts towards business growth. Our offerings include DBA Automation, Level 1 Support Automation, Technical Self Helps and Remote maintenance.

Call Nuvento To Know More!

Optical character recognition (OCR): Mechanical or electronic conversion of scanned or photographic images of handwritten, typewritten or printed text into machine-encoded or computer readable text/images. The main application of this technology is in industries where a lot of data entry happens, and numerous printed records are to be decoded. This enables digitization of printed texts to enable data extraction, electronic editing, compact storage and online display and is used in machine processes such as machine translation, text to speech and text mining.

There are quite a few barriers in Insurance Industry such as duplicate and manual processes, knowledge/data/organizational silos, complex business models etc. Achieving digital operation excellence and digital customer experience is the main challenge faced in data intensive industries like Insurance. Few areas with automation potential are insurance proposal and claims data entry, payroll audit, insurance certificate generation, and invoice processing where a lot of manual workflows are still prevalent. Nuvento Robotic Process Automation (RPA) manages operational challenges and boosts digital transformation by streamlining all processes; this leverages analytics/cognitive/ML/NLP on a large scale.

Few benefits of OCR in Insurance Industry:

Benefit#1: OCR helps in strategic customer acquisition: Matching your insurance products and services to customer needs is a key improvement area in better customer acquisition. Automated analytic tools analyze the insurance policy document which is uploaded online and compares it to your own products/competitors’ products to see if you can offer a better/cheaper plan. Since this involves huge quantity of data, manual processes may not be capable of handling the data capture process at an efficient rate. OCR automatically transforms any no. of documents to accurate/structured data in a format suitable for further analysis.

Benefit #2: OCR enhances Customer Service:

OCR is a technological breakthrough in replacing manual scanning of paper documents. Traditionally paper documents were scanned and converted to flattened digital image files then manual indexing on each document. This process had human intervention involved which turned out to be error prone, inconsistent and expensive. This manual work process couldn’t handle the huge volume of content which in turn resulted in delays in workflow. Uncontrollable work delays can tarnish customer experience since customers require immediate resolution for each of their issues. Delayed claim settling creates additional customer stress thereby deteriorates retention rates and brand image. OCR deployment enables customers to turn out to be the business’s workforce, customers can process their own documents in an easy format ready for use.

Benefit #3: OCR improves margins and profitability:

OCR enables your insurance business to reduce costs by minimizing manual data entry mistakes which are common in traditional data capture methods. Switch over from manual indexing to automated OCR process would result in reducing manpower and associated costs and increases accuracy by avoiding errors and omissions. A minute error result in bulk of costs in data capture process, mainly in the form of time wasted searching for documents which are incorrectly indexed through manual process. OCR considerably reduces these kind of errors and improves profitability by way of cost reduction.

Benefit #4: OCR provides High precision predictions.

OCR converts bulk data into easier formats that are usable by AI or ML software. Historical data are analysed to make predictions about trends in market place, customer behavior and emerging risks. Huge amounts of content can be fed into OCR software which generates cause and effect predictions and identifies massive datasets. Automated OCR process are usually error-free, hence business can extract maximum value from their data to make meaningful predictions and harness AI power.

OCR is a revolutionary technology in enhancing data capture and management process and improving automated workflows in the insurance industry.

Contact Us to know more on OCR.

 

Learn finer detail about your competition, enhance customer acquisition , improve your brand image, enhance customer service round the clock and reduce costs with AI powered Chatbots. Gone are the days when your customers forget about insurance premium due dates and nag your call center agents to blame about forgetting to send premium reminders, this has a negative impact on productivity due to long call queues and ultimate jamming of your telephone lines.

Nuvento can empower you with a Fully Automated Insurance Agent who would alert your customers at the right time before they consider your competition, would alert your customers about premium due dates and diligently provide round the clock support to your customers especially in emergency situations when your customers are stuck with a claim.

According to Juniper Research Chatbots are expected to trim business costs by more than $8 billion per year by 2022. Few reasons why customers prefer chatbots:

  1. Nuvento Chatbots are almost like self-service portals or some knowledge encyclopaedia which can provide precise solutions/quicker resolutions to your customers’ insurance related queries.
  2. Nuvento Chatbots engage customers and avoids call waiting time which would otherwise frustrate customers if they are contacting a human insurance agent over IVR.
  3. Our Chatbots don’t judge your customers, also chatbots are free from cognitive biases. A human agent can irritate a customer but chatbot conversations are pre-programmed and customers feel more valued and respected in comparison to a human agent.

Nuvento ChatBot : Key Differentiators

  1. Provide an Instant quote: Nuvento Insurance bots can provide instant quotes which are customised as per customer requirement without engaging in detailed conversation.
  2. Insurance Premium calculation: Chatbots can easily calculate premium and eligibility based on different criteria. Apart from this, chatbots provide an easy platform to make premium payment process hassle-free.
  3. Advising customers on how to ensure regular savings through multiple policy discounts: Customers who are engaged properly would come back to your brand especially when you offer additional benefits and advise them on how to save regularly.
  4. By being with the customer in traumatic situations: AI chatbots can help the customer proceed with the claim in emergency situations where customer is unable to make a phone call to the insurance co.

Artificial intelligence powered chatbots can considerably speed up claim management and underwriting. According to McKinsey, Chatbots and associated technologies would automate 29% of customer service positions. The equation is somewhat like this:

1 phone representative handles only 1 customer at a time.

1 Live chat agent chats with about 3 customers at a time.

1 chatbot can handle unlimited number of interactions simultaneously.

“In Sales, You Let the Prospect Talk 80% of the Time and You Talk the Other 20%.” Chatbots diagnose customer conversations to find out which is the best suited plan for them, then suggest the best deal; this is a process which human brains are unable to achieve in a limited time. Nuvento AI chatbots help  digitally transform your business and win you repeat sales and brand loyal customers.

 

The market is promising now for chatbots; no matter what business you are in, AI Chatbots support and scale your teams to achieve your business targets. Business Insider states that over 80% businesses already use chatbots, or plan to use them by 2020. The market is promising now for chatbots. In a nutshell, from a broad perspective, benefits of chatbots are nothing but, 1. Scalability, 2. Comprise a broad eco-system of uses, 3. Nominal set-up cost for an impressive ROI.

Successful businesses take advantage of Nuvento Chatbots because it allows businesses to monetize on Facebook Messenger and similar chat, text, visual and voice platforms. Global Web Index Statistics states that 75% of internet users are adopting one or more messenger platforms. With over 65 million businesses using Facebook, chatbots still lead the game when it comes to sales opportunities, marketing, customer engagement, and better agent morale.

Benefits of chatbots in business:

  • Round the clock accessibility: We all have faced the troubles of holding our telephone lines to get connected to a call center agent, such cases are not rare when we call up a call center for an emergency and must wait for a long time. On an average people spend 7 minutes to get assigned to an agent. Nuvento Chatbots are accessible to the customer anytime they wish and eliminates long waiting time. A live chat agent could be attending to other customers and will most likely place your valuable customer on hold. This is where AI chatbots have an advantage. Chatbots can handle numerous conversations with minimum wait time compared to a human agent.
  • Customizable: Flexible attributes of Nuvento chatbots makes it suitable for any industry. It synergises workflows between various business functions be it sales/marketing to customer support. Ultimately customer gains the benefit of getting their query/concern answered quickly, and in the background chatbots converses tactically with business functions as well. Cross-selling happens based on customer requirements, and all these at a faster pace compared to a human agent interaction. Better team collaboration using chatbots reflects on how nicely you engage with the customer.
  • Better demand supply ratio: AI chatbots are particularly beneficial to businesses where demand is high and you have limited manpower to handle the rising demand. In a call centre scenario when the human agent is unable to handle huge call volume, chatbots come to your rescue. Chatbots have a winning edge in improving the (CPS) call per second ratio which is directly proportional to your business revenue.
  • Clever customer handling and delight: Human agents are driven by emotions; most of the times they are unable to handle an irate customer, and this has a negative impact on customer satisfaction scores and agent morale. Chatbots are programmed to obey the prescribed rules and handle customer emotions in a better way thereby improving customer satisfaction.
  • Higher profitability/cost-effectiveness: Hiring a human agent is never an easy and cheap task. It will turn out to be a very expensive affair when your revenues are not high or sales targets are not met. This mis-match between hiring cost and revenue outcome can create chaos in any business. One single chatbot is equal to a bunch of agents and it can simultaneously handle numerous customers. This would curtail your operational cost which would in turn result in steep rise in revenue and customer satisfaction.
  • Efficient Onboarding: AI chatbots can ensure faster on-boarding by educating the new-joiners; continuous knowledge upgradation is the key to developing a strong and productive workforce. This is accomplished efficiently using AI chatbots which gather knowledge data and disseminates valid information to the user without any breaks in the process.
  • Automated operations: Repetitive tasks are non-productive, however chatbots can automate numerous such tasks. This improves productivity , reduces cost and time.
  • Additional sales channel: Chatbots precisely understand customer requirements since they collect data from customers past purchase patterns. This makes AI chatbots a preferred platform for creating additional sales. Also, chatbots record customer query/responses and tailor their responses accordingly.
  • Virtual Assistant: Nuvento chatbots help customers by posing as a fashion advisor/finance advisor and what not. This enables customised shopping experiences because chatbots remember customer choices the next time you visit it.

 

The future of chatbots seems very promising, lately AI chatbots are making their way into other domains too such as Industrial IoT. The underlying promise of chatbots is that you can find anything easily without browsing the web or opening multiple apps.

 

AI-claims-blogThe insurance industry seems to be still lagging behind in exploring AI  opportunities which are still hidden across the globe. Particularly considering Insurance Business, investment in AI is only 1.33% whereas investment in software and internet technologies is a whopping figure, 32%! Insurance market still seems to be dominated by a multitude of national and international brands and legacy product portfolios have evolved insignificantly overtime. Customer experience is a vital area which is still struggling because of lack of clever innovation in this industry be it on product side or process side. Nuvento AI solutions contributes significantly towards innovating this industry through a systematic, problem solving approach spanning across all business functions. By deploying a clever and appropriate problem solving AI based approach you can improve results, productivity and ultimately the firm’s profitability.

It is estimated that on an average, 2 out of 3 VEHICLE insurance claims can be “underpaid” if the claims are paid within 48 hrs. “I want everything right now” is the trend in this fast and insanely tech-oriented era; in such a scenario it might look easy to simply upload photos using a cell phone to your insurance company so that estimate process speeds up and customer can accomplish repair fast enough. Nuvento AI Claim solution uses image analysis and predictive analytics tools; VEHICLE Insurance companies can now provide instant damage estimates and rapid processing of claims based on uploaded accident photos, which will help them to reduce claim expenses and time by 50%.

Key Benefits Include:

  1. Reduced claims processing time: Nuvento AI claims solution noticeably reduces claims processing time. Speed and efficiency of operations is one area which benefits the most with Artificial intelligence deployment in Insurance business. Following are the key areas that would help you reduce claims processing time:
  • Real-Time Benefits Verification: This feature considerably reduces the processing time of insurance claims. This avoids long duration phone calls and long holds in processing claim documents.
  • Electronic Billing: Electronic claim submission is the growing trend which saves considerable time in mundane tasks which involves processing huge amounts of paper claim documents.
  • Electronic Remittance Advice (ERA)
  1. Increase carrier profitability:  Profitability is directly proportional to faster claims processing which has a direct impact on overall productivity and smooth operations. Predictive analytic tools used by Nuvento is found to be very efficient in faster claims processing.
  2. Better Customer experience : Human intervention is considered to be minimal with more than 85% customer interactions predicted to be managed using AI. Nuvento AI claims processing solution automates the tedious claims processing and saves considerably on time and cost.
  3. Increase customer retention: Better customer retention scores are one of the most critical deliverable with the deployment of Nuvento AI claims processing solution. Happy customers are the assets to any progressive and innovative insurance brand. Happier the customer, higher would be the retention rate. No one likes to wait for weeks and months to get the claim processed.
  4. Increase claim accuracy: Claim accuracy is expected to be the maximum with minimal human intervention, to err is human, AI can considerably minimize errors in otherwise manual claims processing.

Dramatic waves of change in tech arena are shaping and shaking the insurance sector worldwide. Futuristic insurers just don’t wait and watch, they invest in sophisticated AI solutions provided by progressive tech brands like Nuvento in order to be more and more customer centric, improve pricing and create operational efficiencies.

**Author: Suraj Arukil**

In continuation with my thoughts from my last week’s blog

 Emergence of Mobile Data Presentation 

2011 saw the emergence of tablet and sleek computing devices. Last year also saw iPhone being relegated to number two by Samsung Galaxy in many markets across the globe. This trend shows the shifting focus from the very loyal following each of the market segments – whether it is Android or Apple iOS has been commanding over the years. With millions of apps and extensive graphical capabilities, the mobile device is now the biggest source of information for the constantly travelling executive.

2012 will see a consolidation of the mobile based BI offerings. Large enterprise organizations will now provide more BI capabilities on the mobile device apart from just being report utilization device.

Power of Data and hunger for information will see an immense growth

Companies all over the world are becoming data hungry and this trend is expected to grow in the years to come. The changing economic scenarios will need different business models and this in turn will result in a need for different decision-making strategies.

Successful companies today have high investment in analytical models and have reduced thresholds for big scale IT investments that provide them little or no results. Gartner in its study “BI Adoption Trends” indicates that organizations that have business leadership in Business Intelligence has a high adoption of BI. The trend, thus in 2012 will be a change from the traditional reporting by IT from the data generation system to a more collaborative information management system that provides the business users with the power to change decisions based on data.

The trends in 2012 will thus focus on the elusive, faceless customer. The customer who was till now un-reachable will now become increasingly collaborative, sometimes appreciative and at times plain abusive. But his/her power will increase with these interactions and organizations will have to address this thirst for satisfaction, these technologies and business models.

I think that will drive my blogs for the next few years atleast!

I welcome your comments and feedback.

**Author: Suraj Arukil**

2011 was noted as the year that demonstrated the “power of the human emotion.” It was the year where human emotion exhibited itself through mediums that go beyond satisfaction surveys. With emergence of more sophisticated social media , advanced mobile technologies and highly user friendly computing platforms, people world over have found new mediums to express , collaborate and even bring down governments. The emergence of “human collaboration” and its associated platforms will be the most watched trends in the coming years, here are a sample pick of my favorite emerging business -technologies.

Social Media and the Emergence of Big Data 

Social Media, has emerged as the biggest go-to business model in 2011. The increasingly large amount of data that many social media websites like Twitter, Facebook etc. generates have created large scale challenges and wonderful opportunities.

Social Media is now a huge kingdom and data (big data) of every size are its subjects. Simply put, every action undertaken on the social media generates data and every data can cause a business action or inaction. According to IBM – “Every day, we create 2.5 quintillion bytes of data–so much that 90% of the data in the world today has been created in the last two years alone.” Big data (or data generated from social Media) is large and is expanding at a pace that out beats the best economies in the world.

Organizations have started focusing on driving customer experience, segmentation and sentiments through social media inputs. For example large organizations are constantly checking the customer feedback on its social media pages to understand market sentiments and feedback. This data and changes in the data is now driving customer centric programs like demographic based advertisements and marketing programs. Companies are also using advanced complex algorithms to check fraud, do sentiment analysis etc.

What’s more, every reaction of the user is analyzed for sentiment and large scale user sentiment leads to specific decisions. So when you cuss on Facebook and declare to the world that your meal was bad, or when you tweeted that your friend brought a new Mercedes on getting a promotion – it generates an equal or un-equal data relation, which when monitored leads to either a business action or inaction.

2012 will see the emergence of Social Media, Big Data and the trend indicates large scale investments in data cccessibility and storage (Hadoop, IBM Watson, GreenPlum) which in turn will lead to newer technologies in data segmentation and reporting.

2012 will also see the emergence of concepts and technology development around areas like Social BI and Social CRM.

I, for one can’t wait!