Omnino Solutions: Addressing Functionality Gaps in Core Insurance Systems
Insurance industry working in tandem with technology has evolved from content-driven portals to self-service portals and direct marketing channels by integrating the distribution operations with back office operations. Today, insurers are investing heavily in digital technologies such as AI, ML, and Analytics etc. to better understand the customer and reach out to him with more personalised service. The global InsurTech market is expected to reach USD 1,119.8 million by 2023, growing at a CAGR of 16.0 percent, according to a report by MarketResearch.com. However, despite the technological advancements and huge investments in the digital platforms, insurers still face a lot of challenges such as product configuration issues while launching new products, functionality gaps in the core insurance systems etc. due to inherent limitations and lack of parameterisation within the core insurance systems. Carving a niche for itself in the insurance domain by helping insurers address gaps in the core insurance systems and accelerate time to market is Omnino Solutions.End-to-end Services To Insurance Companies
Since its inception in 2016, Omnino Solutions has been delivering a wide range of IT solutions and services to insurance companies enabling them to launch new products, improve customer satisfaction and operational efficiency, and implement regulatory changes. The company provides consulting, maintenance and support services for the core insurance systems, helping insurers effectively handle process changes & system enhancements. “Unlike other peers, we specifically focus on the insurance industry and it helps us better understand our client’s business process and the domain specific problems. Our deep domain knowledge gives us competitive edge in the market and enables us to deliver better products and services to our clients,” highlights Vinayak Khadye, Co-Founder. “We have established Insurance Centre of Excellence that serves as a knowledge base and provides necessary intelligence to our team members for better quality output,” he adds about their Centre of Excellence.
Through SLA based engagement or resource augmentation model, the company provides clients with its in-house expert team of business analysts, developers, technical consultants and testers to complement the client’s team. Omnino Solutions leveraging their domain expertise have built products such as - Omini Audit, an audit engine that audits in an automated way various charges and payouts in the core insurance systems on a daily basis; Omni SmartPay, a system that enables insurance companies manage ECS payments and also offer flexibility in premium payment to their customers; Omni Reco, an RPA solution that automates premium payment receipts reconciliation process, enabling ease of reconciliation for insurers; Omni SmartConfigurator, a product configuration engine that helps insurers maintain single definition products, which then inter-operates with multiple peripheral systems like illustration systems, premium calculations systems, distributor mobile apps, POS systems etc.
Digital Transformation & Analytics Solutions
Apart from IT services and Omni Suite of products, Omnino Solutions also provides customized digital solutions in the areas of Predictive Data Analytics, Artificial Intelligence, Machine Learning etc. as per the clients’ requirements.
Currently the company is working on AI-based bots that can carry out various back-end operations in the insurance companies. The company is also working in the areas of fraud detection to help insurers predict and determine the persistency of their insurance policies for the establishment of appropriate communication channels.
We specifically focus on the insurance industry and it helps us better understand our client’s business process and the domain specific problems
Digital Transformation & Analytics Solutions
Apart from IT services and Omni Suite of products, Omnino Solutions also provides customized digital solutions in the areas of Predictive Data Analytics, Artificial Intelligence, Machine Learning etc. as per the clients’ requirements.
Currently the company is working on AI-based bots that can carry out various back-end operations in the insurance companies. The company is also working in the areas of fraud detection to help insurers predict and determine the persistency of their insurance policies for the establishment of appropriate communication channels.
