configurator of TCS BaNCS enabling Magma HDI to roll out new products quickly and efficiently . So far , Magma HDI has launched 38 core insurance products and an additional 17 through its agent portal .
But instead of configuring their own products with internal resources , Magma HDI opted for the faster , full-service approach of having the insurance domain experts at TCS take care of everything . “ We ask for what we need , and the TCS BaNCS team delivers ,” says Ramesh . “ Our go-tomarket speed is extremely fast .”
That level of speed and flexibility has translated into consistent profitability . “ Over the last five years , we ’ ve grown over 30 percent per year ,” says Ramesh . Magma HDI is currently adding from 300,000 to 500,000 new policies per month .
Automating claims with MAGIC
On the foundation of a modern core insurance platform , Magma HDI can iterate rapidly without being held back by legacy limitations .
Magma HDI has launched “ MAGIC ” ( Magma HDI General Insurance Claim ), a complete digital front-end for claims adjudication . MAGIC is breaking new ground in terms of capabilities and effectiveness not just among TCS BaNCS customers , for the entire P & C insurance industry .
With MAGIC , Magma HDI is working towards a vision of a low-touch , AIdriven claims process .
As an example of MAGIC ’ s capabilities , customers will soon be able to get automated assessments for Motor insurance claims . Using traditional systems and workflows , customers submit a motor insurance claim by towing the vehicle to a workshop for an assessment . Magma HDI already lets customer avoid that step , which is a highly valued benefit given Covid-19 restrictions . Through live video calling , dealers receive a real-time remote assessment to process the claim . A claim app prompts the customer or surveyor or dealer to take the needed photos , which are automatically sent to the assessor .
But that ’ s just the beginning . With MAGIC , Magma HDI will automate the claims assessment process using artificial intelligence and machine learning . “ Instead of having people manually analyze photos and videos , we ’ re engaged with building an AI that can do that analysis ,” says Ramesh .
V Ramesh , Head – Information Technology , Insurance at Magma HDI
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