Powered by Data leveraging AI/ML for insights

EXL Insurance Wallet addresses one of the most potent questions for today's consumers: "How much protection is enough?"

Insurance Wallet empowers customers and helps them bridge the insurance gap between risk and protection by:

  • Sharing insights around factors impacting coverage and premium
  • Comparing their current risk profile with the risk of people with similar demographic
  • Suggesting the best fitting insurance policy

Most importantly, it allows the customer to review all applicable insurance under one umbrella similar to how they manage their financial data.

How is EXL insurance wallet different?

The solution focusses on the needs of insurance customers, carriers, and brokers. It helps improve customer engagement while providing data and insights to brokers, agents, and carriers to increase qualified leads and improve revenue.

Point 1

Insurance Wallet integrates customer data to give consumers a personalised view of their coverage and needs without asking the customer to sign up for a service or give a lot of personal details. Customers can use the Simulator functionality to understand factors impacting their coverage and premiums to better understand their insurance requirements.

Point 3

This cloud-based solution can be easily integrated and tweaked for each carrier, broker, or agent as per their current models, making it an additional feature in their existing app rather than marketing this as a new product.

Point 2

The solution has EXL's properitery Xtrakto.AI™ embedded in its functionality, which extracts key details from a customer's existing policy and gives insight on risks. The AI engine also suggests the best risk to premium value for the customer.

Point 4

It empowers the customer to view and manage all their insurance policies under one umbrella, reducing their risk and ensuring they are adequately covered.

Solution highlights

The Simulator

InsuranceKarma Simulator module allows a customer to see the best-fit insurance coverage by type, attribute and value. It also allows customer to move simple slider bars and change the scenario, e.g., marital status, dependents, monthly income, debt, etc. This view is based on insurance expertize and does not need any data from customer. However, as customer adds more data, the insurance health view improves.

The Assessor

Customers can upload pictures of their existing insurance policies, which allows solution to compare it with the best-fit insurance plan. InsuranceKarma also identifies and highlights the missing insurance coverages. Customers are able to see the statistics of how many people like them have this insurance. They are also able to see the suggested coverages and deductibles. Moreover, customers can understand over or under insurance by changing key variables that impact their risk coverage.

The Optimizer

A customer uses the Optimizer module to get the right risk coverage at the lowest premium. This feature uses analytical models to find out the best coverage for customers in terms of premium and riders within the given constraints.

Right Coverage at Right Time

The data led model will proactively share insights with the customer for every change event which requires the customer to review their coverage. Customer would be given details of their risk with the change event and recommendations to reduce the same.

The Simulator
InsuranceKarma Simulator module allows a customer to see the best-fit insurance coverage by type, attribute and value. It also allows customer to move simple slider bars and change the scenario, e.g., marital status, dependents, monthly income, debt, etc. This view is based on insurance expertize and does not need any data from customer. However, as customer adds more data, the insurance health view improves.

The Assessor
Customers can upload pictures of their existing insurance policies, which allows solution to compare it with the best-fit insurance plan. InsuranceKarma also identifies and highlights the missing insurance coverages. Customers are able to see the statistics of how many people like them have this insurance. They are also able to see the suggested coverages and deductibles. Moreover, customers can understand over or under insurance by changing key variables that impact their risk coverage.

The Optimizer
A customer uses the Optimizer module to get the right risk coverage at the lowest premium. This feature uses analytical models to find out the best coverage for customers in terms of premium and riders within the given constraints.

Right coverage at Right Time
The data led model will proactively share insights with the customer for every change event which requires the customer to review their coverage. Customer would be given details of their risk with the change event and recommendations to reduce the same.

Proven outcomes

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