DXC Technology and ServiceNow Innovate the Insurance Sector with AI Solutions

Transforming the Insurance Landscape with AI

In a significant stride towards modernizing the insurance industry, DXC Technology, a prominent name in global technology services, has teamed up with ServiceNow, a trailblazer in AI-enabled business transformations. This partnership aims to leverage both companies' strengths to enhance insurance operations, offering solutions designed to improve efficiency and customer service.

Understanding the Need for Change

Insurance companies today face mounting pressure to innovate swiftly, streamline operations, and upgrade their service offerings. Many are bogged down by outdated and manual processes that hinder growth. A recent study by HFS Research found that nearly 45% of insurance firms are investing in technology to better align their operations, encompassing front, middle, and back office functions.

Recognizing this urgent need, DXC and ServiceNow have decided to collaborate. Their combined efforts aim to provide solutions that not only drive innovation but also create significant improvements in operational efficiency. The core of this collaboration is DXC Assure BPM (Business Process Management), powered by the advanced AI capabilities of ServiceNow.

What is DXC Assure BPM?

The DXC Assure BPM is a comprehensive solution focused on automating and optimizing key processes in the insurance policy lifecycle. It integrates AI technologies, data systems, and workflows to mitigate process inefficiencies often associated with traditional manual methods. The new platform is intended to significantly reduce operational costs—by as much as 40%—which are typically allocated to manual processes, according to company estimates.

“Together, we are shaping the future of the insurance industry,” commented Ray August, President of Insurance Software and Business Process Services at DXC. He emphasizes that this partnership fuses DXC's deep industry insight with ServiceNow's cutting-edge AI capabilities. This integration is expected to accelerate transformation and ensure carriers are more agile than ever before.

Key Features of the Solution

1. Preconfigured Workflows: The platform boasts workflows tailored from DXC's over 40 years of insurance experience combined with ServiceNow's technology, ensuring users can navigate their processes seamlessly.

2. Integrated Security: Assure BPM offers full compatibility with the DXC Assure Platform, enhancing security and allowing for seamless connectivity with a range of DXC's insurance applications.

3. Personalized Customer Experience: The introduction of an AI-driven, self-service portal for policyholders will provide quick, accurate responses to inquiries, significantly enhancing overall customer experience.

4. Operational Automation: Enhanced AI capabilities will automate back-office tasks, freeing up resources to focus more on innovation and better customer service.

These combined features promise to revolutionize how insurance companies manage claims, billing, underwriting, and policy administration throughout the entire lifecycle.

Looking Forward

The collaboration between DXC Technology and ServiceNow demonstrates a strong commitment towards harnessing AI for superior insurance services. With the launch of DXC Assure BPM powered by ServiceNow, insurers can expect not just acceleration in process efficiency but also a transformative customer service experience. Both companies are dedicated to continually evolving their solutions to meet the dynamic demands of the insurance landscape.

To learn more about the DXC Assure BPM powered by ServiceNow, visit their website at dxc.com/lifeandwealth. This partnership sets a new benchmark for what is possible in the insurance industry, making the future not just a goal but a reachable objective for insurers aiming for innovation and efficiency.