The use of artificial intelligence in the insurance sector is making it easier for companies to serve their customers.
Several insurance companies in Trinidad and Tobago have been using the services of Newgen Software Inc to make the shift from paper-based processes to digitalisation, according to the Head of Financial Services, Sandeep Hinduja.
Speaking to TTT News following a panel discussion on Repositioning Policy Administration as a Growth and Resilience Engine at the Hyatt Regency in Port of Spain on Tuesday, Mr. Hinduja said the company has been operating for several years in the Caribbean region and for over a decade in Trinidad and Tobago.
“Some of the islands, for example, citizenship services are managed on our platforms. There are immigration services that run on our systems and there are some governments that will also, for example, have their complete set of systems running on our platforms as well. So government of Jamaica is a customer of ours. So like that, multiple customers, multiple countries will have modernised their services through our platforms.”
In recent times, Newgen has been providing AI software to insurance companies, making it easier for them to interact with their customers.
“We offer systems across issuance of policies, across management of policies, servicing, and then managing claims. So if you look at insurance, those three buckets in terms of issuance, servicing and claims, the most exciting part of our systems is where people like you and me can log on to the insurer’s website, fill out a form and get a policy issued real-time online. So you don’t have to wait for the policy to come to you.”
Mr. Hinduja said there has been a greater demand for these types of services in this country.
“We are very excited about our presence in Trinidad. The economy has seen a kind of opening up last few years, and we see there is immense potential in growth and our customers have been very encouraging in terms of getting us to make more investments in the market, and we see a bright future with Trinidad.”
He noted that while there are some disadvantages of using AI, it is still highly recommended since there are many benefits.