With its result-oriented solutions, Anoud Tech empowers insurance sector for ‘Digital Future’
Anoud+ gives its client insurance companies the digital edge, when it comes to accelerating revenues, with higher client retention levels, and higher customer lifetime value
Through its vision of digitally transforming the insurance sector, Anoud Tech is helping insurance companies across the world transition from legacy systems to a future-ready end-to-end IT platform.
Through the Anoud+ integrated IT suite, insurers get immediate access to a proven, market-leading end-to-end insurance platform, including modules for client relationship management, underwriting, technical accounting, finance, policy and claims management, workflow and document management, business intelligence/ reporting, data analytics and reinsurance administration.
Knowing Anoud+ In Detail
Established by QIC, a leading global insurance group, in close collaboration with Swiss Re, Anoud Tech is a dependable technology partner with an in-depth functional understanding of insurance companies’ pain points and rapidly evolving requirements.
The company leverages this knowledge to help its clients carry out a future-ready digital transformation and enhance their competitiveness in today’s highly fragmented marketplace.
“Anoud+ is a best-in-class insurance IT suite, with a full range of policy administration capabilities and sophisticated tools to help insurers manage underwriting strategies and monitor exposures to natural catastrophes. By deploying Anoud+, insurers can effectively and comprehensively manage every aspect of their personal lines, property and casualty, medical and life insurance operations. Anoud+ is the only insurance IT platform that has been endorsed by Swiss Re based on its extensive reviews of IT systems at over 200 leading insurance companies across the world,” the Chief Executive Officer of Anoud Tech, KV Kumar, told International Finance.
“While Anoud+ is a last-mile product, based on carriers’ requirements, it can be integrated with third-party IT solutions and portals to provide customers with an omnichannel experience. Third-party integrations with Anoud+ are made possible by its open architecture and niche technologies that were used in its design and development,” he added further.
Let’s talk about Anoud+ ‘Core Insurance Modules’. This comprises ‘Anoud+ Personal Insurance’ (a web-based solution with cutting-edge tools and best practice workflows to digitally transform motor and other personal lines insurance operations), Anoud+ Corporate Insurance (a user-friendly solution covering a full range of commercial lines of business), Anoud+ Medical Insurance (a comprehensive policy administration solution with all the features to run a modern and highly efficient health insurance operation), and Anoud+ Life Insurance (a solution that manages both short term group and credit life insurance, and long term, individual life insurance, including investment-linked policies).
Anoud+ also has integrated modules like Anoud+ Finance & Controls (which covers a broad range of finance and accounting use cases), Anoud+ CRM (a customer relationship management solution tailored for insurance companies), Anoud+ Analytics (insightful analysis and management reporting to drive a data-based strategy) and Anoud+ HRMS (which offers a broad range of use cases for human resources and administrative operations).
Anoud+ enables insurance companies to accelerate revenues, improve operational efficiency, apart from streamlining operations, and automating and standardising workflows. Elements like improved insurance governance, digitized regulatory compliance, and improved data security and privacy set Anoud Tech’s solutions apart from its competitors.
A Successful Partnership
By deploying the Anoud+ Medical Insurance solution, a leading medical insurance company from the GCC region automated its ‘Claims Administration Process’ recently.
“We enabled our client to deliver better customer experience, significantly reduce medical claims administration costs, improve operational productivity, and reduce claims errors and fraud by deploying the best-in-class Anoud+ Medical Insurance solution,” stated Shuja Noorani, Anoud Tech’s Chief Marketing Officer.
Anoud Tech’s goal with this engagement was to simplify the process of medical claims administration and identify inefficiencies, areas of improvement, and opportunities for automation.
The results were astounding as the Anoud+ solutions led to the GCC medical insurer achieving 98% accuracy in claim processing, 31% increase in yearly user productivity, 53% increase in automated pre-authorisations, thereby minimizing human interventions in the claims process and lastly facilitating a 61% increase in claim submission through the medical insurance company’s mobile app.
“As a result of this business transformation, our client was able to achieve an average annual increase in user productivity during the past three years. Our automation of medical claims administration has already saved the client over USD 58 million over the past three years,” concluded Mr Noorani.