MARLBOROUGH, MA: Quantiphi has been named a major contender on Everest Group’s Digital Claims in Property and Casualty (P&C) Insurance – Solutions PEAK Matrix® Assessment 2022. This comes soon after it was named a Specialist Leader and Star Performer in Analytics and AI services.
As property and casualty (P&C) insurers find it difficult to keep up with increasing customer expectations, it has also brought to the surface the inability and complexity of their legacy systems to analyze data and deliver a positive customer experience. To keep pace with the changing times, insurers started to focus on building a core ecosystem that efficiently provides insights into claims, fraud, and preventive measures. This research by the Everest Group is an objective and data-driven assessment of 17 digital claims solution providers over their overall capability of service, market impact, industry experience, capabilities, and knowledge.
“Our priority has always been to identify, reimagine and realize data-backed and AI-driven transformational journeys for businesses. Rising claim costs and wage inflation is making it imperative for Insurance carriers to reimagine the claims value chain through the lens of AI/ML and data and create meaningful AI-first digital alternatives that not only drives efficiency but also significantly improves customer satisfaction,” said Bhaskar Kalita, Head of FSI at Quantiphi. “This recognition is a validation of our domain expertise and execution capabilities in the P&C insurance sector in creating long lasting business value for our clients through these AI-first digital solutions”
As a major contender, Quantiphi has developed a specialization in particular core claims functions and is constantly ramping up its capabilities across the value chain. After successfully offering support to a range of P&C product types, it is also venturing into new features to broaden its coverage. With a robust ecosystem of partners, Quantiphi seamlessly integrates technologies and partnerships to enhance capabilities and generates high-potential use cases for claims reporting, dashboarding, fraud detection, loss classification, and auto adjudication.
“Quantiphi has done significantly well in building AI-led verticalized offerings to address unique needs of Property & Casualty (P&C) insurers,” said Aaditya Jain, Vice President, Everest Group. “A strong commitment to business outcomes, targeted solutions to enable faster claims processing, as well as strong recognition by clients on domain expertise and engagement flexibility have enabled the Quantiphi to earn a Major Contender recognition on Everest Group’s Digital Claims in Property & Casualty (P&C) Insurance – Solutions PEAK Matrix® Assessment 2022.”
By combining deep industry and domain expertise with engineering practices and AI research, Quantiphi has consistently delivered quantifiable and impactful results to P&C customers. Going forward, the aim is to enable an AI-led transformative journey focusing on customer centricity, smart products, frictionless customer experiences, and detecting risks faster. The report highlights the following strengths that Quantiphi demonstrated -
- Value proposition centered around an AI-first approach, enabling the development of targeted industry solutions and accelerators
- Strong commitment to business outcomes and readiness to engage in shared risk/reward models (such as result-driven compensation)
- Competitive costing, strong industry understanding, flexible engagement, and tailor-made solutions drive business revenue for clients
- Multiple recognitions from its strategic partners such as AWS and Google for its expertise, delivery capability, and investment in capacity building.
Everest Group’s PEAK Matrix assessment highlights the distinctive capabilities and unique attributes of each contestant and elaborates on them in a detailed report. With established industry practices for P&C claims management, Quantiphi is led by a team of experts with decades of domain knowledge to help clients embark upon an AI-led transformation journey. To know more about Everest Group’s assessment of Quantiphi’s ability, click here.
About Quantiphi
Quantiphi is an award-winning AI-first digital engineering company driven by the desire to reimagine and realize transformational opportunities at the heart of business. We are passionate about our customers and obsessed with problem-solving to make products smarter, customer experiences frictionless, processes autonomous and businesses safer.
For more on Quantiphi’s capabilities, visit: https://quantiphi.com/
