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30 Innovators to Watch 2022

Acess MediTech – Combining digital, core, analytics, and AI to deliver robust in-house cloud service

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Enterprise resource planning (ERP) technologies are increasingly being used by businesses in developing countries. This adoption appears to have a high failure rate, costing a sizable sum of money and resources, similar to industrialized nations. The majority of the largest insurance organizations have already embraced ERP systems to increase productivity through automation. They have also found it to be a useful management tool because it provides executives with a thorough understanding of the company.

Acess MediTech is one such firm, which is specialized in Insurance domain over 15 years and is providing Insurance ERP Solutions using the advanced technologies. The company combines digital, core, analytics, and AI to deliver their platform as an in-house or a cloud service. Access MediTech offers best-in-class technology solutions for all lines of insurance business like medical, motor, fire and property, engineering, medical malpractice, travel, marine, group life, and credit life. The company has a demonstrated capacity to fulfill clients’ core, data and digital prerequisites. They work closely with their clients to understand their needs and provide the solutions and implementation methodologies that align with their individual business and sales strategies. Their portfolio features Rating Engine, Underwriting, Policy Administration, Billing Module, Approvals, Claims, Reinsurance, B2B, and B2C, Mobile applications, Robotic Process Automations (RPA), AI chatbot, connecting with Workshops, Surveyors, BI, illustration and electronic application and decision management software.

Providing Proficient Integrated and Competent Services to Insurance Industry

TOSHFA: It is a comprehensive ERP solution for Insurers & Third Party Administrators for Health Insurance Quotation Engine, policy administration module and claims management module, hospital network module, analysis module, accounting module , Reinsurance module as well as 360 degree reporting to TPA, Insurers, Hospital, Corporate, Individuals, and Brokers & Agents. TOSHFA has gone through various functional and technological revolutions over the years. It is a web based application along with integrated portals for Hospital Portal, Corporate Portal, broker Portal, Agent Portal and customer Portal to view the details and claim’s status and reports from the website login section. In brief, it can notify policyholders about policy renewal date, it can manage all policy details received from insurers, preparation of ID cards, tracking of ID cards, dispatches of the cards, endorsement of employees and import policy data from excel files. Maintains the record of network hospitals which includes hospitals detail entry, tracking suspended hospitals, record details of discount offered and claim analysis. Manage all aspects of claims related to Health, Adjudication, Billing, Settlement, preparation and dispatch.

Limra: It is a global ERP solution for General Insurers that allows them to adapt to changing market conditions and business channels ahead of competition. Cover all your business processes for Quotation Engine, Policy Management module, Underwriting module, Claims Management module, Reinsurance Module (outward & non-proportional reinsurance & FAC etc.) & and Full Accounting module thus avoiding re-keying and providing you with the coveted ‘single version of the truth’ across all operations for managing the General Lines of Business that include Motor, Medical Malpractice, Engineering, Fire & Property, Marine Cargo, Group & Credit Life, Travel and Casualty. It’s a web based integrated Insurance operations and management control system which encompasses- master data setup, agent/customer portals, rating & quoting, policy administration, claims administration and recovery, general ledger accounting/billing, reinsurance, statistical reporting, risk management, customer relationship management (CRM), human resource management (HRM), it help desk, chat bots, aggregators, third party payment gateway integration and fully compliant to the regulatory.

Mobile App: In the era of Digitalization & ability to cope with the current COVID-19 crisis, Insurance companies are using mobile apps as an additional channel for interaction with their policyholders to meet their needs & building a competitive advantage. This is because customer experience and consumer interaction have become critical competitive differentiators for Insurers. With seamless integration between mobile apps (IOS & Android) and insurers customer relationship management and core Insurance application systems, it can be effectively deployed to address selling of Insurances on mobile (such as Motor Retail, Travel, Domestic Helper, Medical Malpractice & Home/Shop Insurance etc) and it also addresses customer queries (related to Policy Renewals / downloading Ecard /Certificates/Policy Wordings/ Network details/ preapproval& claim submission/Complaints  / Feedback/ Endorsements / Payments / Uploading the documents / Push Notifications) and bring down the traditional marketing & Contact Centre cost effectively.

Robotic Process Automation (RPA): It is one among the emerging technologies that has come up with so many promises for different niches. AMTPL software bot helps the insurers collecting the information from numerous sources for assessing risks which are associated with the given policy, and reduces manual data entry to the system like quotations, insurance claim etc. since it is a time consuming and also expensive process that can even lead to inconsistencies and errors in the data, also processing the claims or prior approval with automated rule engine in much faster pace. Using the bots, many functions like data entry to core systems, read and scan claims data, flag errors in data, generating follow-up alerts and providing quick approvals can be automated.

Syed Aijazuddin | Founder & CEO

An Insurance Expert with over 26 years of diversified Experience in spearheading initiatives for major names in the insurance sector with cross competencies in life & medical insurance and Assistance. He has Health Insurance Specialization & Certification from Chartered Insurance Institute - CII from UK; Health Insurance Associate (HIA) from the Health Insurance Association of America – HIAA; Healthcare Customer Service Associate (HCSA) from – HIAA & Managed Healthcare Professional (MHP) from – HIAA.

"We provide our ERP solutions to enable many of the world’s leading insurers to innovate and operate like a tech company."