</noscript> <!--LeadSquared Tracking Code Start--> <script type="text/javascript" src="https://web-in21.mxradon.com/t/Tracker.js"></script> <script type="text/javascript"> pidTracker('67885'); </script> </div><div><div><section class="InnerCommonBanner_commonbanner__GlDhs false false false false false false false InnerCommonBanner_solutions_banner__HyT8w false InnerCommonBanner_insurtech_sec__ROgsq false false false false false false false "><div class="InnerCommonBanner_banner_img__fMULU"></div><div class="container "><div class="InnerCommonBanner_cont_wrapper__PFBBP "><div class="overflow-hidden InnerCommonBanner_wrapheading__D7p7q"><h2 class="InnerCommonBanner_heading__W5vYn">Embrace <span> Digital Transformation </span> in <br/>Insurance Landscape for Competitive Edge</h2></div><div class="overflow-hidden InnerCommonBanner_wraptext__0Uozm"><p class="InnerCommonBanner_text__m7_0d">Make informed decisions, speed up the development, improve sales, streamline policy issuance and claim processing</p></div><div class="overflow-hidden"><a class="btn btn-insurtech " href="/book-a-demo">Request a Demo</a></div></div></div></section></div><div><section class="FintechAbout_fintechabout__nfxHt FintechAbout_insuretechabout__Dhtn_ false false "><div class="FintechAbout_bg_about_insurtech__nQBDz"><img alt="background Image" fetchPriority="high" decoding="async" data-nimg="fill" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent" sizes="(max-width: 768px) 100vw" srcSet="/_next/image?url=%2Fimages%2Finsurtech%2Fbg_about.png&w=640&q=100 640w, /_next/image?url=%2Fimages%2Finsurtech%2Fbg_about.png&w=750&q=100 750w, /_next/image?url=%2Fimages%2Finsurtech%2Fbg_about.png&w=828&q=100 828w, /_next/image?url=%2Fimages%2Finsurtech%2Fbg_about.png&w=1080&q=100 1080w, /_next/image?url=%2Fimages%2Finsurtech%2Fbg_about.png&w=1200&q=100 1200w, /_next/image?url=%2Fimages%2Finsurtech%2Fbg_about.png&w=1920&q=100 1920w, /_next/image?url=%2Fimages%2Finsurtech%2Fbg_about.png&w=2048&q=100 2048w, /_next/image?url=%2Fimages%2Finsurtech%2Fbg_about.png&w=3840&q=100 3840w" src="/_next/image?url=%2Fimages%2Finsurtech%2Fbg_about.png&w=3840&q=100"/></div><div class="container"><div class="BreadCrumbs_breadcrumbs_wrap__rglSh pt-lg-5 pt-4"><nav aria-label="breadcrumb"><ol class="breadcrumb"><li class="breadcrumb-item"><a href=" /"><div class="BreadCrumbs_bread_wrap__Deoy_"><svg class="BreadCrumbs_bottomicon__7nu9c" viewBox="0 0 1060 1024" style="display:inline-block;stroke:currentColor;fill:currentColor;width:15;height:15"><path d="M401.032 1005.755v-307.032c-0-0.022-0-0.047-0-0.073 0-10.077 8.169-18.245 18.245-18.245 0 0 0 0 0 0l221.133 0c0-0 0-0 0-0 10.077 0 18.245 8.169 18.245 18.245 0 0.026-0 0.051-0 0.077l0-0.004v306.959c0 10.077 8.169 18.245 18.245 18.245v0h225.439c10.077 0 18.245-8.169 18.245-18.245v0-478.684c-0-0.022-0-0.047-0-0.073 0-10.077 8.169-18.245 18.245-18.245 0 0 0 0 0 0l102.174 0c0.016 0 0.036 0 0.055 0 10.077 0 18.245-8.169 18.245-18.245 0-5.306-2.265-10.083-5.881-13.417l-0.013-0.011-511.161-472.116c-3.252-3.001-7.615-4.841-12.407-4.841s-9.155 1.84-12.419 4.853l0.013-0.011-511.526 472.116c-3.629 3.345-5.894 8.122-5.894 13.429 0 10.077 8.169 18.245 18.245 18.245 0.019 0 0.039-0 0.058-0l-0.003 0h102.174c0-0 0-0 0-0 10.077 0 18.245 8.169 18.245 18.245 0 0.026-0 0.051-0 0.077l0-0.004v478.757c0 10.077 8.169 18.245 18.245 18.245v0h225.804c10.077 0 18.245-8.169 18.245-18.245v0z" fill="rgb(173, 173, 173)"></path></svg></div></a></li><li class="breadcrumb-item BreadCrumbs_linkclose__uAlET "><a href="#" role="button" tabindex="0">Solutions</a></li><li class="breadcrumb-item"><a href=" /insurtech"><div class="BreadCrumbs_bread_wrap__Deoy_">InsurTech</div></a></li></ol></nav></div><div class="FintechAbout_top_wrapper__Zz6Vs"><div class="FintechAbout_top_head__ddDNn"><h2 class="FintechAbout_title_heading__2mfGQ h2">Ensure business continuity and adaptability in the face of changing customer expectations in <span> InsurTech </span></h2></div></div><div class="row FintechAbout_row_top__749CL"><div class="col-lg-5"></div><div class="col-lg-7"><div class="mt-2 ms-lg-5 FintechAbout_right__M_dVX"><h3>Technology is changing the dynamics of policy pricing, underwriting, claims management, risk analysis, reinsurance,<span style="background-color:rgb(255,255,255);color:rgb(0,0,0);font-family:Arial;font-size:13px"> </span>and customer service. Hence, the insurance industry is not immune to digital disruption. There is a need for businesses to adapt accordingly to remain competitive in a rapidly evolving market.</h3><p>Novac can help you to stay ahead of the curve by acting as your digital transformation partner. We work with you to enhance fraud detection, increase accuracy in claim settlement, and comply with industry regulations.</p><div class="overflow-hidden mt-4 pt-1"><a class="btn btn-insurtech " href="/insurance-management-software">Know More</a></div></div></div></div></div></section></div><div><section class="FintechTransformation_fintech_transform__hH6ma FintechTransformation_insuretech_transform__mwLWn false false"><div class="container"><h2 class="undefined ">Unlocking new revenue streams and business models through <span> digital innovation </span></h2><div class="row"><div style="--anim-index:0s" class="animate-fadein col-lg-6 ZivaIconTextCard_wraper_zivatext__BcmQr ZivaIconTextCard_fintech_wrapper__8ByaY "><div class="ZivaIconTextCard_ziva_icon_text_card__AIXpg"><figure><img alt="image" loading="lazy" decoding="async" data-nimg="fill" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent" src="https://frontendcms.novactech.com/uploads/insurtech_digital1_1db9a75644.svg"/></figure><div><h3 class="ZivaIconTextCard_title__n8PFa">Better Customer Experience</h3><p>Insurers giving priority to digital transformation will offer personalized services. This facilitates faster claim settlement, higher policyholder retention (procuring of insurance plans), and quicker resolution of policy-related queries. </p></div></div></div><div style="--anim-index:0.1s" class="animate-fadein col-lg-6 ZivaIconTextCard_wraper_zivatext__BcmQr ZivaIconTextCard_fintech_wrapper__8ByaY "><div class="ZivaIconTextCard_ziva_icon_text_card__AIXpg"><figure><img alt="image" loading="lazy" decoding="async" data-nimg="fill" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent" src="https://frontendcms.novactech.com/uploads/insurtech_digital2_dbd9feb5de.svg"/></figure><div><h3 class="ZivaIconTextCard_title__n8PFa">Data-Driven Decision Making</h3><p>Insurance companies can make informed decisions based on the needs and preferences of customers. Data analytics will be handy while conducting background checks and for dealing with fraudulent claims.</p></div></div></div><div style="--anim-index:0.2s" class="animate-fadein col-lg-6 ZivaIconTextCard_wraper_zivatext__BcmQr ZivaIconTextCard_fintech_wrapper__8ByaY "><div class="ZivaIconTextCard_ziva_icon_text_card__AIXpg"><figure><img alt="image" loading="lazy" decoding="async" data-nimg="fill" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent" src="https://frontendcms.novactech.com/uploads/insurtech_digital3_5d9b38f7d8.svg"/></figure><div><h3 class="ZivaIconTextCard_title__n8PFa">Improved Risk Management</h3><p>Insurers can assess risks in an analytical manner and take steps to mitigate them. Eventually, a higher level of accuracy in risk assessment will help in reducing liability costs. </p></div></div></div><div style="--anim-index:0.30000000000000004s" class="animate-fadein col-lg-6 ZivaIconTextCard_wraper_zivatext__BcmQr ZivaIconTextCard_fintech_wrapper__8ByaY "><div class="ZivaIconTextCard_ziva_icon_text_card__AIXpg"><figure><img alt="image" loading="lazy" decoding="async" data-nimg="fill" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent" src="https://frontendcms.novactech.com/uploads/insurtech_digital4_886b2e878e.svg"/></figure><div><h3 class="ZivaIconTextCard_title__n8PFa">Enhanced Agility</h3><p>Automation of insurance processes results in improved operational agility. Thus, insurers can adapt to changing global market conditions and customer expectations. </p></div></div></div></div></div></section></div><div><section class="InsuranceBusiness_ins_business__oodea"><div class="container"><div class="row InsuranceBusiness_content_wrapper__fhIhE"><div class="col-12 col-lg-6 "></div><div class="col-12 col-lg-6"><h2 class="InsuranceBusiness_title__SGTG9 h2">Comprehensive insurance <br/>software solutions for end-to-<br/>end <span> digital transformation </span></h2><p>To keep insurers on top of their game, we offer insurtech solutions that are accessible, flexible, secure, and easily integrable.</p><a class="mt-3 me-3 btn btn-statim text-white" href="/insurance-management-software">Know More</a></div></div></div></section></div><div><section class="SolutionAccordian_InsurarTechFaq__3yAPt insurarTechFaqWrapper"><div class="container"><h2 class="SolutionAccordian_heading__KNZmw"><span>Statim® </span> - <br/>A General and Life Insurance Platform</h2><div class="SolutionAccordian_accordionWrapper__us_Dc"><div class="NovacAccordion_accordion_wrapper__FCW2S NovacAccordion_axle_accordian__FdmXK "><div class="accordion"><div class="accordion-item"><h2 class="text-black accordion-header"><button type="button" aria-expanded="true" class="accordion-button"><span>0<!-- -->1<!-- -->.</span> <div class="NovacAccordion_accordionHeader__GBa58">Digital Claims Processing</div></button></h2><div class="accordion-collapse collapse show"><div class="text-black NovacAccordion_accordion_content__QcvpB accordion-body"><p>As insurers shift from legacy systems, technology has facilitated straight-through processing of claims. This brings several benefits like automatic processing of payments, reduced chances of fraud, enhanced customer experience, and reduction in the cost of claims.</p></div></div></div><div class="accordion-item"><h2 class="text-black accordion-header"><button type="button" aria-expanded="false" class="accordion-button collapsed"><span>0<!-- -->2<!-- -->.</span> <div class="NovacAccordion_accordionHeader__GBa58">Data Analytics</div></button></h2><div class="accordion-collapse collapse"><div class="text-black NovacAccordion_accordion_content__QcvpB accordion-body"><p>Insurance companies leverage data analytics for accessing Human Life Value (HLV). They can collect demographic data, health records, and lifestyle information to determine an individual’s risk profile. This data-driven approach enables them to set appropriate premiums and issue tailor-made policy offerings.</p></div></div></div><div class="accordion-item"><h2 class="text-black accordion-header"><button type="button" aria-expanded="false" class="accordion-button collapsed"><span>0<!-- -->3<!-- -->.</span> <div class="NovacAccordion_accordionHeader__GBa58">Customer Retention</div></button></h2><div class="accordion-collapse collapse"><div class="text-black NovacAccordion_accordion_content__QcvpB accordion-body"><p>Insurers can enhance customer retention by using self-service portals for policy management, integrating chatbots for quick support, and automating service processes using CRM. This will foster customer loyalty and increase satisfaction.</p></div></div></div><div class="accordion-item"><h2 class="text-black accordion-header"><button type="button" aria-expanded="false" class="accordion-button collapsed"><span>0<!-- -->4<!-- -->.</span> <div class="NovacAccordion_accordionHeader__GBa58">Decentralized Insurance</div></button></h2><div class="accordion-collapse collapse"><div class="text-black NovacAccordion_accordion_content__QcvpB accordion-body"><p>Powered by blockchain technology and smart contracts, Decentralized Insurance will restore the transparency and trust in the insurance industry. DeFi Insurance is characterized by aspects like hedging of price risk, discretionary mutual coverage, parametric insurance, and on-demand risk management.</p></div></div></div><div class="accordion-item"><h2 class="text-black accordion-header"><button type="button" aria-expanded="false" class="accordion-button collapsed"><span>0<!-- -->5<!-- -->.</span> <div class="NovacAccordion_accordionHeader__GBa58">Usage-Based Insurance</div></button></h2><div class="accordion-collapse collapse"><div class="text-black NovacAccordion_accordion_content__QcvpB accordion-body"><p>As an alternative to fixed premiums, Usage-Based Insurance (UBI) charges premiums based on actual usage/ behaviour. Telematics collect data about customers and monitor their behaviour and habits. This data will determine the calculation of insurance premiums. Usage-Based Insurance offers advantages like accurate assessment of claims, better understanding of risk profiles, reduced chances of fraud, and precise estimation of damages.</p></div></div></div></div></div></div></div></section></div><div><section class="InsuranceOperations_ins_op__R1_Z2 d-none"><div class="container"><div class="InsuranceOperations_ins_op_head__fXHCt"><div class="row row-cols-lg-2 text-white"><h2 class="InsuranceOperations_title__AGsJZ h2">Revolutionize the Future of Insurance Operations</h2><p>Insurance companies can embrace the metaverse and enhance customer engagement. It also makes the underwriting process more accurate, speeds up claim settlement, and aids in fraud detection </p></div></div><div class="InsuranceOperations_ins_op_body__oCW4w"><div class="swiper InsuranceOperations_mySwiper__dnVjr"><div class="swiper-wrapper"><div class="swiper-slide"><div class="InsuranceCard_ins_card_wrapper__sllXy"><div class="InsuranceCard_ins_card__u7E9m text-white"><h3 class="InsuranceCard_title__lppxz">Claims Management</h3><p>Insurers can utilize metaverse headsets for conducting asset assessment. They can verify submitted claims by overlaying new damage information over pre-damage images.</p></div></div></div><div class="swiper-slide"><div class="InsuranceCard_ins_card_wrapper__sllXy"><div class="InsuranceCard_ins_card__u7E9m text-white"><h3 class="InsuranceCard_title__lppxz">Virtual Underwriting</h3><p>Underwriters can evaluate assets without on-site inspection. Extended Reality (XR) helps in simulating and recreating real-life scenarios. Accordingly, claim adjusters will estimate the damages to assets.</p></div></div></div><div class="swiper-slide"><div class="InsuranceCard_ins_card_wrapper__sllXy"><div class="InsuranceCard_ins_card__u7E9m text-white"><h3 class="InsuranceCard_title__lppxz">Fraud Prevention</h3><p>In the metaverse, smart contracts store all information related to policyholders. Operating immutably, it detects fraudulent claims and payout of claims are made only when predefined conditions are met. Insurers in the metaverse will benefit from higher trust, greater transparency, and lower litigation costs.</p></div></div></div></div><div class="swiper-scrollbar"></div></div></div></div></section></div><div><section class=" LetsTalk_home_letstalk__9n26u LetsTalk_solution_details_page__ZM95D " id="scrollTocontact"><div class="container"><div class="row"><div class="col-lg-5"><div class="LetsTalk_left__H9Sbw"><h2 class="h2 LetsTalk_title__wvTYX false false ">Lets Talk!</h2><p class="ff-secondary mb-0 LetsTalk_sub_title__XZdSc">Bring in the change to your Insurance business with STATIM®</p></div></div><div class="col-lg-7 "><div class="undefined"><form class="ContactForm_form_grp_wrap__HsNlN"><div class="row"><div class="mb form-group col-lg-6"><input placeholder="First Name" name="first_name" autoComplete="off" type="text" id="first_name" class="form-control" value=""/></div><div class="mb form-group col-lg-6"><input placeholder="Last Name" name="last_name" autoComplete="off" 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