Cognizant Technology Solutions Corporation · NASDAQ:CTSH
Cognizant Technology Solutions — Cognizant Experince ITC 2024 Next Gen Claim Assist Pitch Deck
15 slides from Cognizant Technology Solutions's investor presentation, 2024
Slide 1: NextGen Claims Assistant
NextGen Claims Assistant © 2024 Cognizant | Private
Slide 2: Executive Summary
Executive Summary • 100 bn commercial claim payouts in 2023 Problem • Only 70% of critical data is captured when the claim is first reported. Statement • 25% of claim adjusters time is spent in non-core or administrative tasks. • Our cutting-edge solution ‘NextGen Claim Assistant, powered by Generat
Slide 3: Context: commercial insurance claims
In the commercial insurance space, Context 100 bn claim payouts in 2023 70% of critical data is only captured when the claim is first reported 25% of claim adjusters time is spent in non-core tasks Loss Ratio 78.6 13.1 (50 – 73 %) from leaders to laggards 73.5 11.5 69.6 10.4 Loss Adjustment expenses
Slide 4: NextGen Claims Assistant
NEXTGEN CLAIMS ASSISTANT Empower loss adjusters with Cognizant’s innovative NextGen Claims Assistant powered with Gen AI, which generates contextual responses with meaningful insights to accelerate decisions and quick claim settlement. 4 © 2024 COGNIZANT. ALL RIGHTS RESERVED. CONFIDENTIAL AND PROPRI
Slide 5: NextGen Claims Assistant key capabilities and data sources
NextGen Claims Assistant - Empower loss adjusters with Cognizant’s innovative NextGen Claims Assistant powered with Gen AI, which generates contextual responses with meaningful insights to accelerate decisions and quick claim settlement. Other data Key capabilities Policy data Claims data sources Co
Slide 6: What happened? … the Incident
What happened? … the Incident At Henny’s Restaurant • On Jan 17th, the oven had burst due to a circuit break causing a fire. By the time chef tried to put off the fire, it had spread to most parts of the kitchen damaging the freezer and the foods insider. • Chef attempted to stop the fire, but then
Slide 7: What next?
What next? David John is assigned as the adjustor for the claims assessment and its settlement • 10 years of commercial claims expertise • Relies on data for decisions and tries to avoid being subjective • Looks to settle claims quickly ✓ David launches NextGen Claims Assistant from Duck Creek Claim
Slide 8: Solution architecture
5 Solution architecture QUERY PROCESSING Web Crawl Search Google Results SerpAPI 1 6 2 USER DATABASES / MEMORY USER INTERFACE Answer Azure Open AI GTP-4- Omni 4 Web chat PROMPT HUB Azure App Staging Table ( Azure Blob Storage) client Services (React JS) Context Prompt 1 Azure AI Search Neo4J 3 Claim
Slide 9: X Factor
X Factor 20% reduction in claims leakage 35% reduction in settlement time 40% improvement in adjusters' productivity 30% improvement in customer engagement 9 © 2024 COGNIZANT. ALL RIGHTS RESERVED. CONFIDENTIAL AND PROPRIETARY INFORMATION.
Slide 10: Key capabilities (1/4)
Key capabilities (1/4) Contextualized Claim summary Exposure identification NextGen Assistant carefully reviews the new claim submission Claim Adjustor, John wants to understand the exposures of this received along with other sources of data such as policy data & claim and validate if his findings m
Slide 11: Key capabilities (2/4)
Key capabilities (2/4) Estimate recommendation Similar claim insights John must now enter estimates for this claim. Though he is clear on John wants to see similar claims and understand the status of it the exposures, he is not so confident with the reserve figures. He along with the assessment repo
Slide 12: Key capabilities (3/4)
Key capabilities (3/4) Identify key discrepancies Generate summary of file notes Claim adjustor, John somehow feels something is not right in this Fire reports are received and stored in the file notes. The report claim. It could be just his gut feel. He wants to see if the Gen AI seem to be quite d
Slide 13: Key capabilities (4/4)
Key capabilities (4/4) Identification of missing information Generate contextualized emails This being a fire claim, he needs to cross check the critical data John wants to send next steps email to the claimant. He doesn’t that needs to be looked at. He is expected to send a note to his have the tim
Slide 14: Thank you
Thank you 14 © 2024 Cognizant | Private
Slide 15: NextGen Claim Assistant MVP
NextGen Claim Assistant MVP POD Architecture and timelines The team is made of different roles, and skill sets that work together to provide oversight and overall management of the product delivery. We adopt a product-centric mindset towards delivering outcomes through Scrum Master our well-integrat
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