The insurance industry has operated using a rigid framework for the past several decades, dictating the types of products insurance carriers create, which organizations sell them, and how insurers predict losses and price risks. A new wave of innovation is now taking shape within this sector, and insurtech service provider Proxima Solutions is at the forefront of it.
Proxima Solutions is a member of Resolute Global Partners, an investment firm registered by the U.S. Securities and Exchange Commission (SEC), and MLTPLY, a distinguished insurtech VC. Founded in 2022, the relatively new insurtech service provider is already leading a revolutionary movement, offering insurance carriers BPO services and tech products that leverage cutting-edge technology. Proxima infuses artificial intelligence (AI) and automation capabilities into its systems to provide holistic and need-based insurance solutions.
As technologies evolve, more and more insurance companies hop into the digital terrain, adapting technology-driven operations to serve their customers better. In most cases, however, the shift does not happen as smoothly as insurers would want. Camilo Cruz, co-founder and CEO of Proxima, with his extensive experience in insurtech and emerging technologies, has seen the gaps in insurers' operations, especially in assessing data to forecast risks. "Most of the challenges insurance carriers face are brought by outdated operational frameworks. We know this because we’ve experienced it ourselves. We found ourselves looking for opportunities that will help us deliver the best customer service by utilizing state-of-the-art technology,” the co-founder explained.
Realizing the long-standing issues within the insurance industry, the leading tech and BPO company developed two approaches to enhancing insurers’ operations. The first involves providing BPO services to insurance carriers. Proxima’s nearshore teams comprise dedicated bilingual groups that provide exceptional customer service and back-office support, handling multiple tasks from underwriting, billing, and compliance to first-notice-of-loss, lead generation, and overall data analysis.
Their BPO services are complemented with staff augmentation services, helping insurance carriers optimize hiring costs. With a proven track record and a team of seasoned entrepreneurs, Proxima is an excellent partner for insurtech projects requiring developing end-to-end solutions.
The second approach embeds cutting-edge technology in the programmes they operate for their clients. An example of this is that they have successfully run a first notice of loss customer support team where they introduced a proprietary software solution called CallPilot.AI. This proprietary software is AI-powered SaaS that dramatically improves management of knowledge base and can automate handling of call center support.
This software has enabled them to provide accurate and lightning-fast information to customers. Our services train a virtual agent that can actually answer thousands of calls simultaneously, eliminating the waiting queue for customers, providing better answers, and leaving the more complex cases to humans. This means, they can have highly specialized representatives who are better paid to handle more complex cases.
Aside from CallPilot, Proxima presents another innovative product called ProJourney, which aims to aid insurance carriers in achieving exceptional digital experiences within minutes without impacting core systems of the organization. Examples of this include agent digital onboarding and policy quoting.
The CEO of Proxima believes that within the next five and ten years, the insurance industry will prioritize improving operations with a special focus on data management. Data management and data assessment are, after all, the core of insurance services. Proxima, as a leader in innovation in the insurance industry, focuses on producing solutions that enhance the collection, management, and analysis of data.
The CEO added, “You can’t assess risk or improve customer experience if you don’t have the right data. What we do is improve our clients’ operations through technology that uses data to alleviate practical use cases. A sophisticated use of data allows our clients to improve customer experience while making operations more efficient. We provide both the technology and the resources in a comprehensive manner. Ultimately, Proxima positions itself as a standard in the operations of insurance carriers’’.
Name: Camilo Cruz