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 * Revolutionizing the Insurance Industry: How Proxima Optimizes Insurance
   Operations


REVOLUTIONIZING THE INSURANCE INDUSTRY: HOW PROXIMA OPTIMIZES INSURANCE
OPERATIONS




PRESS RELEASE Newsfile
Feb. 20, 2024, 09:27 AM










Proxima redefines the insurance industry by addressing operational
inefficiencies and integrating cutting-edge technology to enhance customer
service and data management

Chicago, Illinois--(Newsfile Corp. - February 20, 2024) - The insurance industry
has long faced challenges because of outdated operational frameworks and
technological limitations. Insurance carriers have adhered to rigid structures
that dictate product offerings, distribution channels, and risk assessment
methodologies for decades. Although these practices provide stability, they have
also hindered innovation within the industry.

One of the pain points in the insurance sector revolves around data management
and analysis. Traditional insurers struggle to utilize vast amounts of data to
predict risks accurately. Legacy systems and manual processes make it
challenging to process, analyze, and use large amounts of data. This leads to
delays in decision-making and substandard risk assessment. Because of this,
insurers may miss opportunities to serve markets and optimize their underwriting
processes.

Manual tasks such as claims processing, underwriting, and policy administration
are labor-intensive and prone to errors. They are often the cause of delays and
increased administrative overhead. The lack of coherence between various systems
and processes further exacerbates these challenges, making it difficult for
insurers to streamline operations and deliver outstanding customer experiences.

The advancements in digital technologies, especially in artificial intelligence
(AI), automation, and data analytics, present opportunities for the insurance
industry. Unfortunately, many insurers find leveraging these technologies
challenging. There are also concerns about data security and privacy to
consider. Adding to these factors are changing consumer expectations and
preferences.






Insurers that fail to adapt to these shifting dynamics risk losing market share
to more agile competitors and insurtech startups that are quick to embrace
innovation. Insurers must modernize their operations and embrace
technology-driven solutions to remain competitive in an increasingly digital
marketplace, and Proxima is leading this movement.

Proxima, a member of Resolute Global Partners, an SEC registered insurance
investment fund, and MLTPLY, a leading insurtech VC, aims to reshape the
insurance sector by embedding cutting-edge technology (such as AI and
automation) in operations to provide efficiency and exceptional customer
service. Recognizing the gaps in the industry, Camilo Cruz, the company's
co-founder and CEO, emphasizes the need for modernization behind the digital
front-end.

Cruz's experience building a full-stack digital insurer in the Dominican
Republic illustrates the limitations of existing insurance frameworks. "There
are advancements in areas such as distribution and claims processing. However,
the broader industry still relies on outdated operational models that offer
limited flexibility," he stated.

One of the primary drivers of Proxima's approach is the recognition that
digitizing the traditional sales process is not enough to address industry
challenges. For instance, the beginnings of insurtech, which is characterized by
direct-to-consumer digital platforms, revealed that simply replacing agents with
self-service apps and websites only led to higher customer acquisition costs.
Proxima advocates for a different approach to modernization, championing the
integration of technology into the backbone of existing insurance workflows,
such as underwriting, claims processing, agent onboarding, and more.

With this, Proxima addresses the persisting issues within the insurance industry
by focusing on the often-overlooked aspects of insurance processes. The CEO
expounded, "Operational inefficiencies that manifest in these areas have
significant implications for customers. For example, in the United States, we
are looking at the property insurance sector struggling to price risks
appropriately, and sometimes not even offering home insurance at all."






Proxima solves these challenges by assuming control of specific departments or
areas within insurance companies, effectively streamlining operations from
within. It deploys dedicated teams that take over tasks such as first notice of
loss handling, underwriting, billing, compliance, and business development. Each
member of the team is bilingual and possesses specialized expertise, ensuring
that insurance operations run smoothly.

Once the carrier has seen its operations improve, Proxima tests and embeds its
technology into the workflow. Its proprietary software, like CallPilot and
ProJourney, leverages AI-powered solutions to automate call center support.
CallPilot, in particular, boasts features such as Pro Wiki, Pro Call, and Pro
Automate. This tool revolutionizes inquiry handling and outbound communication,
from providing immediate, up-to-date information in real-time and reducing queue
time to automating end-to-end digital processes. On the other hand, Pro Journey
generates digital experiences for agent onboarding, contact information updates,
and many other use cases without requiring changes in legacy core systems.

Additionally, the company offers nearshore staffing services, providing access
to top-tier talent within various areas of expertise (e.g., information
technology, software development, quality analysis, and customer service). These
services enable insurance carriers to tap into global talent pools
cost-effectively, all while ensuring excellence and efficiency in representing
their brands.

Proxima's unique combination of expertise and innovative approach paves the way
for a more efficient, customer-centric insurance landscape. This edge positions
the company as an invaluable partner for insurance companies striving for
success in the digital age. Proxima's integrated approach to technology and
operations modernizes insurance practices and drives tangible benefits in terms
of efficiency, cost savings, and customer satisfaction.

Media Contact






Name: Avanthi Reddy
Email: hello@proximasolves.com

There is no offer to sell, no solicitation of an offer to buy, and no
recommendation of any security or any other product or service in this article.
Moreover, nothing contained in this should be construed as a recommendation to
buy, sell, or hold any investment or security, or to engage in any investment
strategy or transaction. It is your responsibility to determine whether any
investment, investment strategy, security, or related transaction is appropriate
for you based on your investment objectives, financial circumstances, and risk
tolerance. Consult your business advisor, attorney, or tax advisor regarding
your specific business, legal, or tax situation.

Source: The Newsdesk

To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/198549


Markets Insider and Business Insider Editorial Teams were not involved in the
creation of this post.



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