Commercial Insurance is a complex yet necessary industry; it offers coverage in the case of loss or damage to clients, ranging from healthcare to property settings. For one technologically focused insurance expert named Rajesh Kakaraparthi, helping commercial insurers up-level their offerings and compete in a shifting environment is his specialty. Currently focused on property and causality insurance, Rajesh has spent his entire career introducing new technologies to a wide range of providers.
Building on core platforms, Rajesh employs technology to streamline customer interactions and make them more comparable to some of the best customer service offerings that exist. Insurance processes, including making a claim or simply updating a policy, are known for being difficult to navigate, but with tools like chatbots, automated claims processing, and even artificial intelligence, customers can get top-notch service in even the most challenging situations.
Covering five different initiative focuses, Rajesh is an expert at the digitalization of core platforms, the digital enablement of customer interactions, boosting analytical capabilities, enabling cloud functionality, and offering innovation in a notoriously challenging industry. Though some projects require a combination of these focus areas while others only need one or two, Rajesh's ability to adapt a solution to fit business needs keeps projects agile, effective, and affordable.
Harnessing the power of prescriptive and predictive analytics is something insurance providers need to lock down if they want to compete in today's market. They need to be able to anticipate high-risk customers with more accuracy than ever before, get ahead of industry trends, and gain insight into what business moves will bring the highest ROI. Once the right infrastructure is in place, Rajesh helps his clients understand and utilize tools that take analytics from backward-looking numbers to forward-facing predictions.
Acting as the foundation for all further innovation, getting the core platform approach right is pivotal to enabling technological solutions for all insurance providers. It's not uncommon to see old, legacy systems that struggle to process the sheer amount of data providers have access to today. These systems can lead to data corruption, inaccurate claims processing, and an overall lack of downstream analytics. Much of Rajesh's career has been spent implementing new core systems, migrating data, and boosting technological functionality that revolutionizes insurance business practices. In one migration project, he saved his client nearly $4 million every year just by getting the core platform where it needed to be.
From a place of data maintenance, enabling cloud technologies is another challenge many insurance providers face. Rajesh is a cloud transformation expert; by moving his clients from on-premise setups to cloud-based solutions, he saves them money, ensures data security and integrity, and reduces maintenance costs, directly impacting premiums end customers pay at the end of the day.
Rajesh's last focus area is perhaps the most exciting. Centering many projects around insurance innovation is the next-generation approach that many providers are missing out on today. Using AI and Cognitive Analytics, Rajesh helps alleviate some of the workload stress from insurance organizations. When used in partnership with humans, these tools can reduce blind spots in the data, offer unique solutions to current challenges, and continue pushing the insurance industry forward.
Throughout his decade-long career, Rajesh has been thrown into different insurance settings, worked with countless clients, and provided customized solutions to meaty business challenges. He lets the tools and technologies shine while helping his customers learn how to utilize them, embrace change, and adopt a continuous-learning mentality. He worked as a product manager at both Capgemini and Ernst & Young before making his way to Travelers, which is where he is today. In each role and with each individual project, Rajesh leaves a lasting legacy, reminding his clients of their own capabilities and inspiring them about what is yet to come in the insurance industry.