Tenacitics: Catalyzing Digitalization in Insurance

Nasser K Ghazi, President

Creating an inevitable stir across various industries, digitalization is gradually picking up pace in the insurance sector. Of the myriad advantages that digitalization has in store for insurance carriers, the most eminent ones are automated claims processing, better coordination among multiple stakeholders in the ecosystem, and faster processing. As policyholders embrace the new social reality and increasingly become digital, insurance companies see the need to adapt to the changing needs, quickly scrambling to ensure that they have a platform presence in the digital space under the cloud to grow their business. Insurance companies have been aggressively moving away from offline servers to a whole new world of digitalization and mobility from the last five to ten years. However, running an interconnected ecosystem, enabling digital agility, creating interoperating systems, and simplifying insurance claims are all areas that carriers struggle with. Many companies spend a lot of time analyzing whether the digital model they built is accurate or not and if it can solve real enterprise problems.

This is where Tenacitics proves to be a perfect partner for insurance carriers, helping them dive into a completely new digital space. “Insurance companies often have a lot of legacy code, and building a high-performance, robust, reliable, and scalable platform can make a huge difference. We are providing exactly that for our customers in this space,” says Nasser K Ghazi, President, Tenacitics. The company has built solid competencies to build agile, scalable, and high-performance systems. “The fundamental skill set that we bring to the table is the ability to architect a digital platform in an agile manner and enable clients to scale their application both horizontally and vertically,” says Ghazi. Owing to Tenacitics’ rich experience in the field of IT and development of enterprise-grade platforms, it is in the best position to help insurance carriers wanting to switch from a traditional platform to a digital platform. Tenacitics’ digital platform is then topped off with analytics, which is key to leveraging the data or building data warehouses employing AI and machine learning methods. “We wanted to be engaged with analytics and be very tenacious. That is how the company’s name was coined Tenacious + Analytics,” adds Ghazi.

The fundamental skill set that we bring to the table is the ability to architect a digital platform in an agile manner and enable clients to scale their application both horizontally and vertically

Digital Transition Simplified

To smoothly embark on the digital transformation journey, Tenacitics helps insurance organizations move out from their old architecture to a digital platform built from the ground up using a completely modern technology stack. The company uses DevOps and microservices to make the digital applications modular and robust while streamlining the end-to-end digital experience, policy management and administration services, and document management services.

We work with the customer on an ongoing basis and constantly tweak the ML model and cross-validate it to ensure it produces viable results

Tenacitics works according to client requirements where they may have either well-defined goals to be fulfilled or an initial set of business needs. The company interacts with customers to understand their business objectives and problems, especially when it comes to analytics. “We spent a fair amount of time understanding the customer problems. We also try to understand the user journey,” explains Ghazi. Tenacitics enables insurance carriers to build high-performance platforms by addressing their business-critical objectives from a 360-degree point of view. Once their digital model is ready, the company assists clients in verifying the model to ensure it suits them and produces high-quality results. “We work with the customer on an ongoing basis and constantly tweak the model to ensure it produces valuable results,” he adds.

Ghazi fondly recollects a recent implementation where Tenacitics created a state-of-the-art enterprise digital platform for a large insurance carrier that leveraged it to grow their business. Tenacitics’ platform enabled the company to be rated as the fastest-growing specialty insurance firm in the U.S. market, which is incredible given the ongoing pandemic.

The Backing of a Strong Team

Tenacitics’ digital transformation efforts are powered by its expert development team that consists of experienced professionals from the U.S. and India with the primary objective of identifying the customer journey and working toward achieving the same. “As the insurance industry is in a transition mode, our team engages with a number of customers to assist them in their workflows,” notes Ghazi.

Tenacitics’ immense expertise in the wealth management field translates to adeptness in analytics and data as well. The company offers onsite resources for customers requiring QA automated testing and more. With the pandemic, these resources may not be on the customer site but work remotely to assist clients in a flexible manner to match their dynamic needs. Tenacitics’ extensive services also guide clients with data management to pull out the data spread across multiple sources such as Google Cloud BigQuery and Snowflake to consolidate and cleanse it. The company has built a number of tools to cleanse the data using machine learning. “We know that getting the correct information is often tricky, so we help clients on that front,” informs Ghazi.

Delivering on the Promise of Zero Downtime

Tenacitics delivers quality solutions to several top organizations in the world across multiple verticals, including the media, retail, fintech, and insurance. The company is dedicated to meeting its clients’ needs in real time and within budget. In a recent implementation, the company built a digital platform for an upcoming insurance carrier startup. Tenacitics helped the customer expand their business in the property and casualty space and successfully incorporated close to 3,000 underwriters. “We have operated on behalf of the carrier, and there has been zero downtime in the last two and a half years. That speaks about the quality of the operations and support that we give to our clients, in addition to providing them with an analytics platform,” says Ghazi.

Notably, the company offers aggressive support services to its clients to manage the system in production. Oftentimes carriers have 1,500-2,000 brokers working on the system, and Tenacitics’ experts ensure zero downtime. “We have a highly experienced team on the frontline that immediately responds to issues or tickets raised to remediate them. Till date, we have had no outages, all thanks to our strong DevOps team backing the support services,” remarks Ghazi.

The company has also carried out projects on the robotic process automation (RPA) side using UiPath to automate some of the processes in insurance. RPA comes in very handy in claims processing as it reduces the labor involved and facilitates operations with a very light team. Additionally, the company is looking at the decision sciences space and wants to create models and work in the analysis and consulting fields. Tenacitics has also developed enterprise-grade solutions and applications for customers across the U.S.

Currently, Tenacitics is looking to expand significantly on the analytics front, especially with machine learning and artificial intelligence capabilities and applying those to the insurance industry. “At Tenacitics, we always believe in creating models with a long lifecycle that can last for several years and provide customers with the business information needed for success,” Ghazi signs off.