Digital transformation and technology services firm Mindtree has introduced new cloud based solution, Loss Control Platform, for the insurance industry.

Loss control platform

The new cloud based solution was developed to carry out the underwriting and risk assessment process for insurers and risk management companies.

The platform will allow insurance firms to reduce business exposure due to more optimized risk selection and lower claim incidences.

Mindtree platforms solutions group head and senior vice president Gaurav Johri said: "Loss control processes are manual and time consuming.

Absence of automation and inconsistent assessment methods used by risk teams are inefficient to support the high level of agility required to handle todays’ more complex environments.

"Our solution automates the loss control processes, provides automated insights during risk assessment and reduces cycle time up to 30%."

Mindtree has designed the Loss Control Platform for the end-to-end life cycle of loss inspection and control. It deals with request management, assignment, risk assessment, tracking and publishing.

Developed using flexible secured architecture and responsive design, the solution delivers on-the-go services such as risk assessment, progress tracking and risk grading.

The architecture holds capability to extend loss control services to new user groups, locations, and external vendors.

According to the company, the solution enables seamless collaboration among risk managers, risk engineers, underwriters, claims handlers, customers and other stakeholders.

The platform is said to use enhanced controls, data security and data isolations specific to region, location and line of business.

Image: Mindtree has launched new cloud based solution, Loss Control Platform, for insurers and risk management firms. Photo: courtesy of renjith krishnan /