White Paper CORAC INSURANCE

Efficiency, innovation and compliance for insurance sector and affiliated organizations

This document outlines how CORAC leads digital transformation in insurance sector, helping our clients innovate, optimize processes and enhance the user experience offering unparalleled knowledge, expertise and a rare level of commitment.

Introduction

The AI and digital revolution is redefining the insurance sector. The need for operational efficiency and costs reduction, customer expectations and strict regulations are driving organizations to adopt advanced and tailored technological solutions.

Executives operating in one of the most regulated industries in the world requires an IT partner who understands the intricate web of compliance, security and operational challenges, and transforms them into opportunities for growth and differentiation.

Challenges

Solutions

Services

Products

AXIOMA

Automated actuarial intelligence for insurance

Revolutionizes actuarial work by automating data collection, statistical analysis, risk modeling, and product pricing. It enables real-time adjustment of assumptions, recalculation of scenarios, and generation of regulatory reports with minimal human intervention, reducing analysis times from weeks to minutes and improving operational efficiency.

CLAIMBOT

Autonomous and intelligent claims management

Empowers customers to initiate and manage claims through an omnichannel chatbot that understands the nature of incidents, requests evidence like photos and documents, and automatically resolves simple claims. For complex cases, it smartly routes requests to the appropriate adjuster, dramatically accelerating the indemnity process and improving the overall claims experience.

CALLIC

Secure and controlled mobile communication for corporate devices

It is a mobile application designed to manage calls exclusively to authorized numbers, optimizing corporate operations and ensuring compliance with communication policies for regulated business environments. It guarantees simplicity, full control and communication security, making it an ideal solution for insurers managing field teams and corporate-issued mobile devices.

CLAIMHUB

Comprehensive solution for claims management

Streamlines the registration, tracking, and resolution of insurance claims by providing powerful tools for damage assessment, expert coordination, and transparent indemnity management. Designed to enhance operational efficiency and ensures faster case closure, improves customer satisfaction, and optimizes resource allocation. By centralizing all stages of the claims process, it significantly reduces administrative overhead and enables insurers to maintain better control over their loss ratios.

FRAID

Intelligent fraud detection and prevention for insurers

Provides a powerful layer of protection against insurance fraud by analyzing claims, policyholder data and behavioral patterns in real time. Leveraging advanced machine learning models and customizable rule engines, it identifies suspicious activities, detects anomalies and prioritizes high-risk cases for further investigation reducing financial losses, enhancing operational efficiency and safeguarding the integrity of insurers while maintaining full compliance with regulatory standards. Its continuous learning capabilities allow the system to adapt to emerging fraud schemes, ensuring long-term resilience and strategic risk management.

INVOC

Seamless billing and payment management

Automates invoice generation, payment collection, direct debits and payment notifications, ensuring accounting accuracy and simplifying bank reconciliations enhancing cash flow management by reducing billing errors and accelerating revenue cycles, freeing teams from manual administrative tasks. Its integration with core insurance platforms empowers insurers to maintain financial consistency, improve regulatory compliance and deliver a smoother customer payment experience.

TRAID

Smart optimization of commercial activity for insurers

Centralizes and digitizes the management of commercial activities for insurers and brokers, enabling effective control of stoplists, annulment calculations and real-time decision-making optimization with intuitive tools and an efficiency-driven approach. It boosts commercial productivity, enhances portfolio profitability and supports proactive business strategies based on actionable insights.

IDENTIC

Secure and centralized user management for insurers

Enables full integration with the client’s Identity Server, ensuring centralized and secure authentication, authorization and user management. It provides complete control over user access, roles and permissions across all insurance platforms, guaranteeing regulatory compliance, operational security and protection against cybersecurity threats.

COREVIA

High-performance technology infrastructure for the insurers of the future

Provides an advanced technological foundation, designed to scale securely and efficiently within the insurance ecosystem. Based on a microservices architecture deployed over Amazon Web Services, Google Cloud and Microsoft Azure, it ensures agile performance, robust security and future-proof scalability to meet the evolving demands of the insurance industry.

Benefits

Case study

Digital transformation and innovation with CORAC advanced insurance solutions

ARAG, one of the global leaders in legal protection insurance, had long relied on SISnet as its core insurance management platform. While SISnet provided a robust foundation for policy administration and claims management, ARAG identified the need to modernize specific operations, enhance user experiences, and extend SISnet’s capabilities to meet the evolving demands of a competitive insurance market.

To achieve this, ARAG partnered with CORAC to drive targeted innovation across critical business areas without disrupting the stability of their core system. CORAC designed and deployed a modular enhancement strategy, delivering a suite of intelligent services and products integrated seamlessly into ARAG environment.

Each product was customized to interact natively with SISnet ensuring a non-invasive yet powerful evolution of ARAG digital capabilities transforming insurer operations without requiring a disruptive core system overhaul. By extending SISnet with intelligent and cloud-ready solutions, ARAG now operates with greater agility, security and customer-centricity, setting a new benchmark for digital excellence in the insurance sector.

Conclusion

The insurance sector is at a crossroads. Organizations that proactively embrace digital transformation will be better positioned to lead in the future. Our company is ready to be your strategic partner on this journey.

At CORAC, we're redefining the future of insurance. Our vision extends beyond technology, we create digital ecosystems that transform challenges into opportunities and complexity into competitive advantage.

Insurance providers face an unprecedented opportunity to redefine how their products are delivered, experienced and managed. By embracing cutting-edge digital technologies, organizations can achieve better customer experiences, higher operational efficiency and greater resilience in an ever-changing sector landscape.