In a move set to redefine operational efficiency in the insurance sector, Hyderabad-based ForaySoft has partnered with US-based ES Search Consultants to introduce a suite of modular, AI-driven technology components. These innovative solutions are engineered for seamless integration into existing insurance platforms, promising to enhance claims processing and risk management capabilities.
The joint development initiative focuses on delivering practical AI tools that address specific insurer needs. The initial modules will empower insurance professionals with:
Intelligent Claims Automation: Automating intake and triage processes for quicker claim settlements.
Sophisticated Risk Assessment: Utilizing advanced AI engines that analyze both structured and behavioral data to refine risk scoring.
Proactive Fraud Detection: AI-powered tools designed to identify suspicious patterns within SIU workflows.
Madhu Koneni, President of ForaySoft’s technology division, emphasized the practical application of these tools: "Our focus is on creating AI solutions that are not just theoretical, but are task-specific utilities directly embeddable into carriers’ daily operations. Underwriters, adjusters, and fraud teams will find these tools empower them with greater efficiency, agility, and ultimately, enhanced customer trust and competitive advantage."
This collaboration aligns perfectly with ForaySoft's strategic vision to lead digital transformation in key industries. The company is set to expand its AI Center of Excellence in Hyderabad and launch pilot programs with prominent insurance clients in India, the US, and the Middle East within the upcoming fiscal year (FY 2025-26).
Vasu Babu Vajja, Managing Director at ForaySoft, stated, "We are excited to combine our deep industry knowledge with the power of next-generation AI. By expanding our AI Center of Excellence and engaging in pilot programs across key global markets, we aim to unlock new levels of performance for our insurance partners."
To support this expansion, ForaySoft plans to grow its dedicated AI team by hiring 100 new professionals, building upon its existing base of over 40 AI experts.
The critical role of AI in the insurance industry is further underscored by a McKinsey report indicating that AI leaders achieve substantially higher Total Shareholder Returns (TSR) – 6.1 times that of AI laggards.
About ForaySoft: ForaySoft, established in 2011 and based in Hyderabad, is a global technology and consulting powerhouse. With a proven history of over 300 successful projects in six countries and a team of over 3,000 professionals, ForaySoft drives modernization and delivers scalable, sector-specific solutions for businesses worldwide.
About ES Search Consultants: ES Search Consultants, a US-based entity, provides AI-driven technology solutions and expert advisory services to the insurance industry, focusing on embedding practical, impactful tools into insurers' existing operational frameworks.
