Sudhama Gopalan, Senior Vice PresidentInsurance firms have made considerable investments in digital transformation especially in data technology, but these are largely yet to bear fruit. Since insurance firms comprise a plethora of isolated systems for specific tasks and a vast amount of data, business leaders find it hard to gain complete visibility of their operations within their firm as well as outside. They are thus unable to connect the dots across their enterprise and the ecosystem, resulting in decreased productivity and performance.
This is precisely where Tada Cognitive Solutions, an innovative Insurtech solution provider, breaks through with their platform based on the concept of a Digital Duplicate®. Tada provides business users the ability to gain insights and make real-time decisions on complex issues such as enhancing customer acquisition on a risk-adjusted basis, speeding up changes in product based on performance insights, or getting a real-time integrated view of a customer across channels. “The unique aspect of Tada Cognitive Solutions is that its platform and approach are built on how the human brain processes information,” says Sudhama Gopalan, Senior Vice President at Tada Cognitive Solutions. “Just like the network of neurons in the brain stores vast amounts of information and can instantly access the relevant information, so too does Tada’s patented technology. As a result, Tada offers incredible speed-to-value that is a dozen times faster than alternatives.”
For the operationalization of the Tada platform, the company follows a three-step methodology where they first create an end to end Digital Duplicate® of the customer’s business as a semantic network. Then, Tada populates the network with their customer’s data without disruption to business processes, after cleansing and connecting that data. Finally, they operationalize a suite of prefabricated, purpose-built apps for the customer. What’s noteworthy about these apps is that they have considerable embedded industry expertise, require little work to configure, and are designed for multi-level business users in the firm. “Everything that we do within our platform is geared toward usability and adoption,” says Dr. Gopalan.
An area where Tada really shines is its infinite navigation, which allows the user to navigate the business from any point of view because of how the data is organized as part of that network. To illustrate how this helps users rapidly solve problems, Dr. Gopalan brings up the story of a multiline insurance carrier that lacked visibility into its independent agents, which hindered them from carrying out a large growth initiative. Tada applied their methodology and within a few weeks configured a specific app around distribution effectiveness, which provides visibility into the carrier’s distribution network, especially the various stages of the customer acquisition operation. This set into motion two-way visibility by taking away the information asymmetry between independent agents and the carrier thereby resulting in better coordination and greater productivity all around.
Just like the network of neurons in the brain can store and instantly access relevant information, so too does Tada
Besides providing unprecedented visibility, the Tada platform is built to be an easy, self-serve platform after initial deployment. It is a no-code platform with self-authoring tools and predictive modeling capabilities for a user. “Using a semantic network allows us to dynamically grow along with the client and evolve with them,” says Dr. Gopalan. Recently, Tada has enhanced its core platform to provide IoT and AI solutions in response to insurance customer needs.
Today, Tada is a cross industry solution for data, digital, and business integration with more than 100 installations at over 45 customers across verticals like manufacturing, distribution, supply chain, healthcare, insurance, and education. Tada is especially gaining traction in insurance and plans on entering the financial services and health insurance verticals as well. Concurrently, Tada strives to move further ahead by taking its distributed technology into the next generation. The enduring focus is to unleash the magic of Tada to drive user adoption, create business impact, and connect the ecosystem