The new partnership will see Kryon’s unique Robotic Process Automation (RPA) solutions offered as part of MFX’s digital transformation services for the insurance industry.
TEL AVIV, ISRAEL November 9th, 2017 — Today, Kryon Systems, a global provider of intelligent Robotic Processing Automation (RPA) solutions, and MFX, a boutique IT services provider for P&C insurance carriers, reinsurers, and agents, announced a partnership to develop and deploy insurance-specific automation tools. The combination of MFX’s years of experience in providing digitalization services for insurance companies and Kryon’s cutting-edge RPA solutions will enable providers to embrace new automation capabilities and streamline operations. By working with insurers to bridge the gap between the capabilities of legacy systems, and the increased need for speed, flexibility, and customer support, MFX and Kryon will ensure that providers remain competitive in an ever-changing industry.
The insurance industry is already undergoing a substantial reconfiguration as it embraces new and advanced technologies, but it’s also being pressured by increased competition due to the market entry of smaller, more agile, and highly specialized firms. This upheaval is threatening profit margins across the industry and is causing executives to seek methods to increase efficiency while keeping operational costs down.
With its best-in-market visual recognition tools, ease of use, and minimal programming knowledge requirements, Kryon’s end-to-end RPA solution automates critical but repetitive and time-consuming processes for businesses, thus enabling rapid task execution and increased overall productivity. The insurance industry is uniquely suitable for the adoption of RPA and other automation services with a multitude of rules-based processes, such as claims processing and underwriting, comprising the bulk of its operations. Kryon’s technology enables insurers to easily offload these tasks to a digital workforce, monitor them in real-time via a management console, and reconfigure automation scenarios as needed, allowing for a scalable solution for dynamic companies.
“The insurance industry is still heavily reliant on multiple legacy systems and a complicated web of databases, requiring agents to spend inordinate amounts of time handling relatively straightforward processes. This work can easily be offloaded to a virtual workforce, empowering agents to focus on more core elements of the business and ensure customers have a more satisfying experience,” said Harel Tayeb, CEO of Kryon Systems. “MFX is leading the digital transformation charge in the insurance industry, and we’re excited about the opportunities that our partnership will generate. Their hard work enabling providers to integrate a wide range of new technologies, from data analytics to advanced enterprise information systems, combined with our intelligent RPA solutions will ensure that insurers are equipped to handle the many changes coming to the industry.”
“When we were looking for a partner for developing process automation, we studied and compared over 25 available tools before selecting Kryon for its superior technology and for their readiness to work with us in developing insurance specific solutions,” said Pramod Vasant Deshpande, Vice President of MFX Services. “Their training program and quick response to support requests have proved our decision right, and I am sure we will continue to develop exciting business solutions for our customers.”
About Kryon Systems
Kryon Systems delivers innovative, intelligent Robotic Process Automation (RPA) solutions empowering companies to transcend the processes which consume their most valuable resource – time. While other RPA vendors provide tools that focus solely on automating repetitive process-oriented tasks, Kryon aims for a complete and lasting solution, ultimately removing these tasks entirely from the day-to-day workflow of enterprises. Using patented visual and deep learning technologies, Kryon’s RPA enables companies to discover the innovators and creators amongst them by reducing the noise, complexity, errors and wasted time which go hand in hand with process execution. Kryon’s intelligent RPA is changing the reality of today’s process-focused business world by offloading the repetitive, soul-crushing processes to a digital workforce not only for the increased productivity, reduced error rates, and lower operating costs, but also so that companies can focus on what they want to be – creative, imaginative, revolutionary, and with greater revenue. Learn more about Kryon Systems and the numerous Fortune 500 organizations already benefiting from its products at www.kryonsystems.com
MFX is a fully-owned subsidiary of Quess Corp Limited, a step down subsidiary of USD 10+ billion Multinational Fairfax Financial Holdings. MFX is a specialist vertical system integrator for insurance industry and a leading provider of digital transformation services covering PaaS, Infrastructure, ADM, BPO, Analytics and GRC services. Headquartered in Morristown, NJ, MFX has additional locations and datacenters in Virginia, Texas, Toronto and multiple development centers in India. MFX provides critical support and business applications to the property and casualty insurance industry, processing more than $2.7 billion in insurance premiums annually for customers on its systems and supporting customers core insurance applications, infrastructure and business processes.