Transforming Insurance with AI: How Madhu Koneni and Vasu Babu Vajja are Driving ForaySoft’s Vision

Hyderabad (Telangana) [India], October 31: In a move aimed at reshaping insurance technology, Hyderabad-based consulting and systems integration firm ForaySoft has partnered with US-based ES Search Consultants to launch modular, AI-driven solutions for insurers. The collaboration focuses on intelligent claims processing, next-generation risk scoring, and fraud pattern identification — three pillars poised to transform how insurers manage core operations.

We spoke with Madhu Koneni, President of ForaySoft’s Technology Division, and Vasu Babu Vajja, Managing Director of ForaySoft, to discuss the partnership, its goals, and how artificial intelligence is redefining the insurance value chain.

Q: What motivated this partnership between ForaySoft and ES Search Consultants?

Madhu Koneni:
Both organizations share a clear vision — to make AI adoption practical and impactful for insurers. We’ve seen many AI pilots that don’t scale because integration is complex. With ES Search’s deep domain expertise in insurance and ForaySoft’s strength in scalable systems integration, we’re bridging that gap. Together, we’re bringing plug-and-play AI components that can be embedded directly into existing carrier systems without disrupting operations.

Q: What kind of AI solutions are you introducing under this alliance?

Madhu Koneni:
We’re launching three modular AI components as part of the initial rollout:

● Intelligent Claims Processing: Automates intake and triage to accelerate claim resolution and improve accuracy.

● Next-Gen Risk Scoring: Utilizes structured and behavioral data to generate more dynamic and reliable risk assessments.

● Fraud Pattern Identification: Integrates seamlessly with Special Investigation Unit (SIU) workflows to detect anomalies early and strengthen fraud prevention.

These modules are designed to be independent yet interoperable, allowing insurers to adopt them step-by-step based on business priorities.

Q: How does this initiative align with ForaySoft’s long-term technology vision?

Vasu Babu Vajja:
This collaboration directly supports our mission to drive digital transformation through applied AI. We’re expanding our AI Center of Excellence (CoE) in Hyderabad, which serves as the hub for research, innovation, and product development. During FY 2025-26, we plan to roll out pilot programs with key insurance clients across India, the U.S., and the Middle East.

At its core, this partnership reflects our belief that AI must be accessible, measurable, and designed to deliver tangible business value.

Q: What kind of impact do you expect on insurers’ operations and competitiveness?

Vasu Babu Vajja:
AI has already proven to be a growth accelerator. A McKinsey study recently found that insurance firms leading in AI adoption generated 6.1 times higher Total Shareholder Returns (TSR) than their peers. With our solutions, insurers can expect significant reductions in claims cycle times, improved fraud detection, and better underwriting accuracy — all leading to greater customer trust and operational agility.

Q: You mentioned expansion of the AI Center of Excellence. Could you tell us more about that?

Madhu Koneni:
The AI CoE is at the heart of our innovation roadmap. We’re investing in talent and infrastructure to accelerate development of new AI frameworks tailored for insurance workflows. Currently, ForaySoft has over 40 AI specialists, and we plan to hire an additional 100 engineers and delivery experts to scale our global delivery capacity. This growth will help us meet rising demand from insurers looking to modernize with AI.

Q: What’s next for this partnership in FY 2025-26 and beyond?

Vasu Babu Vajja:
Our immediate focus is on implementing pilot projects with leading insurance clients to validate and refine our solutions. Once we gather performance data and user feedback, we’ll expand into broader commercial rollouts.

We’re also exploring the integration of predictive analytics and generative AI to further enhance decision-making and customer engagement in insurance operations.

Q: How do you see AI shaping the future of insurance in the next few years?

Madhu Koneni:
AI is fundamentally changing how insurers think about data, risk, and customer relationships. The shift will be from reactive claims management to predictive, proactive risk mitigation. Underwriters will rely on AI-driven insights to tailor policies, and fraud teams will prevent losses before they happen.

At ForaySoft, our goal is to make this future a reality — by offering AI that is modular, measurable, and truly built for insurers’ day-to-day needs.

About ForaySoft

Founded in 2011, ForaySoft is a Hyderabad-based global technology and consulting firm with operations in six countries. Backed by 3,000+ professionals, 50+ development teams, and over 300 completed projects, ForaySoft specializes in enterprise modernization and digital transformation across industries.

About ES Search Consultants

ES Search Consultants, headquartered in the U.S., delivers AI-driven insurance technology and advisory services. The company partners with insurers to embed practical, value-driven AI tools into operational systems, driving measurable performance and risk outcomes.