By using efficient underwriting systems, Life and Annuity (L&A) carriers can streamline the entire process from quote to policy. This can help to reduce paperwork and manual processes, reduce errors and costs associated with incorrect decisions, and provide a better customer experience. Efficient underwriting systems can also help to monitor and analyze risk selection, pricing, and profitability across different markets and customer segments.
At Coforge, our team of experienced professionals have a deep understanding of risk, allowing us to underwrite policies with careful consideration of potential risks. This ensures that we can evaluate and assess each policy with precision, making sure that the risk is always weighed against the potential reward. Our AI-driven solutions provide an interactive experience with enough configurability to support decision-making that ensures a disciplined underwriting process. Our next-gen automated underwriting system includes:
- Self-service portals with quote, illustration, and mobile application capabilities
- Accelerated underwriting.
- Tele-underwriting – reflexive questions rendering real-time underwriting decisions.
- Straight through processing
- Use of third-party data, new evidence sources (e.g., criminal history), and advanced analytics enabling insurers to underwrite policies with higher levels of face value without medical tests.
- Underwriting workbenches
- eSignature-enabled processes
- e-Policy delivery