Improved Policy Risk Assessment and Delivery Time by Transforming the Underwriting Process
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Business Challenge
A leading Life and Annuities insurer was facing challenges with their existing Life Underwriting Platform. Challenges included prolonged policy issuance times, complex third-party integrations, expensive tele-interview processes, and poor customer experience. Agility and acceleration in their existing underwriting processes were required to reduce overall cycle time.
Coforge Solution
We developed a cloud based scalable platform to enable accelerated underwriting, reduction in cycle time, and improved risk assessment. The platform flexibility allowed quicker integration and onboarding of 3rd party vendors along with self-service options (e-interview and ePolicy delivery) to improve customer service.
Results
- 70% reduction in policy delivery time. (3-4 days to <1 day).
- 50% reduction in underwriting processing time.
- 25% reduction in the infrastructure cost.
- 50% savings in tele-interview cost.
Key Highlights
End-to-end underwriting platform from risk assessment to policy delivery while helping underwriters to take better decisions