Synopsis
In the past few years, the demand for accelerated underwriting life insurance products has exponentially grown as consumers prefer to buy policies without having to undergo medical tests. InsureTechs such as Bestow, Ethos, and Ladders have raised the bar by providing the capability for purchasing policies digitally and fast. Insurers leverage advanced risk models based on internal and external (third-party) data to enable them to underwrite policies up to $2 Million face amounts without requiring medical tests. Our solution helped our client build a flexible integration platform to easily onboard third-party data providers, as well as provide self-service options for consumers.
About the Client
The client is a top 10 life and annuity insurer in the US.
Business Challenge
The insurer wanted to aggressively launch fluidless underwriting products. A key requirement was to develop a flexible integration platform to easily onboard third party data providers. The insurer also wanted to improve customer service by providing self-service options and speed up cycle time for the end-to-end process.
Key challenges faced by our client:
- High overall cycle time for Life Insurance purchase
- Complexity in integration with third-party data vendors
- Poor customer experience
- High cost of Tele-interview process
Our Solution
Coforge formed a cross-functional agile team to deliver several key new capabilities. The team was responsible for the design, development, and integration of several components to deliver a complete solution:
- Framework for onboarding of 3rd party data providers
- Scalable solution deployed on a containerized platform
- Self-service electronic interview process with reflexive underwriting questionnaire to replace the traditional tele-interview process
- Implementation of electronic policy delivery process using electronic signature capability based on Docusign solution
Delivering More Value
- Reduction in request processing time by almost 40-50%
- Faster turnaround time for new requirements.
- Reduced infrastructure cost by over 25%
- Reduced Tele-interview cost by up to 50%
- Policy delivery time reduced by 70%
