Automate Insurance Underwriting – The Need of the Hour

Insurance underwriting software

Insurance

Is your insurance underwriting process slowing you down? Are you struggling to manage high volumes of paperwork? Are you taking more time to initiate new quotes and policies? Is a hard-coded legacy system inefficient to meet your requirements? Are you finding difficulty in determining risks?  Wondering how to overcome these hurdles? Simple, automation is what you need.

Why Automate your Insurance Underwriting System

An automated underwriting system helps you streamline the end-to-end process and enables you to make informed business decisions. The insurance underwriting solution comes equipped with robust functionalities, thereby enabling you to witness a host of business benefits, including:

  • Reduced errors
  • Minimized turnaround times
  • Higher operational efficiency
  • Improved compliance

Transform into a Truly Digital Insurer

Listed here are the seven simple ways to automate your policy issuance and underwriting system that will transform you into a truly digital insurer.

1. Managing a High Volume of Content

A content management platform helps underwriters manage a high volume of content, which otherwise is a cumbersome task. The system captures, digitizes, and extracts data from content generated across multiple channels

2. Analyzing Applications

An intelligent business process management platform helps automate the insurance underwriting process. It analyzes incoming applications, identifies the concerned areas, and sends straight-through processing if it meets all the given criteria. If not, it is sent for review

3. Generating Summary Sheet

An end-to-end insurance underwriting software helps consolidate the information collected from multiple sources and generates a summary sheet. The system helps gain a 360-degree case view to the underwriter

4. Enabling Error-free Underwriting

Optical character recognition (OCR) enables error-free insurance underwriting of quotes. Further, it ensures simplified policy issuance and underwriting

5. Initiating Case On-the-move

Mobile-based initiation platform helps field agents to initiate cases ‘on the move’, thereby reducing processing cycle times and improving customer experience

6. Analyzing Geo-specific Data

Satellite imagery data analyzes geo-specific data of a particular region. It determines the risk and helps caseworkers to decide the premium in a hassle-free manner

7. Finding Co-relations Between Claims and Risk Elements

Insurance underwriting solution is equipped with natural language processing that extracts texts and audio data, categorizes them, finds co-relations between specific claims and risk elements, and accordingly determines the premium

Insurance Underwriting Software

The Way Forward

Underwriting is one of the key functions in the financial world and plays an imperative role in gaining performance excellence. Hence, to make a reasonable profit in insurance, underwriters are required to intelligently assess risk and cover the losses of the insured and related expenses. Therefore, the need of the hour is to automate processes with end-to-end insurance underwriting software.

Source: https://newgensoft.com/blog/automate-insurance-underwriting-the-need-of-the-hour/

Enterprise Service Management: A Unified Platform for Employees, Partners, and Customers

Are your employees struggling with the piles of documents? Are your partners unable to collaborate with your employees? Are your customers expecting you to provide omnichannel engagement? If yes, an enterprise service management (ESM) solution is there to help.

Per Gartner, “Organizations are treating Enterprise Service Management (ESM) software as an opportunistic tactical approach to consolidate software or get access to simple functions quickly rather than pursuing an enterprise strategy that requires in-depth analysis of the long-term risks and benefits”.

Enterprise service management system helps deliver a great experience to all service recipients, including employees, partners, contractors, suppliers, and other stakeholders. It manages a wide range of service requests, from simple credit limit updates and duplicate invoice requests to complex business processes like product installation and employee separation.

Enterprise-Service-Management

Listed here are the top 5 benefits of enterprise service management:

Improved customer service

Enterprise service management system aligns with various business needs and provides an end-to-end automation solution to all queries, requests, and complaints. It records customers’ interactions, updates the repository, helps customer service executives to tackle queries, captures feedback with the help of a survey, and provides self-service management, thereby enhancing customer service

Empowered employees

ESM based on low-code process automation helps employees with pain-free, personalized, productive, pervasive, and predictive services. It simplifies document management, answers customers’ frequently asked queries, frees them from doing mundane tasks, and empowers them to utilize their time in productive jobs

Unified view of customer information

The platform helps businesses get a unified view of communications sent from different departments and their customers’ respective responses. It also helps in end-to-end monitoring with real-time tracking of customers’ interactions

Better support to partners

The platform seamlessly integrates with your partners’ applications providing you an extended enterprise experience and your customers with superlative service. Processes such as duplicate invoice requests, goods return requests, and incorrect shipment, which deal with partners external to your organization, can be unified with your business processes

More responsive and quick query resolution

Based on past interaction with the customers across the channels, it helps human agents to respond contextually to each customer, providing them with a better solution to their problem and delivering a superior customer experience

In Conclusion

In a nutshell, an enterprise service management system eliminates the silos and provides a unified platform for employees, customers, and any third-party vendor to interact and optimize business productivity.

Source: https://newgensoft.com/blog/enterprise-service-management-unified-platform-employees-partners-customers/

Customer Service Management Software ? 6 Key Considerations

Unified low-code platform for end-to-end automation at scale

Accelerate your digital journey powered by the only technology platform on the planet that can help you automate end-to-end at scale with a unified technology stack that cuts across process, content, communication, and AI. What’s more, NewgenONE is natively low code across the board, so that you can design, build, deploy and optimize applications rapidly.

Intelligent Process Automation

Rapidly automate end-to-end customer journeys for smarter operations and transformed experiences

Automate for outcomes with the most comprehensive process automation platform. Leverage the power of workflow automation unified with content services, business rules, omnichannel communication, case management, RPA, and AI to deliver efficient, intelligent, and context-aware processes. Go beyond automation to build a continuously improving agile organization at a scale of thousands of processes. Modernize work to unleash automated and touchless self-service that makes not only the customer happy, but also employees and partners.

Manage content lifecycle. Ensure anytime anywhere access to content

Embrace digital by automating content lifecycle management for all types of content across the organization. Derive real-time outcomes through automated ingestion and processing of documents and digital media in content-centric processes.

Omnichannel Customer Engagement

Engage with customers in context through their channels of preference with full control and visibility across the enterprise. Design all communications standard or custom rapidly through visual modelling-driven environment and integrate them in process through plug-and-play. Deliver a delightful experience across the journey by keeping customers, partners, and employees connected in context across applications and touchpoints.

Low Code Application Development

Automate all types of business applications through a uniquely powerful low code capability across process, content, communication and AI. Rapidly compose complex mission-critical applications with enterprise-grade sturdiness and built-in agility for change. Transform your enterprise with speed through end-to-end automation of thousands of applications and processes across the organization.

Artificial Intelligence and Data Science

Tap the power of visual AI to accelerate your journey from data to insights at enterprise scale. Rapidly build machine learning, deep learning and graph models through intuitive visual studio, and launch with automated deployment and retraining. Infuse AI into automated processes and applications for real-time predictive and prescriptive insights to drive faster and smarter decisions. Stay ahead of the market with AI-driven innovative business models.

What’s more! Combine AI with business rules, process automation and content services to inject intelligence in applications and processes across the enterprise.

Source: https://newgensoft.com/blog/customer-service-management-software-key-considerations/

Sustainable Banking Using a Modern Content Services Platform

According to Swiss Re Institute Research1, the global economy could lose 10% of its total economic value by 2050 due to climate change.

Climate change continues to pose an existential threat to the global economy. While the impact is felt across different industries, financial institutions are at the forefront of being the change agents. With the world waking up and moving towards low carbon emissions, banks have a major role in enabling this change.

Sustainability for modern financial institutions is not just limited to going paperless or becoming carbon neutral. It incorporates Environmental, Social, and Governance (ESG)  into traditional banking aimed at achieving Sustainable Development Goals3 (SDGs).

Enabling, Accelerating Digital and Sustainable Banking with a Modern Content Services Platform

A key aspect of a purposeful organization is authenticity, with ESG at its core. In this blog, let’s explore how viable modern content services platforms facilitate sustainability priorities in banking, including net-zero emissions, paperless banking, energy efficiency, social goodwill, and brand strengthening—enabling financial institutions to digitally transform and be future-ready.

Paperless Banking: Digital Loan Origination

Traditionally, the customer lending origination process is paper-intensive. It requires application forms and document submission for the pre-qualification process, including copies of identity documents, employment proof, salary slip, bank statement, and previous loan statement. That’s a whole lot of documents from a single applicant. Imagine how many papers are daily printed and submitted to the banks with millions of borrowers globally!

Here’s exactly where the modern content service platform comes into the picture. The platform enables banks to eliminate the traditional ways of managing documents with capabilities to scan, extract, classify, and intelligently upload, share, and store documents. It facilitates banks to transit to paperless banking without compromising their service offerings to reach net-zero emission targets. Once the financial institution embarks on this journey towards paperless banking, emissions from paper production, transportation, physical storage facilities, and electricity will undoubtedly be reduced.

Digital Customer Onboarding

COVID-19 has accelerated the pace and, more importantly, the acceptance and adoption of digital technologies. Account opening can be done paperless by visiting the bank’s website or mobile app and keying in account opening information, such as personal details, scanning or clicking your documents using a mobile camera, and uploading your picture and e-signature. A modern content services platform can organize this data and make it accessible to backend business processes. Having the right platform helps users securely maintain their information over time, allowing them to correct documents, read them on various devices, annotate or collaborate in an electronically-driven environment. This saves a lot of paper, which otherwise gets wasted due to errors, misprints, or multiple copies, and creates a seamless customer experience. Furthermore, it saves the transportation costs from not needing to send the paper waste for recycling and equips an organization to ensure on-demand audit-readiness of documents.

Customer Digital Lifecycle Journey

Traditionally, several phases and sub-phases of a customer lifecycle involve paper-based processes, including data collection of an applicant, document analysis, data enrichment, KYC case review, ongoing customer services, and customer-off boarding. The cycle continues if you succeed in up-sell or cross-sell any new product to customers in between. The modern content services platform can overcome this manual handling process and transform the digital customer lifecycle into a paperless one. The platform helps digitize documents, classify information, extract data, collaborate, and electronically store while significantly minimizing paper usage and costs. Features like e-forms, e-signatures, video KYC, and conversational interfaces can reduce paper trails and help in delivering a superior customer experience.

Energy Efficiency: Green IT through Cloud

On-premise infrastructure must be operational irrespective of the transactional load consuming considerable energy in computing, lighting, and cooling the data centers. Cloud is at the heart of energy savings. Today’s modern content services platforms leverage the cloud effortlessly, enabling business leaders to offer optimized and effective services to banks while consuming considerably fewer resources.

Energy Efficiency through Compression Techniques

Raconteur estimates that by 2025, nearly 463 exabytes of data will be created each day globally.5 Banks are responsible for a sizable chunk of this data, consuming computer resources and energy. Modern content services platforms employ efficient compression techniques to reduce data size, saving computing storage and electricity. The energy savings will compound exponentially with data growth.

Social Goodwill and Brand Strengthening: Financial Inclusion

A modern content services platform and other digital technologies are crucial in taking banking to remote places. Today, a field agent can take a portable device to remote areas and collect customer information, signature, and identity proofs – all paperless, effortlessly bringing them into the banking system. Financial products like account opening, loan origination, payments, and card statements are offered digitally with this platform.

Green Banking

Apart from reducing operational emissions, banks encourage their customers to go paperless as an initiator of change. Banks provide loans for sustainable agriculture, renewable energy, or any other environment-based projects at a reduced lending rate. A truly digital bank can also help its customers and vendors go paperless by substituting paper-based documents with digital ones. In doing so, banks extend their commitment towards ‘net-zero’ in their operations, suppliers, customers, and the entire supply chain.

Brand Strengthening through ESG Data Analytics

A modern content services platform coupled with data, analytics, and System of Record (SoR) drives ESG metrics measurement and insights. The content services platform can extract data from sources and databases like customers’, suppliers’, social, satellite imagery, HR and government reports, etc., to feed into the analytics platforms to gain powerful insights. An example could be measuring agricultural and green energy loans annually to determine the contribution to CO2 emission reduction. Intersecting this data with country-wide CO2 emissions can help banks measure their ESG impact per year for a country or region.

The Way Forward

A modern content service platform paves the way for the contemporary approach to bringing sustainability to banks. The platform not only enables banks and financial institutions to protect the environment but also extends a helping hand with financial inclusion.

Reference

  1. The economics of climate change. (2021, April 26). Swiss Re Group | Swiss Re. https://www.swissre.com/institute/research/topics-and-risk-dialogues/climate-and-natural-catastrophe-risk/expertise-publication-economics-of-climate-change.html 
  2. Sustainable development goals. (n.d.). United Nations Development Programme. https://www.undp.org/sustainable-development-goals
  3. The world counts. (n.d.). The World Counts. Retrieved April 26, 2022, from https://www.theworldcounts.com/stories/paper-waste-facts
  4. A Day in Data. (n.d.).Raconteur. https://www.raconteur.net/infographics/a-day-in-data/

source: https://newgensoft.com/blog/sustainable-banking-using-a-modern-content-services-platform/

Digital Transformation for Energy & Utilities Sector

Digital transformation is fast becoming the key business driver in each industry, and energy and utilities organizations are no exception to this trend. The energy and utilities sector has undergone fundamental shifts in the last few years. The disruption caused by the pandemic has influenced these organizations to undertake various digital initiatives and accelerate their processes. According to a 2021 survey by Accenture, 96% of utility executives have reported that their firms were innovating with urgency and call-to-action.

Digital transformation has become crucial for the organizations in the sector due to the following associated advantages:

  • Better customer experience
  • Enhanced operational efficiency
  • Improved project implementation
  • Increased top line and bottom line

Key Challenges Encountered

Despite their investments in modern, cutting-edge technologies, many organizations in the energy and utilities sector are yet to leverage the power of digital to its fullest. This is mainly because of the following reasons:

  • The organizations in the sector still rely on the disconnected transactional and operational systems
  • The systems might be efficient for handling simpler transactional cycles but fall short of managing the end-to-end process lifecycle

A Unified Platform is the Way Forward

To fast-track their digital transformation, utility organizations must break the practice of digitizing in silos and automate their end-to-end process lifecycle. It is critical for organizations to adopt a unified project management system to digitize the entire project lifecycle, including streamlining documents, processes, people, and devices.

A unified platform enables these organizations to streamline their functions, such as submittals under multiple disciplines. Furthermore, the platform routes these functions to the appropriate processing channel through a document-intensive or template-based workflow. This ensures better operational efficiency and reduced maintenance-related overheads for the organizations in the sector and helps them stay ahead of the curve.

Webinar: Turbocharge Digital Transformation in the Energy and Utilities Sector

Recently Newgen and Ernst & Young (EY) hosted a webinar where Vinit Mishra (Director-Technology Consulting, Power and Utilities, EY) and I shared our insights, ideas, and opinions on why accelerating digital transformation is now a top priority for energy and utilities organizations.

The webinar consisted of an in-depth discussion on the following aspects:

  • How digital transformation is driving innovation across various industries
  • Challenges encountered by organizations that are unable to leverage the power of digital
  • Need for organizations to stop ‘doing digital’ and start ‘being digital’
  • Key findings of the survey based on the digital transformation trends in the energy and utilities sector
  • Top ten digital transformation predictions in the utilities sector
  • Major challenges associated with document engineering, project engineering, and document management
  • Advantages brought by a unified platform for streamlining processes like engineering drawings, maintenance workflow, incident reporting, etc.
  • Case studies, best practices, and way forward

Watch the full recording of the webinar to learn more.

Source: https://newgensoft.com/blog/digital-transformation-for-energy-utilities-sector/

Ensure Continuous Process Improvements with Process Modeling

Your organization’s underlying business processes are a critical cog in building a customer-centric and digital ecosystem. Therefore, these processes must be correctly modeled, mapped, optimized, and automated, to generate greater value for the customer. To make this happen, process modeling software can help. The software will set a strong start to your process optimization, making it easier to streamline processes while eliminating bottlenecks and inefficiencies.

What is Process Modeling?

Process modeling is a technique that uses a graphical representation to map out your organizational business processes. It uses a web-based, drag-and-drop process modeler tool to design simple and complex business processes.

Similar to a flow chart, a process modeler outlines individual steps of a process to give a holistic view of tasks in the process cycle. The modeling software allows you to represent processes in a way that can be transformed into a live automated process. It is an essential component for effective business process management and automation.

Benefits of Process Modeling Software

Listed here are some benefits of implementing process modeling software:

  • Process improvement and agility: By visualizing the business process mapped, you get a clear picture of how each process works in the current state and constantly improve them
  • Business orchestration and efficiency: Process modeler contributes towards enhancing the efficiency of your business processes, supports increased collaboration amongst users and systems
  • Standardization across departments: In cases where multiple processes in an organization involve similar steps or repetitive tasks, a process modeler allows to identify best practices across functions and implement procedures in a seamless manner, thereby ensuring consistency and standardization
  • Competitive differentiation: An organization that has aligned its operations with its strategy, is adaptable and nimble, has control over its processes, and works smoothly is much more likely to deliver transformed and differentiated experiences, thereby gaining a competitive advantage

In a nutshell, process modeling helps you continuously improve processes with a systematic approach and facilitate periodic testing of the waters for course adjustment.

Source: https://newgensoft.com/blog/ensure-continuous-process-improvements-with-process-modeling/