Is the 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? To overcome these hurdles, automation comes into the picture.
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 system comes equipped with robust functionalities, thereby enabling you to witness a host of business benefits, including:
Minimized turnaround times
Higher operational efficiency
Transform into a Truly Digital Insurer
Listed here are the seven simple ways to automate your insurance underwriting system and transform into a truly digital insurer.
Managing a High Volume of Content A content service 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
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
Generating Summary Sheet An automated insurance underwriting engine 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
Enabling Error-free Underwriting Optical character recognition (OCR) enables error-free insurance underwriting of quotes. Further, it ensures simplified and consistent policy issuance
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
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
Finding Co-relations Between Claims and Risk Elements Natural language processing extracts texts and audio data, categorizes them, finds co-relations between specific claims and risk elements, and accordingly determines the premium
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 the end-to-end underwriting process.
“A complaining customer can be your best opportunity to show how good you are…and to create a customer evangelist.”- Shep Hyken
I have been in the insurance industry for more than a decade now and have had the opportunity to work with Fortune 500 companies globally. One intriguing matter that I noticed is that insurers keep working with their monolithic legacy complaint management systems despite the challenges these systems present. This costs you not only customer loyalty, but you also deal with the risk of losing millions in complaint settlements (caused by mismanagement). Also, you end up compromising on the overall operational efficiency.
It’s time you think beyond traditional complaints management systems.
The right technology can help you simplify and optimize your complaints management process. Without a streamlined approach, complaints management can be cumbersome. For instance, setting up a complaint on a legacy system could take up to 90 minutes! With the right platform, it can be done in under 6-8 minutes! Also, with legacy systems, reporting for individual cases could take weeks to collate data from multiple sources. Whereas with the right technology, weeks’ worth of work can be done in minutes!
Today, insurers need a comprehensive digital transformation platform to manage all nuances of complaints management deftly. And cloud-based NewgenONE digital transformation platform with low code capability offers you all of the above, along with stability, scalability, and much more! Here’s how-
Complete digitization of the complaints process with no manual hand-offs
100% compliance to necessary regulations such as FINRA, WORM, and more
Easy-to-use forms for quick complaint set-up; integration of the platform with necessary applications allows auto-filling of the forms, which speeds up the process
No more misfiling of complaints with 100% traceability, visibility, tracking, and auditing of each case
Easy upload, download, and streaming of large media files; our technology breaks down larger files into smaller bits to ensure there are no failures
Dexterous handling of each case with smart case assignment from a centralized dashboard
Advanced reporting—case summary packages with advanced search capability based on 20 parameters for quick reporting to regulatory authorities
The core point that I intend to drive home is that with NewgenONE, you can have a firm grip on customer complaints. This will help you avoid misrepresentations and fraudulent selling by agents, thereby protecting your organization from unnecessary exposure and liabilities. Furthermore, you can stay on top of compliance and regulatory requirements. The right technology can also mitigate all risks and optimize the complaints handling process to unravel optimized costs, operational efficiency, and enhanced customer experience.
If you are curious about how NewgenONE continues to empower global insurance organizations, read how we helped a Fortune 500 insurer automate and transform their complaints management and field inspection processes.