To succeed, insurance companies today need to renew their customer focus, develop new operating models, and effectively implement new technologies to drive down costs. Automating underwriting processes through modernization and optimization can help insurers improve accuracy and pricing of quotes, decrease policy production time, and enhance distribution channel relationships to allow timely delivery of customer communications. There is a need to develop a comprehensive standardized business process management application, consisting of predefined business process, user interfaces, SLA/KPI, rules and user/roles management capabilities. These challenges can be addressed by a system that automates the end-to-end lifecycle of a life insurance business process, which includes both policy issuance and claim processing. This system centralizes the key business process of the insurance workflow; such as including information collection, validation, underwriting, approvals, and policy issuance, and all this is hemmed in our solution, InsureCore. Our solution centralizes key business decisions and provides service-oriented readymade business rules to collaborate with existing systems in the insurance industry.
- Improves claim processing time by 30%.
- Reduces policy issuance time by 40%.
- Improves total customer experience by 15%.
- Improves sales by reducing cycle time in acquiring & servicing customer.
- Helps reduce TCO by at least 10%.
- End-to-end visibility across systems, roles and departments.