Streamlining New Business Processing
For insurers looking to reduce operational costs and improve customer service, New Business (NB) processing can be a significant area of opportunity.
Infosys helps insurers transform their NB operations by incorporating best-in-class business practices such as electronic case management and automated underwriting that leverage existing technology investments. We develop a phased implementation roadmap that prioritizes high impact initiatives from a business value and implementation cost perspective. Infosys has worked with leading insurers in the NB processing area. These include consulting projects on business architecture, business process design and enterprise architecture, IT delivery projects from application development, package implementation and porting technologies. Infosys' NB Process Excellence framework can help insurers move toward best-in-class NB processing. Our solution streamlines manual and paper-based processes and helps create an electronic case file and manage the workflow electronically through the NB department. It uses our NB process models that leverage workflow and document management technologies. We also have business case frameworks that help identify business benefits and implementation costs and enable the development of a robust business case.
Our solution offers 5%-10% reduction in NB operating costs while providing the flexibility to explore new organizational models that can result in even lower costs. Its implementation also results in NB processes that are fast enough to respond to market and regulatory needs.
Benefits:
- Lower NB operating costs
- Flexibility in a changing business and regulatory environment
- Quicker time-to-market for new products