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New Business Excellence (NBX) for Property & Casualty (P & C) Commercial Lines
Improving the effectiveness and efficiency of underwriting and related business processes is critical to profitable growth. Infosys' New Business Excellence (NBX) solution for P & C enables commercial lines carriers to revamp new business processes and leverage technology. NBX helps carriers improve their operational efficiency and makes underwriting more effective by making it data driven, thus creating a robust platform for sustained profitable growth.Legacy IT systems and traditional manual paper-intensive workflow prevent efficient integration of information across the enterprise for many commercial lines carriers. As a result, they have to spend time and money on underwriting even routine flow type risks.
Our NBX solution is an integrated framework which transforms the whole new business submission process for commercial lines carriers. It is based on four core concepts, which allow integration of new business applications and enable:
- Capturing and converting content to electronic form
- Use of rules engines for analysis and predictive modeling
- Integrated workflow management
- Integrated data exchange with common user interface
NBX enables:
- Complete automation of the underwriting process of 'flow' business, e.g. commoditized products like Business Owners Package
- Systematic processing of some of the 'transaction' business e.g. complex risks like commercial liability by simulating underwriter decisions through rules engines. It means only the highly complicated risk selection scenarios are routed as 'exceptions' for manual underwriting.
See the impact of each activity in the underwriting value-chain:
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