New Business Excellence: Agile underwriting for increased business capacity
Are you losing business because of inefficient underwriting processes?
In an environment riddled with legacy systems, manual-intensive processes, and changing regulations, you might be spending time and money on underwriting even routine risks. Over time, the business is saddled with time-consuming underwriting applications. This means you have to drive efficiencies and productivity into your underwriting processes.
Traditionally, new business processing has been largely inefficient and highly paper-oriented, involving long waiting time for underwriting policies. As a result, the cost per application is high, customer service-levels are often compromised, and sales teams get frustrated. In general, underwriters are less productive and fail to generate additional business. To create increased new business capacity, you need to innovate in terms of agile and automated underwriting processes.
What if you could drive process automation while reducing operational costs?
With focus on four key components – workflow automation, electronic content management, system integration, and information channel management – our New Business Excellence offering helps you innovate around processes automation. This, in turn, helps generate increased capacity within underwriting function. It helps you systematically analyze your needs and recommend build, buy, or reuse solutions for your existing new business system.
Modeled on a pre-defined, standards-driven business process framework, and best-in-breed implementation tools, our offering provides deeper insight through effective data mining and robust analytics. By providing clear visibility into the implementation process, it will help you benefit from a highly streamlined solution deployment.
In our experience, some of the features that help streamline and automate underwriting processes are:
- Centralized application input and redesigned application onboarding processes – which eliminate redundant data input and reduce application processing time
- Use of robust technologies – such as electronic paramedics, electronic transmission of applications (ETA) with EFT as well as e-Signature
- Automation of workflows and forms – such as electronic attending physician summary and pharmacy reports during approval
- Process integration using straight-through processing across product lines – from application filing through underwriting, approval, and post approval
- Flexible staffing solutions and workforce optimization – to improve quality standards
Embrace operational excellence to deliver a customer-centric experience
Infosys offers you a lean and agile underwriting process, thus enhancing productivity to attract and on-board new customers quickly and increase business growth. With vast experience in new business transformation, we develop a tailored solution that meets your requirements. We help you simplify new business processing, support product complexity, manage increased product rollouts, and leverage resources effectively. Using streamlined application processes, you can now deliver a customer-centric experience with increased capacity for growth.
To help you achieve all of this and more, our New Business Excellence offering provides:
Data capture and analytics expertise – which includes advanced skills in data mining and analytics tools that help ensure effective information flow. This, in turn, provides you with timely insights
Proven solution methodology for automation – to enable predictive underwriting, fraud prevention, and smoother application approval
Centers of Excellence (CoEs) – founded on the vast experience and expertise we have gained from successful engagements
Infosys drives mobility transformation by identifying business use cases that can be mobile-enabled. In addition, we determine capabilities that need to be developed along with their associated costs. Further, we create the technology and solution architecture that is best fit to deliver the desired functionalities for your mobile investments. Our mobility solution helps you benefit from:
- Enhanced customer and employee experience
- Increased customer satisfaction
- Higher employee productivity
- Improved access to customer and enterprise information
- Enhanced business agility and efficiency
Grow your business with agile underwriting processes
Gaining deeper insights into underwriting performance is a key requirement for improving new business function. With our New Business Excellence offering, you will get better visibility in understanding underwriting cost, process bottlenecks, and customer retention. It also enables you to identify underwriting leakages and losses.
Key business benefits:
A modern new business platform – capable of helping you meet future challenges and needs through improved customer experience and service satisfaction levels
Better communication – between underwriting staff and greater speed to approval at lower underwriting costs
Operational excellence – through automation and streamlining of business processes as well as improved resource allocation
Ensuring compliance – with prevailing regulatory standards and requirements
Increased collaboration between all stakeholders – customer, agent, employees, and partners