Cut Down Policy Delivery Time by 70% of a Leading Insurer Facing High Cost of Tele-interview process
Overview.
With the augment of Insurtech products, the demand for accelerated underwriting life insurance products has exponentially scaled up. Nowadays, tech-savvy consumers prefer to buy policies without undergoing medical tests. By offering digitally fast policies, InsureTechs, like Bestow, Ethos, and Ladders have already raised the bar in the Life & Annuity insurance sector. Insurers are now harnessing advanced risk models on internal and external (third-party) data to underwrite policies up to $2 Million face amounts without requiring medical tests. Our client, a top ten Life & Annuity insurer in the U.S, wanted to join the league. For this, the company was looking for a partner who can facilitate technological improvements and modernization of their existing system. The challenged lied in Coforge pitched in and maneuvered a step-be-step plan to implement the desired solution.
The client wanted to aggressively launch fluidless underwriting products. For this, a flexible platform was needed to integrate data from external third-party providers. In addition, the insurer sought to improve the poor customer service through self-service options and speed up cycle time for end-to-end processes.
Key challenges:
Prolong cycle time for Life Insurance purchase
Complexity in integration with third-party data vendors
Poor customer service
Costly Tele-interview process
Solution
To beat the odds, we formed a cross-functional team that can swiftly carry out every requirement of the insurer. Our agile team was responsible for the design, development, and integration of several components to provide an all-encompassing solution to the client.
How the Coforge team managed to cross the finishing line:
Built a robust framework for on boarding third-party data providers.
Offered scalable solution deployed on a containerized platform. It increased efficiency by creating and deploying applications swiftly and securely.
Supplanted the outworn tele-interview process with a self-service electronic interview. The new system was supported with a reflexive underwriting questionnaire to boost the underwriting process.
Using electronic signature capability, an electronic policy delivery process was implemented. The entire system was based on Docusign solution which not only enhanced the agent’s efficiency but also customers' experience.
The Impact
40%-50%
Reduction In Request Processing Time
25%
Reduced Infrastructure Cost
50%
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By 70%
Policy Delivery Time was slashed
In addition, the client experienced faster turnaround time for new requirements.
With the help of digital underwriting, insurance companies are slashing automative repetitive tasks and fulfilling the needs of tech-savvy customers. If you are looking for a partner who can assist you in modernizing your system, Coforge is willing to lend a helping hand. Contact us and our team will reach you soon.
