Life Insurer Streamlines Underwriting with 70% Faster Policy Delivery
Overview.
A leading life and annuities insurer, facing challenges with its existing Life Underwriting Platform, partnered with Coforge to transform its underwriting process. Coforge's cloud-based underwriting platform reduced policy issuance times by 70%, streamlined integrations, and improved customer experience through self-service options.
Challenges
The insurer faced inefficiencies with their legacy underwriting system:
Slow Policy Issuance: Lengthy policy delivery times (3-4 days) hindered operational efficiency.
Complex Integrations: Difficulty integrating with third-party vendors hampered agility.
Costly Tele-Interviews: Reliance on tele-interviews added unnecessary expense.
Poor Customer Experience: Lack of self-service options frustrated customers.
Solution
Coforge developed a scalable cloud platform to address these challenges:
Cloud-Based Architecture: Increased scalability and facilitated flexible third-party integrations.
Accelerated Underwriting: Streamlined processes led to faster policy issuance.
Improved Risk Assessment: The platform enhanced underwriting decision-making.
Self-Service Options: E-interviews and e-Policy delivery empowered customers and improved customer experience.
The Impact
Coforge's solution yielded significant benefits for the insurer:
70%
Reduction in policy delivery time (from 3-4 days to <1 day).
50%
Reduction in underwriting processing time
25%
Reduction in the infrastructure cost.
50%
Savings in tele-interview cost.
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