Coforge's Success in modernizing Specialty Insurance Underwriting
Overview.
Modernizing underwriting systems in the specialty insurance sector is essential for efficiency and customer satisfaction. Coforge's innovative use of a process-centric BPM platform and automation enhances communication, scalability, and operational efficiency. This approach accelerates underwriting, boosts renewal rates, and reduces documentation turnaround times, setting new industry standards and driving future growth. By integrating automation and a scalable core framework, Coforge ensures superior performance and operational excellence.
Coforge swooped in with a master plan to bridge these divides using a process-centric approach and a cutting-edge BPM platform. The strategy included:
Custom Underwriting Framework: Developed a framework that acts as a universal translator among departments, ensuring seamless communication and coordination.
Scalable Core Framework: Created a core framework adaptable to the nuances of any product line, enhancing flexibility and scalability.
Modular Business Operations: Designed business operations as modular steps, accessible individually via API interfaces, improving efficiency and integration.
Process-Centric Approach: Implemented a process-centric approach using a cutting-edge BPM platform to streamline operations and reduce delays.
Automation Integration: Integrated automation to halve the time for collecting premiums and significantly improve operational efficiency.
The impact.
15%
Underwriting Time Savings
20% +
Increased Renewal Rates
15%
Operating Savings
A 15% faster underwriting process.
Renewal rates climbed by 5%, boosting retention.
Policy documentation turnaround times slashed by 80-90%.
Halved time for collecting premiums due to automation.
Operational efficiency skyrocketed by ~20% across key business lines.
Business agility improved, cutting OPEX by 15%.
Cost savings of approximately $3 million.
Key Highlights
In transforming a fragmented process into a cohesive, agile powerhouse, our client not only saved significantly but also redefined specialty insurance standards.
Accelerated Underwriting Process: Achieved a significantly faster underwriting process, enhancing efficiency and speed.
