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Life Insurer Streamlines Underwriting with 70% Faster Policy Delivery

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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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Let’s Coforge your next success story.

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