Revolutionizing Life Insurance: Accelerated Underwriting Transformation for Top 10 US Insurer
Overview.
A Top 10 U.S. life insurer sought to streamline life insurance purchases with faster approvals and self-service options. Coforge's solution provided a flexible platform for integrating third-party data, self-service interviews, and DocuSign® for faster policy delivery.
Challenges.
The insurer faced several obstacles in implementing their strategy.
Key business challenges:
High overall cycle time for Life Insurance purchase.
Complexity in integration with third-party data vendors.
Poor customer experience.
High cost of Tele-interview process.
Our Solution.
Coforge implemented a comprehensive solution to address the client's challenges.
Key highlights of Coforge's solution:
Developed a framework for onboarding third-party data providers.
Deployed a scalable solution on a containerized platform.
Implemented self-service electronic interview process with reflexive underwriting questionnaire.
Integrated electronic policy delivery process using DocuSign®.
The Impact.
Customer service
40-50% reduction in request processing time
Efficiency
25% reduction in infrastructure cost
Turn time
70% reduction in policy delivery time
Cost-effective
Up to 50% reduction in tele- interview cost
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