New Business Servicing
New Business Servicing has become one of the cardinal performance drivers for insurers these days. In today's times, having a faster and intelligent underwriting process is turning to be essential for survival, as insurance companies look to cut down operational costs, ascertain long term profitability and ameliorate efficiencies across the product life cycle.
Major insurance firms are employing advanced internal and external data to drive more updated and precise decision making. Automation of the new business servicing and underwriting systems is a welcome trend as insurance providers can speedily process fresh applications and evaluate risk, while bringing down the price of policy administration and claims processing.
Increasing customer attrition is another challenge which is impelling insurance companies to float low-value plans in the middle market, stressing the necessity to handle varied volumes of new business while spreading out their customer base.
Latest industry forecasts propose a sluggish but regular growth in underwriting results in addition to net profit in the coming years. To grab the opportunities, brokerages need to think out of the box such as partnering with technology and outsourcing organizations to examine new product lines, study new markets, and pull off their thriving distribution networks.
At Insurance Support World, we strongly suggest a model of straight through processing (STP) to improve the underwriting procedure. STP requires making use of technologies such as document imaging, utilization of business rules engine to set up underwriting rules, workflow management and document management interlaced with one another to automate the operation of underwriting. It not merely assists in quick underwriting procedure but likewise shrinks the price of underwriting.
ISW insurance practice assists brokerages to sequester clean cases and cases which can be automatically consented at basic, favored or revised terms through the Underwriting Rules Engine. It facilitates in achieving speedier processing of proposals and separating out ones that requires manual underwriting decision.
Following are the advantages of our approach:
- Significant reduction in organizational costs and time linked with acquiring and process new businesses
- Elimination of human errors and requirement of manually replicating the captured info
- Provision of coverage instantaneously at the Point of Sale
- Increase in customer acquisition and satisfying them by reducing the turnaround time
- Empowerment of underwriters when it comes processing cases at a much faster way