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.
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.
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.
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.
Services We Provide
Service Number 1
Lorem ipsum dolor sit amet,
consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Quis ipsum suspendisse ultrices gravida.
Service Number 2
Lorem ipsum dolor sit amet,
consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Quis ipsum suspendisse ultrices gravida.
Service Number 3
Lorem ipsum dolor sit amet,
consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Quis ipsum suspendisse ultrices gravida.
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 cus tomer acquisition and satisfying them by reducing the turnaround time
Empowerment of underwriters when it comes processing cases at a much faster way
Testimonials
Latest Blogs
Build your understanding of the insurance worlds’ trends, technology and disruptions
How Data Analytics is Transforming the Insurance Industry
According to the Market Research Report published by Fortune Business Insights in April 2023 for the base year 2022, “The global big data analytics market size was valued at $271.83 billion in 2022”. Of this, the Banking and Financial Services and Insurance (BFSI) industry holds 23%, one of the biggest chunk. The report further adds,...
Outsourced Insurance Partner – Core Technology Enabler
With technology, changing customer expectations, and regulatory changes fast shaping a different future, the insurance industry is on the cusp of significant change. Of these, insurance technology, or insurtech, is making sweeping transformations of insurance operations. From improving customer experiences to enhancing underwriting and risk management, insurtech is disrupting the industry by offering new business...
Avoid Growth Pangs – Outsource to Insurance BPO Services Providers
Marketplaces are rife with the frenzy caused by disruptions that include COVID-19, the ongoing Russia-Ukraine fallout, and the resulting threats of global recession on one hand, and digital convergence on the other. Most insurers have pivoted well and are growing by widening and diversifying their product offerings to meet the requirements of this ‘new world’....
ISW brings over 15+ years of industry experience and a team of 500+ professionals serving a wide range of clients worldwide, leveraging our insurance niche skills, expertise, and experience for higher operational productivity and process optimization.
ISW acts as a partner in growth by adding value to unleash your limitless potential.
Since 2009, global experience in delivering insurance BPO solutions
Skilled team of experts with proven success in generating process efficiencies
Well-defined workflows to reduce delays and errors
24x7 operations to deliver the time zone advantage
Creating operational efficiencies and growth opportunities within your organization
Cost-effective services in keeping with competitive industry standards
