Acquiring New Business is the main business driver for insurance industry. The processing of new business proposals brings immense challenge to insurer to select the right proposal and reject the one which is not. Increasing business pressure to underwrite the proposals at fast pace makes the process of underwriting prone to errors.
At Hexaware we recommend a framework of straight through processing (STP) to streamline the underwriting process. STP involves enabling technologies like document imaging, use of business rule engine to configure underwriting rules, workflow management and document management interwoven into each other to automate the process of underwriting. It not only helps in faster underwriting process but also reduces the cost of underwriting.
Hexaware insurance practice helps carriers to isolate clean cases and cases that can be automatically accepted at standard, preferred or revised terms (with or without exclusions) through the Underwriting Rules Engine. It helps achieve faster processing of proposals (TAT) and filtering ones that needs manual underwriting decision.It enables business users to cCustomizeown rules through Underwriting Rules Engine.
The benefits of our approach include:
- Significantly reduce administrative costs and time associated with capturing and processing new business
- Offer cover instantly at the point-of-sale (POS – STP)
- Eliminate human error and the need to manually replicate captured information
- Increase and sustain a greater customer and producer satisfaction byreduction of TAT
- Empower Underwriters to process cases much faster to a decision
With growing business, real time monitoring the quality and speed of processing of New Business proposals throws a big challenge. Hexaware COE of Insurance and its BI & A practice creates for you a fully customized dashboard and reporting tool, which keeps you updated and informed about the different sub process and key performance indicators.
In addition to core underwriting process, Hexaware through its BPO ‘Calibre Point’ provide voice and non-voice service and end to end solution to carriers’ underwriting needs.