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Providing Accelerated underwriting solution for a leading Global Insurer in the US

Providing Accelerated underwriting solution for a leading Global Insurer in the US

Business Situation

  • Underwriters spent more time to approve new businesses that were referred back by the automated Underwriter application
  • The application handled only Cyberlife policies. Vantage new businesses were underwritten manually
  • Some features like motor vehicle reports, child riders were manual
 

Solution

  • Implemented "Accelerated Underwriting” to handle cases referred back by the application
  • Enabled automatic approval of New business from Vantage
  • Enabled automatic processing for child riders and Motor Vehicle reports
  • Regulatory compliance changes
 

Client Benefits

  • “Accelerated Underwriting” helped underwriters approve 5,170 more cases quarterly
  • With the child rider attachment, the application was able to approve approximately 1,761 more cases annually
  • Approval rate increased from 25% to 40%
  • Manual processing time reduced to 2 seconds from approximately 5 minutes 15 seconds
  • Increased efficiency by incorporating regulatory compliance changes

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We will treat any information you submit with us as confidential. Please read our privacy statement for additional information.