3. New Business + Underwriting (NB+U)
New Business & Underwriting automates routine underwriting tasks, freeing up underwriters to focus on complex and critical cases which requires significant attention, and thus improving productivity.
New Business & Underwriting makes the job of underwriters easier by automating the underwriting process and handling cases with few requirements or obvious declines. This automation of the basics frees up the underwriters’ valuable time and knowledge to focus on older age cases and more complex medical cases that are critical to driving carrier profits through improved mortality results. It makes sure that senior underwriters handle only critical cases with automated work routing which sends applications forward without manual intervention. This allows the carrier to maximize underwriting resources.
Improve underwriter productivity
Due to lengthy underwriting cycle times, instead of getting new business on the books, underwriters often waste valuable time in routine tasks. New Business & Underwriting uses a rules-based engine to automate the underwriting process, delivering efficiencies and improving productivity. This combination of rules engines for exception-based workflow, simple case decisions and complex case handling helps reduce the cost of acquisition and the time to issue.
Improve quality and business opportunities
Too often, applications being reviewed by underwriters won’t result in placed business. Using data management filters, underwriters spend time more time on applications that are likely to result in new business. Alerts are issued on cases which have been stuck in the system for an extended period of time, so that requisite attention can be given to resolve them quickly.
Reduces manual intervention, allows access to structured data
New Business & Underwriting captures the exact information an underwriter needs during interaction between the agent and the applicant, thus reducing or removing the knowledge gaps created by incomplete data. Clean case automation speeds up processing of any applications not requiring the review of an underwriter.