The client was an insurance service organization of global repute. It wanted to improve cost savings and enhance the efficiency of underwriting solutions. The company’s operations spanned multiple lines of business and needed greater efficiency to meet futuristic requirements.
The insurance company was looking to automate several processes to meet rising agent and customer demands. Its business challenges included increased costs, ineffective underwriting services, and poor technical efficiency.
We implemented a smart underwriting (smartUW) solution. As part of the solution, we:
• Implemented automation across different lines of business
• Deployed ‘ready,’ transformative assets with functional alignment to underwriting
With our smartUW solutions, the client:
• Improved its cost savings by 40 percent
• Accelerated the speed-to-quote process
• Optimized prices
• Reduced claims, leakage, and fraud indemnity spend significantly
• Improved net promoter score in client and broker experience
• Ensured high data consistency and accuracy of insights