Context
EXL’s client, a large US-based L&A insurer, needed to modernize its new business and underwriting processes.
They wanted a platform that could:
- Automate time-consuming manual underwriting tasks to best use their underwriting talent
- Easily integrate with third-party data and systems
- Control costs on a per application basis
- Improve efficiency, data accuracy and reduce exceptions
Orchestration
EXL leveraged LDS new business and underwriting technologies to achieve the following key solution tenets:
- Configured customized agent landing and quote pages
- Full integration with required applications and data for relevant the product rules and rates
- Configured business rules to calculate and display the quotes for insurance
- Management dashboards for agents and home office personnel - in process applications, sent proposals, status
- Business users can add, delete or modify the business rules with proper authorization
- Exception handling and management
Outcomes
- The client has a complete end-to-end online solution for its new business platform needs
- Straight-through processing accomplished using third party data, many referrals now handled by junior underwriters
- The platform supports any product, any distribution channel
- Built-in automation, standardized hand-offs between underwriters and customer service representatives
- Upgrade path to take advantage of new functionality and data integrations
- Client has launched new products without vendor assistance
- Now receiving 45% of applications electronically from agents leading to increased productivity and cut costs