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Automating Underwriting for Improved Turnaround
Achieving optimal efficiency is a major goal for underwriters. Quick, accurate assessment of risk and rapid collection and investment of premiums are vital to organizations that strive to remain profitable and retain a competitive edge. Delays and mistakes can be costly.
BPM/Workflow lets underwriters—as well as claims processing employees who need access to policy information, agents, vendors, and others involved in insurance-related tasks—automate routine processes. Automation enables insurers to get more work done, faster, without increasing staff.
With rules-based processing, underwriters can route tasks to the most efficient resources, reevaluating and adjusting based on real-time assessment of incoming work volumes and productivity. Procedures are consistent and complete, enabling quick decisions and quicker processing of new business and policy changes. BPM/Workflow integrates with your legacy and line of business applications via Web services, dramatically shortening cycle times, reducing human intervention and errors, increasing accuracy and productivity, cutting costs, and helping you provide better service.
BPM/Workflow can help your underwriting department to:
- Automate insurance and reinsurance underwriting at the point of sale, enabling instant gathering of information to determine eligibility and ensure accurate rating.
- Expedite processing, reducing request and wait times for information.
- Expedite risk assessment.
- Issue policies quickly, as new policies are pushed through for immediate decisions.
- Monitor work volumes and employee productivity to avoid potential bottlenecks.
- Balance workloads of employees based on volumes and task completion.
- Expedite departmental approvals, denials, and signatures on documents.
- Integrate with policy underwriting, administration, and claims processing applications, leveraging the technology you already own.
- Defend decisions with quick access to detailed, accurate information, reducing fraudulent claims and costs.
- Improve profitability through workflow analytics and predictive modeling that enable continual improvement.
- Comply with Sarbanes-Oxley and other regulations and manage retention schedules.
If you need help with workflow design, business process analysis, project planning, technology integration, or planning an enterprise-wide solution, Optical Image Technology’s professional services department has experienced specialists who can address your unique needs.
Don’t miss out on underwriting opportunities. Contact us to learn how process automation can make your Underwriting department more efficient and profitable.