1st December 2015 Posted by David Chescoe

Smarter Customer Processing

Make better, faster decisions with automated underwriting and new business processing

Insurance companies can manage new business underwriting while simultaneously enforcing standards and managing risk, in real time.

For a general insurance company, underwriting business is the basic, core activity which is why there needs to be a smart customer process in place. Insurance companies should now be focusing on the customer experience as a differentiator, especially in the online and mobile channels.

Engaging and communicating effectively with customers is one of the biggest challenges the Insurance industry faces today and these challenges will increase during 2016 as new technology becomes available and customer demands increase.

We have already started to see an explosive phase in innovation with the growth in mobile, sensor fusion technology (multi-channel data sources) and new risk-scoring models as well as other factors. Insurers have historically relied on one-way marketing channels and backward looking underwriting and pricing approaches but must move with the times to stay ahead of their competition and move from a traditional slow, paper intensive process into a collaborative process. This is possible through the automation of inbound document capture, paper or electronic, and subsequent data extraction.

Insurers should also be reviewing their client on-boarding processes and tools putting particular focus on reducing internal costs, eliminating redundant data-gathering and improving data capture accuracy.

To ensure underwriters stay productive they need efficient access to critical information and comprehensive risk analysis. A recent survey featured in Computer Weekly asked 242 underwriters about their data challenges and 220 members of the Chartered Institute of Loss Adjusters were asked about the data they collect and how underwriters could better exploit this. Here are some of the findings:

  • Nine out of 10 respondents said access to real-time claims data would help price risk more accurately
  • 82% of respondents believe those insurers that do not capture the potential of big data will become uncompetitive
  • 86% agree that the key to making best predictive use of big data is to be able to analyse data from all sources together rather than separately

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What are the benefits of automation?

  • The capture of application data at the point of receipt – or even earlier
  • Error-free data by eliminating manual data entry
  • The tracking of applications for accuracy and completeness
  • Easier to optimise business processes to agreed SLA’s
  • Shared access to all relevant policyholder data
  • Improved customer service and responsiveness
  • Increased market share
  • Reduced overtime costs
  • Helps insurers meet compliance rules
  • Improves overall organisational efficiency
  • Allows management to focus on underwriting decisions

Insurers need to address the increased volume of processing, while improving the quality and integrity of the business process whilst reducing overtime costs.

Automated data capture and data extraction will; improve business processes, reduce the time and cost of performing important business functions, improve organisational efficiency and address the need for regulatory compliance through the management, control, and sharing of digital content with employees, business partners and customers.

AAC Systems works with insurance companies to optimise the transformation of policy administration systems and improve the customer experience. We’ve helped many insurance companies successfully manage their documents, improving the efficiency of their business processes and allowing them to benefit from better information management.

Call AAC Systems today on 01628 421569.

AAC Systems ONE St. Peter’s Road, Maidenhead, Berkshire, SL6 7QU . Telephone 0800 955 3315. Click here to email us ›