AI-powered underwriting fueled by richer data
Genpact's underwriting triage services have three key goals:
- Reduce the cycle time for policy issuance
- Improve underwriting quality
- Enhance customer satisfaction
We achieve this by incorporating more data sources and then implementing advanced analytics, automation, and digital workflow orchestration tools at the triage stage.
By applying this data-driven approach to the underwriting triage process at first contact, insurers can identify quotes that they can push through to accelerated underwriting and move complex cases to receive in-depth attention, streamlining the process for the customer and the insurer.
Genpact's platform-agnostic, readily deployable AI and ML solutions teamed with enhanced third-party data offer multiple benefits for L&A insurers:
- Intelligently prioritize submissions into segments for treatment
- Predict the likelihood of an L&A underwriter accepting a quote
- Predict the likelihood of placement of a quoted risk
- Scale life risk selection with advanced analytics and smart visualization
This means submissions are quickly sorted using a single view of risk and funneled through a digital workflow that includes an integrated analytics workbench. Simple cases get sent along for accelerated underwriting, and your team has more time to consider the difficult cases. This approach reduces underwriting cycle times and makes newly acquired business cost-efficient.