- Solution overview
Underwriting triage services for life and annuity insurers
Streamline underwriting decision-making with data science and AI
Challenge
Life and annuity (L&A) insurance underwriting has seen disruption across four main areas:
L&A insurers know they need to modernize underwriting triage systems to improve customer service, accept contributions, and harness the power of new technologies, but they struggle with three key challenges:
To solve these problems, L&A insurers are increasingly engaging external partners to help modernize their end-to-end underwriting triage process – from application receipt all the way through the decisioning process.
Solution
Genpact's underwriting triage services have three key goals:
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:
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.
Impact
By using more data and better tools to interrogate it, and by prioritizing and streamlining submissions, our insurers can focus on high-value submissions within their strike zone and risk appetite. The value we've delivered for clients includes:
L&A underwriting triage is simpler and more streamlined, meaning fewer customers abandon their search for quotes or get frustrated by having to provide masses of information. With this data science-driven approach, L&A insurers can shift to a better way of doing business: expediting simpler quotes by leveraging third-party data and AI and ML-enabled prioritization workflows and using the freed-up time to focus their expertise on complex cases.