Improve your life insurance underwriting process, increase business with new business processing solution
New Business Processing in Life Insurance is typically a manual, paper-intensive process. Facing increased demands of today’s consumers, life insurers maintain inflated staffing levels to meet service expectations. By adopting the OnBase New Business Processing solutions, insurers can address the increased volume of processing, while improving the quality and integrity of the business process and reducing overtime costs. OnBase Life insurers boast reducing new business cycle times by seven days.
OnBase provides access to all business documents from within the insurer's core line-of-business applications, saving customer service representatives over five hours per week so that insurers respond more quickly, with 90 percent of calls resolved on initial inquiry (and requiring no call back.) As a result, some of our Life Insurance customers have improved both customer service levels and the likelihood of increased business.
Make better, faster decisions with automated underwriting and new business processing
The OnBase Insurance Solution captures application data from the point of receipt, regardless of file format or source, and automatically classifies documents during ingestion. Easily configurable, OnBase also helps insurers meet compliance rules by automating the validation of fields such as: age requirements, appropriate use of application by state or product and signature detection. And, with automated monitoring of service level agreements and production levels, OnBase allows management to spend more time making underwriting decisions.
With its business process management tool (OnBase Workflow), OnBase automatically routes applications according to defined parameters, like workload, skill sets, language requirements, educational or product knowledge. The OnBase Insurance Solution also organizes Medical Information Bureau (MIB) messages, automatically generating 401 messages, managing the 402 responses and the 404 update messages. OnBase stores the 404 XML messages in their native format, but applies an overlay so they may be easily viewed by underwriters. Additionally, OnBase natively processes ACORD 1122 and ACORD 506 messages, extracts the evidence and makes it readily available from within OnBase. The ease with which all new business documents are accessed in OnBase provides added value for insurers, with several customers reporting reduced file delivery time from three days to same-day delivery.
To improve the quality and the timing of new business processes, OnBase also manages missing, yet required supporting documents and sends automatic notifications to agents and advisors when items are missing or do not pass the validation requirements. Managing electronic files within OnBase improves information access. OnBase insurance customers have experienced the process to find policy files reduced by 32 steps for an 88 percent increase in productivity.
Sharing documents and exchanging information is a critical, often cumbersome and time consuming, component of the New Business process. ShareBase by Hyland reduces this burden by securely accepting documents from key business partners such as agents and brokers, alerting the salesforce of missing information delaying the quoting process and sharing quotes, binders and policy documents throughout the process.