New business processing is at the heart of every P&C insurance company. Traditionally, it's also a manual, repetitive labor-intensive process. However, by automating new business processing with the OnBase New Business Processing solution insurers create opportunities to write better business, faster. Several insurers have reported an increase in written premiums of 12 percent to 15 percent since deploying the OnBase product suite.
The OnBase Insurance Solution automates the capture of applications from the point of receipt, regardless of file format or origination, to improve the quality and timing of the new business process. OnBase automates requests for missing and required supporting documentation (MVRs, credit reports, D&Bs, etc.) By providing accelerated receipt of information, increased positive cash flow and improved service level agreements, this digitized process helps both finance and underwriting departments realize very immediate results, with some insurers reducing the employee count required to process new business by 87 percent and new business processing times from seven days to one day or less.
An underwriter’s number one goal is to write profitable business for the company. When it is a challenge for underwriters to not only obtain the information necessary but ensure that they're reviewing accurate data, this is a difficult goal to meet. Underwriting review must be thorough, but decisions must be made quickly. OnBase provides a 360-degree view of a client's policy or claim and because OnBase integrates with line of business applications, underwriters access the information from within a single interface.
OnBase dramatically decreases processing time. Parallel processing and the automation of the business process allow some of our P&C customers to increase their new business daily capacity by 280 percent. And, with an automated approach to monitor service level agreements and production levels, underwriting managers spend their time more effectively.
More importantly, OnBase assists insurance companies maintain internal controls in the complex environments made more difficult by high-volume production. The OnBase New Business Processing solution helps manage the underwriter's time, positively impacting the carrier's capacity. So much so, one P&C insurance company showed a 400 percent increase in volume just six weeks after deploying OnBase, without adding any additional employees.
Sharing documents and exchanging information is a critical, often cumbersome and time consuming, component of the Underwriting 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.