New business processing is typically a manual, paper-intensive process. Facing increased demands from today’s consumers, life insurers often maintain inflated staffing levels to meet service expectations. By adopting Hyland's new business processing solution, delivered through OnBase, insurers can address the increased volume of processing, while improving the quality and integrity of the business process and reducing overtime costs.
Insurers do this by gaining instant access to documents and information derived from core line-of-business applications. Doing so saves customer service representatives time by allowing insurers to respond more quickly. Some customers report that up to 90 percent of calls are resolved on initial inquiry (and requiring no callback.)
Make better, faster decisions with automated underwriting and new business processing
The new business processing, or life insurance underwriting solution, captures application data from the point of receipt, regardless of file format or source, and automatically classifies documents during ingestion.
Easily configurable, the OnBase platform also helps insurers meet compliance rules by automating the validation of fields, including 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.
Automatically route applications and information
With its business process management workflow tool, the solution automatically routes applications according to defined parameters, like workload, skill sets, language requirements, educational or product knowledge. It also organises medical information bureau (MIB) messages, automatically generating 401 messages, managing the 402 responses and the 404 update messages. OnBase stores 404 XML messages in their native format, but applies an overlay so they may be easily viewed by underwriters.
Additionally, the solution 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 one central database 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 timing of new business processes, the solution 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. At least one insurance customer reported a 32-step reduction in the finding policy files process, which equals an 88 percent increase in productivity.