Life Insurance Underwriting & New Business Processing

What is New Business Processing in Insurance?

New Business Processing in insurance is the act of issuing or denying a policy for a new client. Generally, this process includes an application being submitted, either by an agent or a customer directly, the underwriting analysis for approval/denial, and the actual execution of the policy being issued or denied.

How Naviant Helps Improve New Business Process Flow

Naviant can help insurance companies improve new business process flow by automating the capture of the application form data by either extracting the information directly from paper forms using technology, by building custom electronic forms that mimic the applications and capture the data electronically or integrating with a portal already in place. Automating the capture of this information improves new business process flow by speeding up processing and allowing staff to request missing or required supporting documentation sooner, further shortening the process cycle. Once all the needed information is captured, Naviant’s solution can provide underwriters with a 360-degree view of all the information needed to make thorough decisions quickly. By integrating with core policy systems, we can ensure that the data and documents being reviewed is accurate and all in one place. Using automation, insurers are able to monitor service level agreements, production levels and maintain compliance across state lines all while improving new business process flow for their insurance company.

Make better, faster decisions with automated underwriting and new business processing

New Business Processing in Life Insurance can be a very paper-intensive process. Consumers expect high levels of service, which can increase the staff count for life insurers. OnBase document management software solutions help you do more with less, handle higher volumes, improve the quality of service, and reduce overtime. A typical ROI can be a 7-day reduction in new business cycle times and an 88% increase in productivity.

OnBase provides instant access to all required documents directly within your core applications. This results in faster response time with 90% of new business underwriting calls resolved on the initial call.

How OnBase Helps with Underwriting Automation for Life Insurers

So how does underwriting automation with OnBase work? The OnBase Underwriting automation 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 also manages missing documents that are required and sends electronic notices to agents and advisors when items are missing or do not pass the validation requirements.

OnBase can help with compliance by auto-filling and validating key fields (age, state, product, signature verification, etc.), and also provides managers with a simple dashboard to monitor staff workloads and service level agreements. OnBase Workflow has the power to automatically electronically route incoming applications based on pre-defined rules you set up (workload balancing, staff expertise, language, product knowledge).

OnBase provides a typical ROI of reduced file delivery time from 3 days to same-day delivery because of the easy instant access to documents. The OnBase Insurance Solution also organizes Medical Information Bureau (MIB) messages and generates automated 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.

Using OnBase to Manage Life Insurance Related Content, Documents & Records

OnBase is a single enterprise information platform for managing content, processes, and cases, combining enterprise content management (ECM), case management, business process management (BPM), document management, records management, compliance, and capture functionality on a single platform. Content managed by OnBase includes paper and scanned documents, electronic forms, cases, emails, photos, videos, audio, data streams or even screenshots. OnBase can integrate with any departmental application to streamline your underwriting process.