Life Insurance Underwriting & New Business Processing
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 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.
OnBase provides instant access to all required documents directly within your core applications. This results in faster response time with 90% of calls resolved on the initial call.
OnBase Solution for Life Insurance Underwriting and New Business
OnBase Insurance solution captures documents and data instantly, in any file format, and automatically electronically files them in the right place. OnBase can help with compliance by auto-filling and validating key fields (age, state, product, signature verification, etc.). OnBase 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). Along with workflow, 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. A typical ROI by customers is an 88% increase in productivity.
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, 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.