New Business Processing Case Management / Document Management Solutions
Property and Casualty New Business Processing Solution Increases Capacity
New business processing is at the heart of every P&C insurance company. Traditionally, this process is manual and repetitive; however, by automating new business processing with an enterprise content management solution from Naviant, you can ensure that opportunities to write better business, faster, will be at your fingertips.
Naviant’s partnership with Hyland, creator of OnBase, will ensure you get the best value for your OnBase Insurance Solution, as it 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 immediate results, with some insurers reducing the employee count required to process new business by 87 percent, and new business processing times decreasing from seven days to one day or less.
An underwriter’s number one goal is to write profitable business for the company. It becomes a challenge for underwriters to not only obtain the information necessary to do this, but to ensure that they’re reviewing accurate data to meet that goal. 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 Naviant’s 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.