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Submission Entry for New Business

 

New business applications are generally a prospective customer’s first point of interaction with an insurance agent, and a critical point in the customer acquisition lifecycle. The agent’s ability to quickly generate a quote from a group of carriers, check the applicant’s credit score, submit a complete application, and underwrite the policy can be the difference between a new customer and lost business. However, processing new business applications is still highly manual for insurance agents from checking completeness to extracting customer data from the application to populate carrier-specific forms for premium quotes – all while maintaining strict compliance and data privacy. This leads to application backlogs for underwriters and agents/brokers and lost business for them as well as carriers which complex triage models cannot solve. While some applications require a thorough, hands-on approach, this should be limited to higher priority applications to minimize human error and better manage risk.

In order to treat the problem, minimize manual work, and provide insurance agents/brokers, carriers, and underwriters the tools to maximize efficiency, Synechron developed a Robotic Process Automation (RPA) Accelerator for New Business Submission Entry. Easily integrated with our Artificial Intelligence (AI) Accelerators such as Automated Data Extraction using Natural Language Processing (NLP), our New Business Submission Entry Accelerator is able to extract data from new business applications which includes standardized, unstandardized, digital, and physical forms, normalize and analyze the data, run risk assessments on it, and even generate custom policy recommendations and quotes. For more complex applications, the Accelerator uses NLP and Natural Language Generation (NLG) to extract important applicant data points and generate in plain language a customer profile for the applicant, highlighting key information the underwriter will need to write the policy more quickly.

By automating simple applications, this Bot unclogs the application bottleneck, enabling insurers to focus their manual efforts on more complex applications as well as client-facing interactions and relationship management. This boils down to more business, at a reduced risk and happier customers.

Key features and benefits include:

  • Effective Data & Cost Management – by optimizing procedures across the insurance policy application, underwriting, and claims management because the application and its supporting infrastructure move policy data directly into core systems upon consumer command. This and the automated policy creation provide faster results for consumers and improve insurer efficiency.
  • Easy Policy Management - by reduced turnaround time while ensuring not only that system run smoothly and efficiently but that errors are eliminated and best practices are constantly leveraged.
  • Enhanced Risk Management – by better understanding the insurer’s risk and an item’s overall insurable value using real-time insights. This is achieved with a real-time catalog whereby insurers can view what they are insuring, all while enhancing underwriter risk management.
  • Effective Customer Engagement - automating with minimal supervision. With the New Business Entry Bot, insurance agents can more effectively interact with customers with fewer resources. It allows users to focus and prioritize agent time to higher-value activities that demand a hands-on approach.

To learn more about Synechron’s InsurTech Accelerators focused on Robotic Process Automation and the work we’re doing email us at finlabs@synechron.com

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