New business processing is at the heart of every P&C insurance company. Traditionally, it's also a manual, repetitive, labour-intensive process. However, by automating new business processing with Hyland content services and its new business processing underwriting software solution insurers create opportunities to write better business, faster. Several insurers have reported an increase in written premiums of 12 per cent to 15 per cent since deploying the solution.
The underwriting 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, Hyland's content services platform, automates requests for missing and required supporting documentation (MVRs, credit reports, D&Bs, and so forth). By providing accelerated receipt of information, increased positive cash flow and improved service level agreements, this digitised process helps both finance and underwriting departments realise very immediate results, with some insurers reducing the employee count required to process new business by 87 per cent and new business processing times from seven days to one day or less.
Benefits of property and casualty automated underwriting software solutions
An underwriter’s No. 1 goal is to write profitable business for the company. When it is a challenge for underwriters to not only obtain the information necessary but ensure that they're reviewing accurate data, this is a difficult goal to meet. Underwriting review must be thorough, but decisions must be made quickly. This automated underwriting system provides a 360-degree view of a client's policy or claim. Because the solution is easily integrated with line-of-business applications, underwriters access the information from within a single interface.
The underwriting software solution dramatically decreases processing time. Parallel processing and the automation of the business process allow some of our P&C customers to increase their new business daily capacity by more than 200 per cent. And, with an automated approach to monitoring service level agreements and production levels, underwriting managers spend their time more effectively.
Maintain internal controls in complex environments
More importantly, the solution helps insurance companies maintain internal controls in the complex environments made more difficult by high-volume production. It helps manage the underwriter's time, positively impacting the carrier's capacity. So much so, one P&C insurance company showed a 400 per cent increase in volume just six weeks after deploying the solution, without adding any additional employees.
Sharing documents and exchanging information is a critical, often cumbersome and time consuming, component of the underwriting process. ShareBase reduces this burden by securely accepting documents from key business partners such as agents and brokers, alerting the sales force of missing information delaying the quoting process and sharing quotes, binders and policy documents throughout the process.