Neutrinos New Business Underwriting Transformation Solution
Overview
Neutrinos New Business Underwriting Transformation Solution helps insurers reshape their new business operations for reduced cost per application, faster turnaround time, greater productivity, better underwriting quality, as well as greater transparency and responsiveness for customers and agents. A global insurance provider was able to reduce processing cost per application by 75% while still operating with their human interaction-centric model of agency-driven and branch office-led operations. The Neutrinos solution helped them reduce average underwriting time from 2+ days to less than 3 hours, with the vast majority of cases being processed as STP in minutes.
The Neutrinos New Business Underwriting Transformation Solution infuses each stage of the new business journey with rich, real-time data, automation, intuitive decisioning support, and deep business visibility.
The solution, built on Neutrinos Composable Innovation Platform, is fully digital and cloud native, yet can fit seamlessly into the insurer’s existing application and process landscape as well as vendor networks. This provides a means of incremental, derisked and fail-fast new business operations transformation without disruptive core technology shifts.
Neutrinos brings prebuilt new business experience and operations journey building blocks including intelligent document processing, rules-driven straight-through processing, case management and workflow, underwriting workbench and many more.
Key Features
FTR Module
Omnichannel Application intake
Auto verification and validation of application data and documents
Task management
Delegation Done Right: Assign tasks to specific underwriters or teams based on specialization, expertise level etc. Customizable to business rules.
Underwriting Workbench 360°
Configurable Work queue
Customer Data Fusion: integrated view of all underwriting critical customer and benefit / risk details, enabling informed decision-making with seamless, real-time data integration.
Smart Decision Aid: Real-time risk analysis based on Built in Auto Underwriting Rule Engine
Team-Player: Enhances collaboration between underwriters, agents and stakeholders through an inbuilt correspondence module, plus referral module with parallel / sequential workflows
Doc Integral: Integrated Document Viewer for underwriting documents.
Auto Underwriting Engine with STP Capabilities
Auto-Risk: Effortlessly evaluate risk with cutting-edge automated risk assessment.
Rule-Ruler: Tailor underwriting decisions with customizable rules engine.
STP-Streamline: Streamline underwriting process with Straight-Through Processing capabilities.
Pre-Built integration connectors: Effortlessly sync underwriting workbench using pre-built connectors, delivering seamless integration with a multitude of peripheral systems
Dashboard and Reports
Real-time Data Visualization: Interactive dashboards provide real-time data visualization of the underwriting process health to help management quickly understand key performance metrics and make informed decisions.
Underwriting performance metrics and leaderboards
Additional Requirement Management
Document-Request
Communication module
Mobile-friendly additional requirement submission
Auto Reminders
IDP Verification and validation of requirements
Auto wake up and task reallocation
Key Benefits
Reduced sales turnaround time and Improved SLA: Policy issuance time improved to less than 2 hours from more than a day on average for manual underwriting cases
Reduced underwriting errors with data driven decisions through moving from a vanilla OCR implementation to an automated, rules-driven data capture.
Increased transparency in the entire sales process: 60% reduction in new business application status enquiries from customers and agents
Improved underwriting accuracy and experience with a 360° data view
More automation and optimized resource utilization: Percentage of STP cases improved to 95% from below 50% for a South Africa insurer
Improved collaboration between cross-functional teams
Increased scalability & flexibility of the underwriting process
Powerful composability capabilities of the Neutrinos platform make it simple to reuse the reimagined value stream across other product lines.