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Neutrinos New Business Underwriting Transformation Solution

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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.

Product/Service details

SOLUTION OR SERVICE TYPE
New Business and Underwriting Systems - Life / Annuity Insurance
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