Neutrinos Life & Annuity New Business & Underwriting

Neutrinos New Business Underwriting Transformation Solution helps Life & Annuity 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 Intelligent Automation 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.

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

• Faster Turnaround Time:

  • Automated Workflows: Streamline the application and underwriting processes, significantly reducing the time from submission to policy issuance.
  • Real-Time Decisioning: Leverage AI and rules engines for instant decision-making, reducing underwriting time from days to hours.

• Improved Underwriting Accuracy:

  • Data Enrichment: Enhance decision-making with enriched data from internal and external sources, leading to more accurate risk assessment.
  • Intelligent Document Processing: Minimize errors and inconsistencies in document handling, improving the accuracy of information used in underwriting.

• Enhanced Customer Experience:

  • Omni-Channel Engagement: Provide customers and agents with multiple channels for application submission, creating a seamless and accessible experience.
  • Transparency & Communication: Offer real-time status updates and clear communication throughout the underwriting process, boosting customer satisfaction and trust.

• Reduced Operational Costs:

  • Automation: Automate routine tasks, reducing manual effort and lowering operational costs associated with new business processing.
  • STP (Straight-Through Processing): Enable straight-through processing for low-risk cases, reducing the need for manual underwriting intervention.

• Scalability & Flexibility:

  • Composable Platform: Built on a flexible, cloud-native platform, allowing insurers to scale operations and adapt to changing business needs without disruptive technology shifts.
  • Customizable Workflows: Tailor workflows and underwriting rules to meet specific business requirements, ensuring the solution fits seamlessly into existing processes.

• Increased Productivity:

  • Unified Underwriting Workbench: Provide underwriters with a single, integrated interface to manage all aspects of their work, enhancing productivity and efficiency.
  • Collaboration Tools: Facilitate collaboration among underwriters, agents, and other stakeholders, improving coordination and case resolution speed.

• Compliance & Risk Management:

  • Built-In Compliance Monitoring: Ensure all processes adhere to regulatory standards, reducing the risk of non-compliance and associated penalties.
  • Real-Time Risk Assessment: Utilize AI-driven risk models to identify and mitigate potential risks early in the underwriting process.

• Better Decision Support:

  • Advanced Analytics: Leverage analytics and insights to understand underwriting trends, identify areas for improvement, and make data-driven decisions.
  • AI-Assisted Underwriting: Use AI to assist underwriters in making informed decisions, improving the overall quality of underwriting outcomes.