Today, the insurance industry operates in a fast-changing business landscape
due to stiff competition, increase of administration costs for policies,
resource and processes costs, frequent regulatory changes and
compliance. The major challenges faced by the Insurance industry are:
Higher Operating Costs
Change in Business Models
Insurance Companies have many processes that are manual and cumbersome, and
required a considerable amount of specialized corporate knowledge to be
We automate the process of Order Punching and handling different payment
methods such as handling customer cheques.A data- entry clerk makes calculations
manually, enters the information into the main server, wait for the information
processing and transfer the relevant paperwork to the right accounting staff for
further processing, thus works extended hours. Due to the fact that so few
people know the manual processed related to this activity, we face challenges when
those key staff members are away from the office.
We sought a way to better manage Insurance company information and automate
workflow. Our goal is to reduce complexity and try to automate manual processes
Underwriting is one of the important processes in insurance operations. The
applicant's information, including various kinds of medical information, must
be evaluated before the insurance company can decide to accept the application.
We support the process automation facility for these activities.
The process of exception handling mechanism and the monitoring of turnaround
time in those processes are calculated and presented in user friendly custom
reports. This prevents low efficiency of the underwriting operations or even
loss of business opportunities.
Following are the traditional ways of performing the activities without any
Packing application forms and other documents from the agents.
Initial premium payment through the cashier entry system.
Data entry of new application in a branch or zone office.
Scanning documents into images for workflow processing.
Quality Checks (QC) and Indexing on the scanned documents.
Release of the validated and scanned documents images into workflow engines for
All the above given processes incur high cost in human resources,storage and
involve excessive paper work along with a high turnaround time. Therefore,it
causes the underwriter to spend a long time to handle a new application. This
affects the insurance company's reputation and may further induces financial
losses or even legal penalties.
We use the advanced Information Technology to link together most of the above
mentioned activities to streamline the work flow for processing a new business,
starting from receiving documents from an agent, ending at the underwriter
getting the case from the workflow system and issuing new policy if approved.
Process Automation by integrating existing enterprise information systems with
workflow software has proved to increase the staff productivity, thus turns out
to generate more business values in terms of more revenue and less expenditure.