Insurance

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
  • Higher Payouts
  • 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 effective.

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 where possible.

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 automation processes:-

  • 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 further processing.

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.