Expenses associated with providing Insurance continue their upward spiral, this alongside the shortage of underwriters and the ever growing need to get new business on to the books by faster means. Insurers need underwriting tools that capture underwriting processes and automate decisions on "clean" cases, thereby freeing up underwriters for complex cases.
MajescoMastek's Vector New Business Underwriting (NBU) provides insurers with a powerful tool for processing all new business transactions from electronic application to automated policy issuance in order to create underwriting efficiencies while improving mortality results,. In other words, this process improves underwriting decision quality to help you reduce risk to your company
With the Vector NBU, you can introduce Straight Through Processing (STP) of New Business into your organization in just months with a proven and tested Solution that does away with complex multi-system implementations that run into multiple years and drain your IT bandwidth.
MajescoMastek's Vector NBU platform has been successfully implemented in a number of large US carriers. Our implementation experience and expertise enables us to institute Straight Through Processing of New Business without disrupting your operating units and normal business functions. Our solution provides a fast and low risk way to access the latest technology for your policy acquisition process. Benefits to Insurers
- Improve mortality results
- Improve underwriter efficiency
- Better medical history disclosure through independent tele-interview
- More complete, legible applications leading to better placement rates and faster policy issue
- Improve retail pricing and competitive positioning
- Generate new premium income faster by reducing the time to market
- Meet emerging demands of regulators and capital markets for more granular understanding and verification of product performance
Our solution provides the audit tools to monitor production in real time at a level granular enough to compare actual sales by cell against expected results.
Some of the Values delivered to our Clients
- Reduction in APS requirements of up to 20%
- 40% improvement in underwriting productivity
- Better medical history data
- Consistent application of underwriting criteria via the rules engine
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