| Quality of service is probably the only differentiator in the insurance industry, where products have been reduced to commodities because of intense competition. Since many tasks involved with the new business and underwriting process are done manually, the average time to move a policy from application to issue is 30-45 days. |
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| This time lag is something no insurance company can afford if they want to get new business and retain customers. And even worse, the sales force has to spend valuable time collecting application data – time it could have spent in the field turning prospects into clients! What carriers need therefore is insurance automated underwriting software that speeds up the process. |
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Since automated underwriting is the backbone of policy placement, automation of the underwriting process is the key to unlocking the goal of straight-through processing.
MajescoMastek's Elixir Automated Underwriting Component has been designed to reduce the cycle time of new business and underwriting. The insurance automated underwriting software allows producers to collect data in both online and offline modes and also auto synchronizes whenever online. | |
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| The Elixir Automated Underwriting Component has a sophisticated rules engine that supports the rapid development of underwriting rules by underwriters. Easy-to-use rules creation means many decisions are automated, allowing underwriters to focus on higher-risk cases that truly require their expertise. The result is a dramatic reduction in processing time and a big improvement in the quality of decisions coming from your underwriting department. |
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| The Elixir Automated Underwriting Component comprises a suite of diagnostic tools, software components and transformational services that work together to speed processing and improve underwriting results. |
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Here are some of the key benefits of the Elixir automated insurance underwriting software:
- Direct impact on profitability and heightened customer satisfaction
- Extensive underwriting database
- Integration of tasks and information management across the organization
- Service component based on service-oriented architecture (SOA)
- All business rules for pricing, revenue, compliance and fee computations under one hood
- Supports web-service and messaging-based (ESB) interfaces
- Easily integrates with various client systems (both legacy as well as web-based systems)
- Helps isolate pricing and underwriting rules from existing loan origination
To know more on how Elixir Automated Insurance Underwriting solution can help your company, Contact Us at 1-800-249-9540. Today! |
