SymbioSys Underwriting

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Typical Challenges

High underwriting cost and turnaround time for application to policy conversion

Quick sales closure for standard cases

Inability to provide differentiated underwriting experience based on customer/distributor profile, demography, etc.

Auto assignment of underwriter based on case- underwriter profile match

Inability to automatically trigger and track requirements

Key Business Benefits

Reduction in turnaround time (TAT) for proposal to policy conversion

Improvement in auto underwriting rate

Improvement in quality through consistent underwriting process

Reduction in New Business processing cost

Improved Distributor motivation and customer experience

Quick sales closure for standard cases

Key Business Drivers

Increase in straight through processing (STP) rate

Quick and informed underwriting decisions to improve underwriting income

Reduction in New Business Processing cost

Quality information for taking timely decisions

Ability to extend underwriting to point of sale

Key Differentiators

Flexibility: Flexibility in rules configuration based on business parameters and case assignment based on underwriter profile

Requirement Management: Automated requirement generation, tracking and escalation

Question Configuration: Reflexive questionnaire configuration for tele-underwriting

Counter Offer: Multiple options for generating counter offer including computation of additional risk premium

Ease of Integration: Flexible, well defined integration approach for reduced TCO