SymbioSys Auto Underwriting-as-a-Service

SymbioSys Auto Underwriting-as-a-Service is a powerful service that enables the field sales force to underwrite a case right in front of the prospect, using handheld digital tools. It has the capability to provide decisions even in a disconnected mode. This service is extensively used by Life and Health insurers across different countries. This enhances the experience of your customers, distribution agents and partners, by improving sales closures.

Over 8 million applications for 24 customers across 9 countries have passed thru SymbioSys Auto Underwriting. Some of our customers have achieved STP rate of over 80%

SymbioSys Auto Underwriting-as-a-Service enhances the sales effectiveness thru its capabilities to:

+ Flexibly define differentiated underwriting rules suitable to business needs based on various parameters like
Product, Customer Profile, Geography, distributor, Medical/Lifestyle questionnaire etc.
+ Improve the speed of policy issuance and reduce acquisition cost
+ Improve the underwriting quality and STP rate thru Intelligence based rule refinement
+ Attract and retain distributors by configuring underwriting rules specific to high producing/quality distributors
+ Ability to maintain complete transparency and consistency throughout underwriting process
+ Handshake seamlessly with digital ecosystem with ready real time API interfaces

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Business Challenges

  • Ability to underwrite case at source using digital tools
  • Quick sales closure
  • Differentiated underwriting rules based on customer / producer profile
  • Inconsistent underwriting decisions

 

Service Benefits

  • Improved STP rate
  • Quick Policy issuance
  • Reduced Underwriting and New Business acquisition cost
  • Improve distributor and customer experience
  • Analytics based rules refinement to improve underwriting quality

Business Drivers

  • Improved STP rate
  • Quick policy issuance
  • Reduced new business acquisition cost
  • Improved underwriting quality

Key Features

  • Ability to define rules based on product, geography, customer/distributor profile, medical/lifestyle questionnaire etc.
  • Ability to rollup lower level decisions to Insured and Application level
  • Ability to compute total sum at risk at each benefit level for limit checks
  • Supports Field Underwriting on mobile devices in disconnected mode
  • Underwriting decision analytics to improve underwriting quality and STP rate

SERVICES ON MARKETPLACES

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Quick Facts

>80%

STP Rate

08M+

Policies Underwritten

300+

Concurrent User Support

100K+

Peak volume of applications underwritten in a month