SYMBIOSYS NEW BUSINESS AND UNDERWRITING SOLUTION BY C2L BIZ RECOGNISED BY CELENT AS A “NOTEWORTHY SOLUTION” FOR THE INSURANCE SECTOR IN NORTH AMERICA
Celent Report, “New Business and Underwriting Systems: North America Life Insurance Edition” published in November 2022 acknowledges the solution
February 02nd, 2023. Mumbai. C2L BIZ Solutions Pvt. Ltd., a leading Insurtech and IT solution provider with a range of innovative and state-of-the-art solutions, has been featured in the prestigious Celent Report, “New Business and Underwriting Systems: North America Life Insurance Edition” published in November 2022. Their SymbioSys New Business and Underwriting solution has been acknowledged under the “Noteworthy Solution” category in the North American insurance market.
SymbioSys New Business and Underwriting solution manage the entire process from application capture via digital and paper apps, underwriting including both auto underwriting for STP and underwriting workbench for manual underwriting, case management, and first premium collection up to making the application ready for policy issuance. It provides for integration with PAS using web service, API, and CSV files state the report.
“By leveraging SymbioSys Field Underwriting, Insurers can issue policy quickly, improve customer and agent experience, and drive operational efficiency. This recognition is a reflection of C2L BIZ’s investments in cloud, AI to align to market needs to improve underwriting quality and lower new business acquisition costs”, says Co-Founder and Executive Director of C2L BIZ Solutions, Vijay Chavan.
SymbioSys New Business and Underwriting has the ability to capture applications both online and offline with validations, has a reflexive questionnaire, OCR integration for data validation, ease of defining rules at a granular level, support for field underwriting in disconnected mode, case management and underwriting workbench for a 360-degree view of the customer for informed decision-making. The key benefits of the solution include improved STP rate, reduced cost of new business acquisition, quick policy issuance, and improved distributor/customer experience, affirms the report.
The report further adds that SymbioSys New Business and Underwriting is designed and tested to implement adequate safeguards to protect sensitive or confidential information. This includes testing the application for OWASP Application Security Verification Standard (ASVS). Vulnerability assessment and penetration testing (VAPT) is carried out regularly for each release of the application. The solution is designed and coded using the industry’s security best practices and implemented in a secure manner, with proper input and output validation to minimize vulnerabilities.
The report authored by Karen Monks and Colleen Risk, profiles 15 systems in use by or being marketed for North American life, health, and annuities products and should help insurers as they refine their new business and underwriting technology strategies. Celent’s analysis of SymbioSys New Business and Underwriting upholds the potential of the solution in the insurance ecosystem.