SymbioSys Underwriting-as-a-Service

SymbioSys Underwriting-as-a-Service is a powerful service that enables the insurer to easily setup its underwriting division uniquely. It can offer differentiated service to its key customers and distributors, to achieve an improved experience. It offers a comprehensive underwriting workbench giving a 360°view of Customer profile, Application data including the medical questionnaire, Historical Policy information etc. for timely, consistent, and quality underwriting decisions. It uniquely addresses the underwriting needs of all Life and Health Insurance carriers, along with necessary regulatory compliance.

Over 8 million applications for 24 customers across 9 countries have passed thru SymbioSys Underwriting.

SymbioSys Underwriting-as-a-Service is designed for the global insurance underwriting needs and is proven with unique capabilities like:

+ Ability to route cases automatically to specific underwriter based on competence and ensure load leveling across underwriters
+ Ability to provide counteroffer like Increase/Decrease Sum Assured, Add/Remove Riders, Modified Policy/Payment terms, Plan Options etc.
+ Ability to have multi-level Underwriting for complex cases with audit maintained at each stage
+ Ability to take underwriting decisions like Accepted, Declined, Exclusion, Permanent/Temporary Flat/Percentage based Loading etc.
+ Enables users to define escalation and alert rules for pro-active management, thereby reducing the underwriting costs.
+ Handshake seamlessly with digital ecosystem with ready real time API interfaces

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Business Challenges

  • Ineffective case management
  • Manual case allocation and tracking
  • Single view of customer for timely and quality underwriting decision
  • Inconsistent underwriting decisions

 

Service Benefits

  • Efficient and effective case management
  • Consistent decision making
  • Reduced Underwriting and New Business acquisition cost
  • Improve distributor and customer experience
  • Analytical information for improving underwriting quality

Business Drivers

  • Improved underwriting efficiency
  • Differentiated service to key customers and distributors
  • Reduced time for policy issuance
  • Reduced new business acquisition cost

Key Features

  • Ease of setting up Underwriting division uniquely to improve Underwriting efficiency
  • Automated case routing based on the competence
  • Comprehensive underwriting workbench for 360°view of Customer profile, Application data, Historical Policy information etc.
  • Ability to provide counteroffer like Increase/Decrease Sum Assured, Add/Remove Riders, Modified Policy/Payment terms, Plan Options etc.
  • Ability to do case sampling for Quality control

SERVICES ON MARKETPLACES

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Quick Facts

>80%

STP Rate

08M+

Policies Underwritten

80+

Concurrent User Support

100K+

Peak volume of applications underwritten in a month