Life insurance provider simplifies underwriting requirements gathering
Industry : Insurance
Function : Operations
Company Profile
This Fortune 1000 Fraternal Life and Annuities Provider is among the largest in North America with millions of members and over $100 billion of life insurance in force. It provides permanent life, term life, long-term care and disability income insurance and retirement annuities, while supporting many charitable causes financially and through its members’ volunteer hours.
Scope Highlights
- Multiple third-party data providers
- XML file format
- Case management
- Applications for life insurance
- Microsoft Outlook
- AWD
Challenge
The insurance underwriting team determines the price when someone applies for new insurance coverage. This decision is based upon analytical models using data from many sources including DMV, medical, and credit scores. Many data sources provide information in a form ready to be uploaded into the underwriting platform. However, other data types, such as the applicant’s medical data, must be read, matched to policy applications and entered by hand.
Solution
Third-parties provide requested data in XML and other file formats. For example, the automation parses and transforms the medical and background information during attribute extraction processing. Within the new business case management system, the automation locates the right insurance policy applications and uploads the transformed data. Case reports are also produced for use by the underwriting team.