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Case Study

Life Insurance Provider Simplifies Underwriting Requirements Gathering

Home » Resources » Case Studies » Life Insurance Provider Simplifies Underwriting Requirements Gathering

Industry

Function

Topic

Results

70%

70% reduction in manual work

Better

Eliminate data entry errors

Speed

Faster underwriting

Company Profile

Major North American religious-affinity fraternal benefit society, provides life insurance, annuities, long-term care, and disability income exclusively to its members and their families through a captive agent force. Tens of billions in life insurance in force, top-tier A.M. Best ‘Superior’ rating, and recognized for industry-leading ethics. Members contribute hundreds of millions annually to charitable causes.

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.

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