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Insurance

Efficient and speedy underwriting and faster product launches

The client

A leading life insurer.

The business challenge

Facing market pressures to significantly increase responsiveness to its customers, the client wanted to develop a comprehensive New Business and Underwriting solution that would replace the functionality provided by the existing legacy core package.

The solution

Wipro was involved in requirements capture, architectural design and implementation along with business process reengineering. The key features of the New Business solution developed by Wipro are:

	Automated workflow management for underwriting: Business rules are built for in underwriting (risk assessment, auto-underwriting)
	Automated requirements management: The solution tracks miscellaneous requirements like absence of signature on the application form, etc. apart from medical and financial requirements

Measurable business benefits

	Better customer service with a policy issued within days as against 176 days previously
	Saving on underwriting effort and costs through built in rules and intuitive recommendations
	Faster product launches by allowing new rules to be validated in a test environment against existing policies