Driven by technology and the rising need for automated and data-driven processes, the insurance industry is at an inflection point. Insurance companies need to re-evaluate their underwriting process to secure a sustainable advantage in the coming years.
Traditional underwriters are over-worked as new applications pour in non-stop. As a result, underwriters often spend a significant amount of time reviewing 80% of unstructured data that is collected from disparate sources. 20% of the life applications are withdrawn due to long wait times of medical underwriting.
Successful underwriting involves balancing accurate risk assessment and closing new business opportunities. Accuracy, volume ,and time are three key factors required to gain a competitive edge in the underwriting process, and it is achievable by automating routine tasks to equip underwriters with digital tools and technologies.
Wipro’s Intelligent Underwriter solution aims to transform medical underwriting and create a touchless experience for underwriters. It helps insurance firms to speed up and improve the underwriting process. Automated underwriting has a direct impact of ~14% on the sales volume. Apart from providing a user-friendly efficient SaaS platform which automates medical underwriting, Wipro’s Intelligent Underwriter solution is supported and strengthened by a pool of highly skilled underwriting assistants, adding up to the completeness and accuracy of the tool with some additional features.
Scaling up with a low-risk rate and striking the perfect balance are now possible with Wipro’s Intelligent Underwriter.
Key features of Wipro’s Intelligent Underwriter solution include:
- Digitization and extraction of medical data
- Automated validation of underwriting principles
- Intelligent automation and personalized risk assessment
- Summarized information and health score
- Enhanced tracking and improved workflow
- Combination of cognitive and traditional automation
Wipro’s Intelligent Underwriting solution:
- Increases the efficiency and accuracy of automated data extraction
- Ensures better and consistent decision-making and accurate risk qualification
- Reduces cost and time and enhances revenue by sealing new business opportunities