Doing Away with Paper: Improving Underwriting Efficiencies for a Life Insurer [ Source: Infosys ]
November 2010- A leading life insurance provider sought a business transformation through paperless transactions. Infosys’ solution eliminated paper-related inefficiencies in the process and ensured it became faster and scalable. Our solution... improved money management, automated underwriting, automated requirements ordering and integrated case management. It helped the company reduce the operating cost for a ‘new business’ by 15%. In addition, the solution reduced cycle time by 10 days resulting in operational savings of US$ 3.2 million.

Smarter Underwriting: New Strategies for Cost Control and Pricing Precision Using Decision Management [ Source: FICO ]
January 2010- Today insurance carriers are extending the efficiencies achieved through back office automation to point-of-sale (POS) decision making across all channels, including self-service websites, in-house sales and agent/distributor networks. New Decision Management solutions not only facilitate straight-through-processing, by improving the quality of inbound data, they also increase the accuracy, objectivity and consistency of underwriting and application decisions, even when business volume is rising rapidly. In addition, by providing deeper insights into loss risk, Decision Management ...

Overcoming the Dirty Data Problem [ Source: Experian ]
October 2011- Insurance is an industry of information and the manipulation of data. Contact data in particular is present in every database. This information critical to insurance operations as it affects risk assessment, policyholder communications and compliance.

But the difficulty of maintaining data is almost as prevalent as insurers having contact information in the first place. Because of the fluidity of information, insurers have a hard time keeping contact data clean and up to date. <...

The 11 Secrets of Business Rules Success [ Source: FICO ]
January 2010- Managing business rules gives insurers control over high-volume operational decisions in areas from underwriting to product configuration to claims management, and gives you the agility you need in a dynamic marketplace. Based on decades of experience developing decision management applications, FICO has developed 11 steps to help you make the most of business rules. These include:

• Picking the right applications. Business rules are a powerful tool for building smarter decisions into your applications, but ...

Decision Management for Insurance: Revenue-Generating Decisions Begin at the Point of Sale [ Source: FICO ]
January 2010- A new generation of technology solution—Decision Management—is bringing revenue-generating decisions to the point of sale with precision pricing and straight-through processing.

In this white paper, you'll learn how Decision Management can deliver deeper insights into risk exposure, enabling you to expand risk tiers, assign more accurate pricing and rapidly bring innovative products to new markets. You’ll also see how Decision Management can help you contain costs by allowing business users ...

Managing Risk Intelligently: How to Leverage Business Intelligence to Improve Risk Management and Boost the Bottom Line [ Source: Insurance & Technology ]
March 2009- As the global economic crisis continues to batter the financial services industry, insurers’ very survival increasingly depends on their ability to manage risk. By weaving analytics into the fabrics of their organizations, innovative carriers are turning their massive stores of data into actionable intelligence, gaining a more complete view of their risk exposure and driving greater profitability to the bottom line.

Modern Policy Administration Systems Require Modern Implementation Methodologies [ Source: Camilion Solutions, Inc ]
December 2008- The insurance industry is rife with anecdotes of late or failed implementations and millions of dollars lost in the process. In the Celent report "The 18 Month Rule: Avoiding The Endless Project" (Nov. 2006), it was noted that “between 30% and 80% of all large projects fail, with most estimates coming in on the higher side of this range.” But it doesn’t have to be this way –- implementations of modern policy admin systems can be successful. Learn ...