Become Agile in Response to Market and Changing Competitive Scenarios

SymbioSys New Business significantly enhances new business productivity & quality with comprehensive branch automation. A system for Insurers to strategically respond to changing market & competitive needs through configurable business process flow, robust product configurator evolved based on over 2 decades of global insurance industry experience. It provides information about the process flow bottlenecks to improve the productivity, efficiency and TAT.

Business Challenges

• Long turnaround time for policy issuance
• High NIGO (Not in good Order) rate
• Long time to market for launching new products
• Low STP rate
• Inconsistency in risk assessments
• Inability to adapt to evolving distributor, regulatory demands

Business Drivers

• Reduce TAT for policy issuance
• Automate Branch and Central Operations to make New Business Operations agile and nimble
• Reduce Time to Launch New Product
• Seamless and adaptable experience across emerging distribution channels and models

Features

• Business Agility
• High Productivity
• Straight Through Processing
• Consistency & Accuracy
• Discerning Analytics

Benefits

• High data accuracy and quality – capture of data with all validations controlled by configurators
• Reflexive questionnaire and requirements generation based on business rules
• Reduced Time to Market for launch/ packaging of New Products
• Intelligent workflow driven processing for flexible adaptation, reduced time and cost
• Seamlessly integrated auto underwriting for quick decision