An insurance transaction of sale or service involves unique activities of due diligence (Underwriting, Claims adjudication), which would require number of real time checks across data sets.
Our client had a legacy core system with islands of other functional systems, which do not interact with each other which resulted in
- Almost 100% of cases going through underwriting referral. And the digital portals had limitations on proposal submission or issuance of simple policies
- Underwriters who got the referred cases, had to manually navigate through different systems to check on information, track and follow up on pending requirements
- High numbers of human errors and omissions during checking
- Significant processing time causes missing SLA’s
- A mix of software tools and papers, caused confusion and bottlenecks