Are you experiencing challenges with low Straight-Through Processing (STP) rates, reduced underwriter productivity, and high underwriting costs? You’re not alone. Many insurance organizations face similar hurdles.
The Challenges:
- Low STP rates: Industry averages range from 40-60%, resulting in delayed policy issuance and dissatisfied customers.
- Reduced productivity: Underwriters are often burdened with manual tasks, handling only 150-250 cases per month.
- High costs: Underwriting expenses can be substantial, ranging from $100-$150 per policy.
The Solution:
Our Auto Underwriting Starter Pack is designed to address these challenges by:
- Automating decision-making processes with pre-built, customizable rules
- Streamlining workflows for faster policy issuance
- Reducing manual effort, enabling underwriters to focus on complex cases
The Benefits:
- Increased STP rates: Achieve 70%+ STP rates, significantly reducing processing times
- Enhanced productivity: Enable underwriters to handle up to 50% more cases per month
- Reduced costs: Optimize operations and lower underwriting expenses
How it Works:
The Auto Underwriting Starter Pack provides ready-to-use, configurable rules for eligibility, financial, and medical assessments. It simplifies complex processes into adaptable workflows that can be customized to your specific needs. The intuitive design allows for quick adjustments, enabling your team to adapt to complex cases with ease and precision.
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