Workflow and Underwriting: Managing More with Less
Achieving optimal efficiency is a major goal for underwriters, who are inundated with documents that require multiple reviews, decisions, approvals, signatures, and other actions. Quick, accurate assessment of risk and rapid collection and investment of premiums are vital to insurers remaining profitable; delays and mistakes can be costly. Overall efficiency is vital to remaining on top in a competitive marketplace.
Digital workflow enables underwriters, claims processing employees who need access to policy data, agents, vendors, and others involved in insurance-related tasks and documents to get more work done, faster, without increasing staff. Automated rules-based processing enables underwriters to route work to the most efficient resources, reevaluating and adjusting based on real-time assessment of incoming work volumes and productivity data. Workflow ensures that procedures are consistent and complete, and propels the underwriting process forward, enabling quick decisions and quicker processing of new business and policy changes. Workflow can be seamlessly integrated with your other legacy and business applications via Web services, helping you leverage systems and data you already have. When integrated with your critical business systems, workflow dramatically shortens cycle times, reduces human intervention and errors, increases accuracy and productivity, cuts costs, and helps you to provide better service.
Shortened processing cycles result in more business you can underwrite with current staff; lower costs to the agency; and happier customers.
DocFinity® digital workflow can help your underwriting department to:
- Automate insurance and reinsurance underwriting at the point of sale, enabling instant gathering of data to determine eligibility and ensure accurate rating;
- Populate processes with pertinent, accurate data, reducing request and wait times for information;
- Expedite risk assessment;
- Issue policies quickly, as new policies are pushed through for immediate decisions;
- Monitor work volumes and employee productivity to avoid potential bottlenecks;
- Balance workloads of employees based on volumes and task completion;
- Expedite departmental approvals, denials, and signatures on documents;
- Integrate with policy underwriting, administration, and claims processing applications, leveraging the data you already own;
- Defend decisions with quick access to detailed, accurate data, reducing fraudulent claims and costs;
- Improve profitability through workflow analytics and predictive modeling that enable continual improvement;
- Comply with Sarbanes-Oxley and other regulations and manage retention schedules.
If you need help with workflow design, business process analysis, project planning, technology integration, or planning an enterprise-wide solution, Optical Image Technology’s professional services department has experienced specialists who can address your unique needs.
Don’t miss out on underwriting opportunities. Tap into the power of DocFinity Workflow to help you work faster and smarter. Contact us and share your needs with us. We will partner with you to ensure you succeed.
