Become a Leading P&C Insurance Provider With a Life Underwriting Solution

By Taylor Trapani, Marketing Associate, Robert Wolfrum & Will Sellenraad, Insurance Specialists

If you’re constantly frustrated and challenged with inefficient claims processing systems, manual activities, and heavy reliance on your IT department, you’re not alone. These are challenges we see many of our clients struggle with. In this blog, we demonstrate how we help insurance providers by describing a fictional situation showing how our life underwriting solution can significantly improve productivity. 

Challenges Faced by a Fortune 500 Insurance Provider  

Our fictional insurance provider, Stateside Insurance, is a Fortune 500 provider operating in all 50 states. They have a solid track record in the P&C market but want to improve their competitive advantage. Stateside has a problem though: their underwriting department is underperforming.  

Here’s why:  

• The department receives large pieces of content in various formats every day without a way to process it all efficiently. 
• They heavily rely on the IT department to make any changes with the system—big or small.  
•  They’re plagued by manual activities: 
  • Jumping between systems of record and third-party applications.  
  • Side-by-side document comparisons.  
  • Extensive searching through documents to find relevant information. 
  • Paper signatures and verbal approvals and consent.

These challenges cause the underwriting department to feel constantly overwhelmed, mostly by the sheer amount of content they have to manually review.   

Combating the Challenges With a Life Underwriting Solution  

To overcome these challenges, Stateside Insurance reached out to us here at Pyramid Solutions. We knew in order for Stateside to become more competitive they needed an enterprise-wide content management strategy, a life underwriting solution, and an implementation roadmap tht takes them from intake to completion for underwriting.   

So, what exactly does that mean? Well, let me break it down for you:   

• An enterprise-wide content management strategy is a standardized plan to manage documents across the entire organization to get rid of silos and individual contributor views.   
• The life underwriting solution is a type of underwriting software that automates processes.  
• An implementation roadmap is a comprehensive project plan.  

How Will This Help?  

Great question! The services and technology we just explained can help in a number of ways. Our life underwriting solution allows Stateside to:  

1. Aggregate data from siloed systems of record into a role-based user interface. 
2. Efficiently process unstructured data and assign it to underwriters.  
3. Allow users to split large documents into smaller ones, merge multiple documents into one, and re-index                documents.  
4. Enable Stateside to define, manage, and control functional access by role.  
5. Allow users to tag documents to indicate location and purpose and bookmark important document pages.  
6. Provides real-time dashboards that monitor all activities in the underwriting process.  

Due to all the new capabilities of the department, Stateside underwriters were able to improve productivity by 30%. After implementing the life underwriting solution, they experienced dramatic performance changes. With this tech, Stateside is able to reduce cycle times, eliminate the need to jump between applications, increase competitive advantage, decrease operation expenses, attain more accurate claims analytics, and improve client and agent self-service capabilities.  

If you’re pursuing a life underwriting solution for your insurance company, read our blog 3 Fundamentals to Consider for Your Accelerated Underwriting Solution.