Underwriting - Benefits
- Improved Productivity – It’s no longer necessary for underwriting assistants to perform low value tasks such as mail opening, dating & time stamping, logging, document sorting, matching documents with files, making photocopies and manual file routing & re-filing. And, Underwriter efficiency is also improved. By storing file information in a more easily accessed format, underwriter can more quickly find current information as well as previously received documents. This supports a more efficient environment for the Underwriter resulting in improved productivity.
- Underwriter Flexibility – Companies are free to utilize remote Underwriters or underwriting services. Complete underwriting files along with subsequent underwriting requirements are all stored electronically and available for retrieval and review by authorized people who are granted access.
- Improved Document Security – Sensitive documents are secured and can only be viewed by associates with the proper authorization level. HIPAA regulations are more easily followed and more consistently enforced by restricting access to authorized personnel. And, the system can be configured to allow view-only access to certain individuals while others have view and update authority.
- Decreased Cycle Time for Applications – Delays resulting from missing files, paper handling delays and routing errors are eliminated. The outcome is a reduction in the time it takes to issue insurance policies.
- Improved Handling of Endorsements – Endorsements that need underwriting review are prioritized and handled more efficiently. As a result, companies can improve customer satisfaction by better managing customer requests.
- Improved Placement Ratios – Placement ratios will increase as issue time deceases.
- Quicker Answers – With immediate access to case files, Agent and customer questions can be answered immediately, eliminating the need for returned phone calls.
- Better Information – Companies now have detailed metrics that allow them to better manage internal operations. Bottlenecks can be identified, service issues can be immediately brought to the attention of managers and productivity can be objectively tracked by supervisors. Manual logs and reports are eliminated freeing management to focus on managing the process more effectively.