Automated Claims Processing (ACP)
Automated underwriting for rapid and risk managed customer acquisition and onboarding
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Increase STP cases through intelligent assessment of underwriting and documentation needs
Beyond documentation rules, filter out applications that are eligible for STP. AUM works with existing Rule Engines or even standalone.
Provides lift to STP proportions saving time and iterations
Flags non STP in customizable buckets that can guide subsequent actions
Suggests medical and financial checks along with documentations required
Reduce early claims and increase underwriting profitability
AUM learns from historical underwriting decisions, previous early claims to highlight cases that exhibit high propensity for early claims.
Marks high risk parameters in the application for manual investigation
Categorized cases that have probable non-disclosures
Identify potential early claims at the application stage itself
Enables Standardization of underwriting guidelines
Prevents inconsistencies due to human judgment variability; ensures that organizational policies are consistently implemented.
Ensures consistency and completeness of underwriting processes
Enables rapid configuration of changes to reflect changing business needs
Reduces people dependency or bottlenecks enabling experts to focus on complex cases
Ensures quick turnarounds and thorough scrutiny even during 'spike season'
AUM scales to match demands of peak season without challenges of temporarily augmenting staff and having experts overloaded.
Able to scale better than only human workforce to peak demands
Maintain consistency and TATs at all loads
Keep up scrutiny rigour even during high loads to ensure risk management
Pricing that is personalized based on risk
While underwriting, AUM module can arrive at personalized premiums aligned with the business growth appetite viz-a-viz the risk of the customer.
Premiums that are aligned to the risk rather than rigid grids
Offer customized and better prices leading to improved customer satisfaction
Augments the efforts of actuaries and in better pricing structure
Key Product Features
Automate complex underwriting cases
AUM automates cases failed by rule engines through deep learning techniques applied to complex underwriting decisions.
Deliver consistency in decision quality
Unhampered by peak time or other constraints, AUM module can delivers decisions with quality and consistency to maintain portfolio quality
Uplift in underwriting decision automation
Qualify additional cases for STP thus delivering an uplift and increased efficiency
Personalised pending requirements
Unlike current grid based pendings, AUM personalizes the requirement basis on the user risk profile
Monitor early claims at the underwriting stage
Highlights cases with early claim propensity at the application stage for further evaluation by underwriting teams
Rapid implementation reduces the time to production
Available APIs that are easy to integrate with core workflow tools without minimal intervention to the current architecture.
Deliver better customer experience & satisfaction
Through personalized response and instant decision delivery, ensure a delightful policy issuance experience
Business controls that allows to easy configurations
Business users can configure the module to define controls based on sum insured, products, BANCA channel etc
AUM module fits into existing underwriting process to deliver uplifts in STP cases, consistent scrutiny of Medical and Financial requirements, thorough risk assessment, and seamless scale up for demand spikes.
Automate complex underwriting cases that requires financial and medical underwriting
Deliver consistency and standardization in underwriting decisions
Reduce early claims by identifying them at the application stage
Personalize pricing basis on the risk and deliver better profitability
Assistive AI – autonomous AI system to continuously optimize the target strategy across different touch points
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