Services

Business Process Engineering and Improvements

One of the benefits of having a combination of technology and insurance domain expertise is that our consultants can advise and implement business process improvements through the effective use of technology. Some of the areas where Ibexi has provided significant improvements for business users are in improving automated underwriting results for life insurance companies, rate prediction analysis for preferred clients in automobile & commercial lines, agent attrition reduction and lapse reduction.

In India, the typical Life insurance company has small premiums but vast number of applications (running into millions of policies issued). If the underwriting process was to remain manual, business would be severely hampered since good underwriters are extremely difficult to find.

Case study: A major Indian insurer

A joint venture between an American Fortune 50 insurer and an Indian group - looked at its underwriting process and found that initially only 30% of clear cases were being passed through the automated underwriting rules. Ibexi analysed and found that ultimately 96% of cases were being cleared ie 60% out of the 70% cases referred for manual underwriting were anyway being cleared without any loading or denial. Using an indigenous data mining algorithm, Ibexi determined the rules under which the clear cases were failing and suggested appropriate changes to the Automated Underwriting rules to ensure fewer kick outs. These changes to the underwriting rules were validated by the re-insurer through a subjective audit and duly implemented.

After the implementation of the changed rules, the clear case percentage improved to 67% and ongoing efforts are now in place to continuously monitor and improve this ration.