North American New Business and Underwriting Systems
|Targeted News Service|
Recent economic conditions have had an adverse impact on life insurance application volumes, but there continues to be interest in automating new business and underwriting functions, as insurers strive for straight-through processing (STP) of new business.
Insurers hope that systems that automate new business and underwriting functions will help reduce unit costs and improve margins.
In the report, North American New Business and Underwriting Systems: Life, Health and Annuity ABCD Vendor View,
Today's new business and underwriting systems collect structured data, triage risk and identify underwriting requirements, fulfill back office processes, and allow for analysis of the resulting data. They provide the potential for insurers to reduce costs by moving some of the traditional back office processes into the front office and to improve profitability by giving insurers insights into the characteristics of applicants for product and pricing refinement.
Please find table here: (http://www.celent.com/reports/north-american-new-business-and-underwriting-systems)
"In the current sales climate, insurers are looking for ways to improve unit costs. They are achieving results by changing their cost structures and delivery speed through process simplification and automation," says
The report discusses each system's functionality and highlights trends in the new business and automated underwriting marketplace.
This is the second of several reports related to straight-through processing in life insurance. The first in the series was Understanding the Benefits of Electronic Applications and Policy Issue (http://www.celent.com/reports/understanding-benefits-electronic-applications-and-policy-issue),
This 132-page report contains 10 figures and 77 tables.
TNS C-Santpan-Santpan 121219-4145345 71Santosh
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