The Submission
The Issue at Hand
Branch operations staff must
manually input data
Insurance branch offices deal with a huge volume of applications in a single day, which the operations staff must scan, order, and clean up information in preparation for data entry.
When agents bring in applications to the branch, the staff must manually input the various data collected which becomes a tedious and resource intensive process.
To top it off, agents spend time visiting branches instead of utilizing the time to serve customers.
The Neutrinos Advantage
Document processing is streamlined with smart document sorting
Neutrinos allows customers to scan and upload documents and automatically captures and collates all the information into a single dashboard for the agent/underwriter to view.
By removing this step, companies reduce the workload on a single agent, speed up the process and ensure accurate processing of data.
The Verification
The Issue at Hand
It takes time and resources to
verify individual documents
Once applications have been submitted, there can often be delays in document verification because of the time it takes to investigate.
Secondly, when operations staff are overloaded with documents they may miss errors, omissions or inconsistencies in information it adds to the underwriting cost and risk.
Underwriters must also identify signs of fraud and decide what further verification or investigation steps should be taken.
The Neutrinos Advantage
Error-free and optimized verification with automated underwriting
The Neutrinos solution works on automated underwriting, which is a set of automated rules based on which it scans and automatically verifies the information.
If documents are clear, identified and verified it will move straight through to processing. However, in case of any discrepancies, the files are directed to a manual underwriter.
The solution also assigns and delegates jobs to manual underwriters based on their skillset and experience to optimize resource utilization.
The Data Audit
The Issue at Hand
Alerts cannot be tracked, and
communication is broken
When underwriters require additional information, they generally need to correspond with the agent or customer. Often, they lack tracking mechanisms to check the status of these inquiries.
When documents are pending, it takes multiple reminders done in tedious and long-winded process of underwriter to agent to customer and then vice-versa.
Agents may even be required to travel to the respective branches in person, or via courier, to collect certain sets of data which causes significant delays.
The Neutrinos Advantage
Timely communication with auto-alerts and 24x7 status tracking
With Neutrinos, agents can now enjoy real-time correspondence on missing requirements and can supply it digitally without having to visit the branch.
A regulated dashboard on the underwriting workbench allows companies and its underwriters to get a 360-degree view of the all the enquiries and track real-time document validation and alerts, remotely.
The Decision
The Issue at Hand
Insurers need to identify fraudulent
applications & investigate without bias
Customers may feel like the decision taken is biased and insurers experience heightened risk due to fraud and leakage.
For this, insurers need to maintain a keen eye for detail and apply good judgement. However, this depends on underwriters following the rules in place with appropriate due diligence.
Underwriters have a greater cognitive burden, making their jobs more stressful and tedious. If insurers are not able to bring rigour and control fraud, they leave themselves more vulnerable to risks.
The Neutrinos Advantage
Protects insurers with rule-driven comprehensive underwriting
With Neutrinos, insurers can be confident that underwriting is compliant and free of bias before the ultimate decision is taken.
In most cases, straight-through underwriting eliminates manual errors and omissions and turns around applications in minutes, with high accuracy.
Even in complex cases requiring manual underwriting, Neutrinos can provide data and insights to guide the underwriter for speed and compliance.
