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Insurance Underwriting Process Automation with Nividous Smart Bots

An insurance company achieves 50% reduction in TAT and saves 6000 staff-hours per month by automating its underwriting process with Nividous Smart Bots.

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Insurance Underwriting Process Automation with Nividous Smart Bots

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  1. A Leading Life Insurance Company Automates Underwriting Process of New Business Proposals Using Nividous Smart Bots Organization This customer is promoted by prominent financial organizations and has more than 50 million customers. The company differentiates itself through simple, easy to understand products that are fairly priced and efficiently serviced. Processes automated Underwriting of new proposals Premium calculation Customer onboarding using AI and ML Auto-termination pay-outs Industry Insurance Challenges The process of scrutinizing new business proposals / policy applications for underwriting was highly manual and time-intensive. 25 full-time scrutinizers were hired to perform hundreds of validations by manually comparing new proposals against data residing in an internal application and several identity documents. The validation process involving several business rules was highly tedious and error-prone. Manual errors resulted in a high amount of rework and change requests at the time of underwriting. A continual surge in new proposals resulted in increased operational costs. There was a high risk of breach in service line agreement at the time of policy issuance. The automation of the end-to-end process has saved thousands of staff-hours and expedited the process significantly. We are able to reduce our FTEs from 25 to 5 who are now involved in only exception management. Director – Operations and IT A leading life insurance company Solution The manual process of scrutinizing new proposals is completely automated with the help of Nividous RPA Bots and Nividous Smart Bots. The RPA Bots fetch application forms and supporting documents for cases under scrutiny and send them to the Smart Bots. The Smart Bots with native Computer Vision-based Optical Character Recognition (OCR) capabilities extract relevant data. The RPA Bots perform all the required validations on the extracted data against an internal application and documents. Based on the validations, the RPA Bots take subsequent actions such as Raising change requests in case of missing documents or corrections. Approve and pass the policy for issuance, if all the validations are met. Pass the proposal to an underwriter when critical decisions are required. RPA Bots handle change request cases when the requirement is fulfilled. Benefits For more information on how insurers use Nividous platform visit: https://nividous.com/case-studies#insurance 6000 >50% 100% 75% Reduction in process turnaround time Staff-hours saved per month Reduction in human errors Throughput leading to increased business value www.nividous.com +1 (442) 444 2767 contactus@nividous.com

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