New Business Insurance Solution (newBIS)

New Business Insurance Solution (newBIS)

Challenges

Despite advances in document management technologies, the insurance industry continues to be flooded with paper documents. Our research shows that Fuji Xerox customers in the insurance industry generate an average of 1,600,000 pages per company annually - the highest amongst all industries! While the industry is progressing towards less paper-intensive workflows, the majority of internal and external communications still reside in paper. Critical documents such as application forms, policy certificates and statements contribute to this significant volume, which form the lifeblood of communication in the claims, underwriting and marketing departments.

Around the globe and increasingly in Singapore, the market share of traditional insurers has been challenged in recent years by a variety of forces - from Internet disintermediation to aggressive marketing by new entrants, financial services deregulation, compliance pressures, competition from other investment vehicles, and, of course, customer empowerment.

To meet these challenges, insurers today seek to understand their customers better and facilitate the exchange of information with agents and brokers to derive added value for customers. To boost profitability and growth, insurers need to align their product strategies, such as cross-selling products to their customers.

Solution

Agents kick off the new business process by submitting policy application documents such as Application Forms, Proposals, Financial Plans and other supporting documents. The Digitisation and Archival modules provide insurers with the capability to scan and manage these documents electronically for future reference by internal departments, agents or even customers.

Upon the underwriter's approval, the entire set of Policy Documents such as Policy Certificates and supporting Policy Information is captured and transformed by the Printing and Output modules into high quality and professional looking documents.

As a market leader in providing managed services to the Financial Services and Insurance industry, newBIS also offers three key outsourced services to improve the new business application process of the insurer.

Printing Services and Scanning Services provide experienced onsite or offsite printing and scanning services to help insurers expedite the new business application process in a timely, accurate and cost effective manner.

Document Design Services helps insurers design new business documents with improved intelligence, accountability and readability to facilitate the application process.

Benefits

Reduce Operations Cost

• Reduction in manpower and material cost in new business

Improve Process Cycle Time

• Improvement in turnaround time of new business applications by up to 50%

Improve Document Experience

• Improve branding through more effective collaterals, pre-printed application forms and policy certificates

Improve Agency & Customer Satisfaction

• By providing them with faster turnaround of new business

Downloads

1. New Business Insurance Solution (newBIS)