Portrait Software, a leader in Customer Interaction Optimisation, has announced Portrait New Business, a solution that incorporates an end-to-end process to dramatically speed up policy issue and reduce risk exposure.
As competition increases, insurance companies are experiencing a multitude of issues: manual and fragmented processes, the need for more accurate data and consumers demanding high service levels across multiple channels. In addition there is a requirement for greater analysis of where the business is coming from.
Aimed at Life Insurance providers, Portrait New Business drives best practice processes and automates the new business acquisition process. Rules based underwriting, backed up by case and workflow management, enables policies to be issued in hours rather than days or weeks. Consistent, straight-through processing across distributors enables automatic take on and powerful, real time analytics reduces the operational risk and monitors business performance.
Portrait New Business uses real time underwriting decisioning, multi-channel customer interaction management and best-of-breed analytics to deliver a complete solution for new business acquisition.
It enables organisations to:
• Get new business on to the books faster
• Improve underwriting accuracy
• Minimise risk exposure
• Drive underwriting best practice to the point of sale, across all channels
• Reduce the cost of new business acquisition
• Improve customer and agent satisfaction
• Respond more quickly to change
• Create auditable workflows to ensure regulatory compliance
Designed to integrate seamlessly with existing systems, Portrait New Business handles the entire new business acquisition process, from the initial contact through to policy issue, based on underwriting best practice. By providing end-to-end process transparency, traceability and reporting it reduces bottlenecks and sales leakage and is both compliant and auditable.
According to Nick Randall, Portrait Software's CEO, "Improving the customer and IFA experience and increasing completion rates depend on what organisations do about automating the new business acquisition process. Taking advantage of new technologies and processes to facilitate customer management, customer insight and channel management will be a critical success factor for insurance companies."
"With increasing pressure on financial institutions to apply 'Treat Customers Fairly' principles, being able to enforce and audit guidelines, policies and compliance is a huge benefit," he added.
About Portrait New Business:
Key product capability includes:
- A Multi-channel Process Engine which provides the ability to prioritise rules, processes, communications and workflow to manage interactions and treatment strategies
- An Underwriting Rules Engine that delivers real time decisions.
- An Underwriting Desktop that gives access to all relevant information and process required for the underwriter
- A Business Engine that lets you continually evaluate the business processes and manage resources
- An Analytics Centre that analyses customer, operational and risk data that generate models to improve sales, service and management reporting