Underwriting is the big bugaboo of life insurance. Because it takes so long, customers often forget why they wanted the policy in the first place and cancel the sale. A new real-time system from Sapiens International Corp. has changed that for one client, OneBeacon Insurance Group.
Policy INSIGHT enables quicker policy quotes over the Internet in part by combining a number of systems onto a single platform. Also, the underwriting process is automated, allowing for the real-time quotes on policies and a faster application process. One important aspect of the new system is that it allows OneBeacon to quickly and cheaply design, issue, and service new policies.