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.
"The impact of business agility cannot be overstated, for our agents and to our customers. This system will help us leapfrog our competitors," said Mike Natan, CIO of OneBeacon.