New Business Acquisition for Insurance Industry

Equip your business to optimize each aspect of the New Business Acquisition Lifecycle.

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The Newgen Advantage for New Business

  • accelerate_revenue_growth

    Accelerate Revenue Growth

    Revamp your acquisition lifecycle for faster process turnaround, enhancing business volumes and revenue growth.

  • enhance_efficiency

    Enhance Efficiency

    Eliminate manual hand-offs, automate and streamline information gathering and management, optimizing the cost and effort behind each acquisition.

  • delight_your_customers

    Delight Your Customers

    Take your services to the customer’s doorstep and speed up the validation and approval process to enhance customer satisfaction.

Deloitte ROI Case Study: MNYL Insurance Benefits from Newgen BPM Solution

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Newgen New Business Acquisition Process

Insurance New Business Acquisition Process

Newgen leverages its capabilities in the areas of Business Process Management (BPM), enterprise content management (ECM), Case Management, and Mobile Capture to enable end-to-end automation of the new business acquisition process. It allows field staff to capture customers’ details at their doorsteps, and instantly initiate the on-boarding process. Its rules-based workflow ensures streamlined flow of requests to appropriate stakeholders for further processing. The Rules Engine also enforces underwriting best practices which can be enforced at an enterprise level. The Newgen solution integrates seamlessly with other core applications to accelerate underwriting, approvals, and policy issuance. It eliminates process redundancies and provides complete process visibility, mitigating the risk of frauds, and enabling informed policy issuance decisions.

Solution Highlights

  • Anytime-anywhere access to critical data online to field agents
  • Superior capture capabilities to accurately capture necessary customer information and initiate applications instantly
  • Seamless integration with core applications to speed-up underwriting, approvals, and policy issuance
  • Rules-engine to enable process consistency and reduce cycle times
  • Robust case management framework to handle exceptions
  • End-to-end process monitoring to mitigate the risk of frauds and facilitate informed policy decisions
  • Application tracking from initiation to issuance to ensure faster cycle times

Request A Demo of New Business Solution

Insurance processes like New Business Acquisition involve a lot of paper documents. Manual execution of document intensive business processes is inherently inefficient, time consuming, labor intensive, error prone and very difficult to track and optimize and was to automate such paper based business processes is a challenge.

Newgen DMS solution has advanced features and functionality to ensure efficient change management and smooth rollouts of new services without any disruption caused to the existing service portfolio. Some key benefits are:

  • Reduction in turn around time.
  • Real-time online responses to queries.
  • Significant reduction in File retrieval cost from Record Management Unit (RMU) and the time taken in retrieving a file.
  • Reduction in cost of capturing and processing these signatures manually through Auto signature cropping.