Business Process Services

New Business and Underwriting Services

Realizing the need to deliver enhanced customer experience in a competitive marketplace, insurers are looking to simplify their business processes. They must also reduce time to market for new products, and achieve faster regulatory compliance for policy issuances.

TCS New Business and Underwriting Services help insurers simplify business processes to ensure enhanced customer experience through efficient onboarding and policy issuance. We deliver lean and agile operations that enable you to increase process efficiency, optimize costs, and enhance competitiveness.

The TCS Advantage

ValueBPS: Our ValueBPS approach helps enterprises achieve significant and sustained business outcomes by leveraging our deep domain expertise and operations redesign methodologies such as FORE™. Our approach also encompasses robotic process automation (RPA), analytics and insights, our unique IT-BPS synergy, Business Process as a Service (BPaaS) models, and business process management (BPM).

Industry Domain Expertise: Leading insurers around the world leverage our strong domain expertise in New Business and Underwriting Services for property, casualty, life, annuity and health insurance, and retirement services. Our exhaustive knowledge of industry rules facilitates better regulatory compliance.

BPaaS Platforms: TCS’ BαNCS is an end to end suite of solutions for banks, capital market firms, insurance companies and diversified financial institutions. Each solution in the TCS BαNCS family is scalable and robust and fully integrates with existing business models, enterprise infrastructure and technology architecture.

Solutions We Offer

  • Quotes management
  • Application keying
  • Application review
  • Review of missing requirements
  • Transfers and exchanges
  • Initial premium application
  • Policy issuance
  • Underwriting support
  • Attending physician statements
  • Cancellations
  • Transfer follow ups
  • Application amendments
  • Fund allocation

Benefits

Key benefits we deliver include:
  • Up to 95% straight-through processing
  • Up to 30% reduction in underwriting cycle time

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