The client is a leading provider of insurance services to approximately 380 credit unions with a total of more than five million members in the Canada Credit Union System. It offers business, liability, and property insurance to credit unions. For the credit unions’ members, the client offers multiple types of insurance, including credit and mortgage protection, life, disability and critical illness, home, auto, travel, and employee benefits. 

The company relied on outdated Underwriting technologies, which led to time-consuming processes like manually compiling data from several sources. Extensive manual form-filling processes with siloed and inaccessible data, long turnaround times, quality issues, and procedural errors contributed to a decrease in productivity and a rise in operating costs. The labor-intensive and cumbersome process led to customer attrition. 

Identifying the need to meet evolving customer expectations and perform accurate risk assessments, the client approached Encora for Underwriting automation. They intended to replace the outdated Underwriting system with a system that would provide the accuracy and flexibility needed to make profitable portfolio decisions.