Credit Union Insurance Provider:
Credit Union Insurance Provider:
Transforming and Automating the Underwriting Process
Industry: Banking, Financial Services & Insurance
Delivery Center: India, USA
Industry Context
Insurance companies often face challenges with manual processes and outdated technologies. Repetitive procedures like processing extensive data on various types of risks can take up more than 50% of an underwriter's workday. Cumbersome manual processes lead to higher costs, longer turnaround times, increased errors, and inconsistency. Because the insurance industry competes heavily on cost, inefficient processes can be major threats to an insurance provider’s long-term viability. Consequently, insurers are under pressure to modernize their operations to stay competitive and meet client needs.
Client Challenge
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. The client relied on outdated underwriting technologies, which led to time-consuming manual processes. Extensive manual processes with siloed and inaccessible data contributed to low productivity, high operating costs, long turnaround times, frequent quality issues, and high 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 They intended to replace the outdated underwriting system with a system that would provide the accuracy and flexibility needed to make profitable portfolio decisions.
