Situation—Complex and Fragmented Underwriting Limits Growth
A major commercial insurer found its revenue and market share growth limited because its underwriting process was too complex and fragmented, resulting in low customer acquisitions and renewals. In addition, new accounts were being lost because new product launches were frequently delayed, distributor relationships were troubled, and policies could not be individualized for customers. So the insurer brought Capto on board to help consolidate and streamline its underwriting process.
Solution—A Streamlined System of Underwriting Applications
With Capto’s guidance, the insurance giant developed new applications to support an underwriting process that rapidly qualified potential major accounts and easily identified new sales opportunities. The system provided streamlined access to underwriting data and functions, enabled rapid product launches, allowed account managers to individual policies for customers, and improved distributor relationships. We identified an application vendor who specialized in rapid, fixed-time/fixed-price development, and supervised the negotiation and execution of contracts to complete development of the new system.