by LTIMindtree Limited

Insurance Book Transfer / Book Roll Over Policy Quote Agents & Underwriter

LTI has reimagined a digital quote submission process and developed a platform named SWITCH (Patent Pending). SWITCH as a solution is available on subscription basis with pay as you use model. The solution can be integrated with Direct consumer channel, back office process like book transfers, policy document analysis to assist underwriters and with an ease of integration to the policy administration systems and processes. It is hosted on Microsoft Azure and leverages Microsoft cognitive services to build core business logic.

Personas assisted by LTI SWITCH are:

*Insurance Consumers

*Insurance Agents

*Insurance Carriers

*Insurance Underwriters

Customer Needs addressed -

Quote Submission intake via Direct or Agency Portal -

o   Single click quote submission by uploading existing Policy document

o   Improve quote abandonment rate from >30% to < 2%

Book Transfer – Bulk quote processing-

o    Bulk uploading of policy documents to be transferred

o    Reduce book transfer time from >2 months to < 2 weeks

Policy document reviews and rule- based annotations-

o    Online or Bulk processing of policy documents to be reviewed

o    Effort saving in back office policy review time by > 70%

Consumer convenience on assisted call experience

o    Reduce call time by >60% & conversion rate up by >40%

At a glance