WYNSURE MEDICAL UNDERWRITING
Making the enrollment process easy
Medical underwriting is at the backbone of any policy processing within a life insurance policy system, perhaps at the core of determining how profitable an Insurance carrier is. It involves the process of assessing the risk associated with providing life & health coverages to the policy holder.
• Wynsure enables customer’s case analysis and streamlines all intelligence from various data sources such as Prescription Database, Motor Vehicle Reports, Medical Information Bureau, etc.
• Wynsure and associated automation of these sources can save 30 to 40% Turn round Time by Medical Underwriter
• Wynsure enables accuracy of the underwriting data to ensure each case is priced optimally
With Risk centric underwriters’ desktop, Wynsure MUW can leverage straight through processing ready enrollments. It also allows expanding flexible, yet profitable solutions tailored to the carrier needs like intelligent automation and workload balancing.
Typical Challenges facing Enrollment process today:
1) Enrollment forms are provided in various Digital and non-Digital formats (Handwritten, Printed).
2) Enrollment is a time consuming, error-prone and tedious process. Underwriting for each case is manual for many carriers. This introduces a large cycle time to onboard new members (A policy setup specialist typically processes 8-10 quotes from his queue per day).
3) Underwriting process requires multiple handoffs and interaction across applicant, policy/enrollment specialist and underwriter. In many cases additional documentation requests are generated that stretches the enrollment cycle even further.
Wynsure medical underwriting with DeepinsightsTM targets all the key challenge areas listed above using combination of: