Home Assurance
Problem
Client was using MS Excel macros for underwriting processes. Which also meant that the customer themselves cannot fill any form. They can only fill paper forms and then one of the client’s staff will fill in the same in an excel macro for the underwriting. In addition, underwriters have to manually check and collect data from several third party websites and platforms on various parameters to assess the risk of lending in any given customer’s case. This manual process is lengthy, hectic and prone to mistakes.
Our Solution
An underwriting engine and a software where the customer can themselves fill in the various required information for underwriting steps and the risk is calculated automatically and the underwriting result is shown to them immediately. The software integrates with multiple third party data providers and collects the risk factor on various parameters and then draws a combined risk assessment and presents it to the customer as well the insurance underwriter.
Results
The customers used the tool to apply and see their feasibility and risk assessment results from the comfort of their homes. The automated underwriting process enabled the client to focus more on their business growth instead of mundane paperwork.
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