Policy Administration and Servicing
Improve service levels by automating the customer service request lifecycle for financial and non-financial requests. Enable interactive policy servicing and define complex calculation rules for payment and revival requests. Facilitate omnichannel request initiation and automatic allocation of cases based on the request type.
- Parallel processing to manage complex scenarios where multiple requests get initiated from individual customers
- Reduced turnaround time for policy processing and servicing
Auto-Ingestion of Policy Details
- Seamless integration with policy administration system to auto-fetch policy-related details
- Reduced manual efforts for finding and locating relevant fields required for policy endorsement
Automatic Case Classification
- Rule-based algorithms for straight-through processing of low complexity endorsements and policy-related service requests
- Automatic flagging and assignment of non-straight through cases to the underwriter
Policy Servicing Compliance
- Traceability of requests and corresponding documents through automated reminders and escalations to ensure compliance
- Audit logs, quality checking, and discrepancy resolution across forms, transactions, and processes
Personalized Customer Communications
- Template-based document generation through the customer communication management platform
- Faster, effective, and contextual customer communications, such as renewal notices, endorsement letters, etc.
transformation of Processes
Watch how Venerable leveraged Newgen’s platform to accelerate digital transformation for enterprise-wide processes.
in the Pandemic World
Hear Alok Rungta, Head of Health and Protection, AXA Insurance, as he speaks on the post-pandemic customer behavior
Does Newgen's Policy Servicing solution have the capability to handle multiple service requests?
Newgen’s Policy Servicing solution provides parallel processing to manage complex scenarios where multiple requests get initiated from individual customers, thus resulting in reduced turnaround time for policy processing and servicing.
Does the solution come with a self-service portal for the customers?
Yes, Newgen provides a customer portal for online service request initiation by customers. The customer can initiate a new request, track the existing requests, and keep track of all past service requests. The portal is integrated with the Policy Admin System to fetch all policy details of the customer.
How does the system handle customer communications?
The policy servicing solution has the capability of template-based document generation that can be sent directly to the customer. The system provides faster and more effective customer communications such as renewal notices, endorsement letters, etc.
How does Newgen ingest policy details in the core policy admin system?
Newgen’s Policy Servicing Solution provides seamless integration with the policy administration system to auto-fetch policy-related details. Newgen’s solution automatically pushes the data into the core system after policy servicing.
Does Newgen's policy servicing solution have the capability to auto-process service requests?
Newgen’s solution provides rule-based processing of service requests and classifies the cases into:
- straight-through for low complexity endorsements and policy-related service requests
- non-straight through for complex cases and auto assigns underwriters
Watch the webinar to understand how a digital transformation platform with low code capability can ...
Newgen automated the client’s accounts payable and receivable processes and provided a single platform to ...
Read this guidebook to understand the priorities of modern insurers and how you, as a ...
The NewgenONE digital transformation platform enabled the client to streamline multiple processes while ensuring compliance and adherence to security ...