Financial Daily from THE HINDU group of publications
Friday, Jan 27, 2006
Financial Daily from THE HINDU group of publications Friday, Jan 27, 2006 |
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Money & Banking
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Life Insurance Birla Sun Life adopts tool for automated underwriting Our Bureau
Mumbai , Jan. 26 BIRLA Sun Life Insurance has implemented the Automated Underwriting and Risk Analysis (AURA) software to improve turnaround time and optimise human resource requirements. Mr Mario Braganza, V-P, Client Services and Underwriting, Birla Sun Life, said the software had helped the company reduce the headcount of its core underwriters by 40 per cent. "The underwriters will now be able to focus on more complex cases. The implementation of AURA will achieve a high level of automation in underwriting, resulting in superior and consistent decisions and an improved turnaround time for processing policies," said Mr Braganza. The software uses key risk factors such as height, weight, body mass index, blood pressure, occupation, family history, life style and medical information to underwrite the policy. It will help the company issue policies in one-and-a-half days, an improvement from three days. With the implementation of workflow and imaging by July, the company hopes to reduce the policy issuance time to 30 minutes. Mr Braganza said the software would reduce the workload for underwriters faced with large volumes in the last quarter.
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