Simplifying customer onboarding for insurers

FEDO SOLUTION

Fedo architected an API driven digital solution for the customer that enables end customers to:

• Fill out proposal information online
• Get immediate policy decisions from Fedo’s Underwriting engine
• Book appointments for Tele Verification or Pre Policy Medical Check-ups (PPMC)
• Get the result of the tele verification / PPMC results directly through a portal

In addition, Fedo implemented a Work Bench for the insurer that had the following features:

• Automated feed of Tele Verification and PPMC results to the underwriting engine using APIs
• Recommended underwriting decisions based on Tele Verification / PPMC values
• Automate case routing system to route cases to underwriters based on load, specialty

BUSINESS IMPACT

With Fedo’s digital solution, the customer was able to accomplish an average TAT < 5 days as compared to industry standard of 7 - 8 days

VALUE ADD

Fedo’s case routing system and advanced analytics engine allowed the insurer to track underwriter productivity and identify & resolve gaps in the workflow

FEDO SOLUTION

The solution involved back testing past proposals using Clustering, Classification, Claims Propensity models of Fedo’s Underwriting platform. Fedo generated 12 clusters of customers based on their health risk. A classification model was then used to predict the chances of a customer claiming in the next 4 years basis. The results from the classification model were then used to identify customers who would need a medical examination and customers who do not need a detailed medical examination.

BUSINESS IMPACT

Straight Through Pass rate increased by 26% All cases newly identified as straight through pass did not have any adverse findings from medical tests.