INSURANCE

Straight Through Processing (STP)

Transforming business operations

New regulatory challenges, a growing need for sales force optimization, tighter underwriting guidelines, and demands for quicker commission payments are placing increased pressures on insurers to speed their business processes through greater automation. Combining in-depth industry knowledge with technology tools and capabilities, CGI helps insurers reduce paper dependency and sequential work processes, improving productivity and decreasing costs.

An extension of the real-time enterprise concept, our STP services help insurers redesign their operations, where each business process can be completed without stopping or hand-off from start to finish. Such business transformation, supported by a robust IT infrastructure, reduces costs, shortens processing cycles, enables real-time decision making, increases placement ratios, improves satisfaction, increases productivity, and creates more scalable and efficient operations.

STP automates redesigned business processes from illustration to policy issue and from first report of loss to adjudication and settlement. Our clients have reported significant improvements in their operations, as measured by 20 to 30 percent cost reductions, faster revenue growth, reduced churn, and compression of new business cycles from weeks to days (or hours). Sample CGI-implemented client solutions include:

• Process automation with automated workflow management
• Integrated illustration toolkit with up-to-date rule and rate information
• Electronic application information gathering with reflexive questionnaires
• Automated ordering, tracking, receipt, and analysis of requirements
• Rules-based underwriting to automatically approve or decline cases
• Intelligent document creation for the automatic assembly and distribution of contracts
• Web-based self-service for policy and claims for potential customers and producers
• Full integration of new and legacy systems to create a real-time enterprise