Aegon Religare Life Insurance - Expert Underwriting System

The Problem: The process of underwriting risk used to take 3 to 4 days, causing a delay in issuance of policies. Plus, the number of underwriters required was rising, from 8 in 2008 to 24 in 2009 to 36 in 2010.

The Solution: To address this business problem the company decided to automate the underwriting process. The company wanted a solution that would deliver good RoI, have a low implementation cost, and can be completed quickly so that the benefits can be gained ih 2010-11 itself.

An inhouse deployed solution could not make all this possible, so the company used RGA's AURA underwriting system in the cloud. Moreover, to ensure security, they used dedicated, secured lines for the transactions instead of going over the Internet.

The Result: The results have been amazing. The underwriting process has come down dramatically and policies can be issued within a day.