A global P/C insurance and reinsurance firm automated its entire underwriting process by modernizing its CCM and policy systems. Implemented in 8 months, the new platform cut time spent generating policy documents by up to 95% and eliminated the possibility of manual error, enabling underwriters to close more proposals
With the new CCM platform, underwriters were able to complete the process [of quoting, binding, and issuing a policy] in just 10 minutes.
The insurer specializes in customizing policies for their customers, but their underwriting process was hamstrung by outdated and incompatible systems. They planned to streamline and unify document handling with a modern CCM platform across both insurance and reinsurance lines of business.
Tools and Technology
The insurer partnered with ValueMomentum to install OpenText Exstream as their CCM platform, and to build in integration support for Empower and DocuSign. ValueMomentum also integrated the platform with Guidewire Underwriting Management, Guidewire Policy Center, and Insurity Policy Decisions as part of the insurer’s core modernization.
The company credited the ValueMomentum team’s knowledge of insurance policies and forms for helping to rapidly rebuild their components in the new environment. ValueMomentum’s dedication to partnership and collaboration also proved key to the project’s success.
The new core system enabled the insurer to cut its quote-bind-issue process from 2-4 hours to just 10 minutes, empowering the underwriting staff to be more productive, close more proposals, and ultimately drive greater business growth.