Solution Overview. Cognizant Delivers Submission as a Service for Commercial New Business Submission Intake Process

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1 Cognizant Solution Overview Solution Overview Cognizant Delivers Submission as a Service for Commercial New Business Submission Intake Process

2 Cognizant Solution Overview 2 Cognizant Delivers Submission as a Service for Commercial New Business Submission Intake Process

3 Cognizant Solution Overview Improve the speed and accuracy of submissions The combined pressures of a challenging competitive landscape, slow growth in premiums and lower profits mean that insurance businesses need to increasingly consider new ways to improve productivity, enhance revenue growth and guarantee ever-greater customer satisfaction. As a result, there are a number of questions you may be asking yourself about your organization and how it can optimize its activities to prosper in today s business climate. HOW PRODUCTIVE ARE YOUR UNDERWRITERS? Your underwriters represent a valuable, core resource. However, it is possible they may be spending far too long on low-value, non-core activities. In fact, research shows that the average underwriter spends 18% of their time on tasks such as preparation and validation of submission data. This is time that could be better spent helping to grow your business. HOW EFFICIENT AND ACCURATE IS YOUR SUBMISSION PROCESS? Furthermore, on average only half of the information needed for processing submissions is captured on the first pass when the capture is carried out manually. This not only means unnecessary extra steps while processing, but also increases the possibility of human error. HOW LONG DO YOUR NEW SUBMISSIONS TAKE? The process from initial data capture of a new business submission to it appearing on an underwriter s screen should ideally take no more than 24 hours. New business intake processes, using industry-standard packages, are often manual and highly time consuming. And unfortunately, the possibilities for process automation are limited due to high degree of variation in both file types, data formats and the level of information received. WHAT ARE YOU LEARNING FROM YOUR INTAKE? Making informed business decisions based on the hard facts is becoming increasingly easier as a result of analytics and predictive modeling built on data mined from submission documents. However, due to much information being overlooked or difficult to mine, this is a highly advantageous business activity where, for most organizations, there is wide opportunity for improvement. DO YOU HAVE THE FLEXIBILITY TO EXPAND? When a major new business opportunity presents itself, can you call on additional human resources with the necessary skills to take full advantage of it? As even some of the most basic activities in the preparation of submission data require a well-trained workforce, companies can often find it difficult to expand, even if new clients are on the horizon. Cognizant delivers Submission as a Service to remove the burden of submission intake. This frees up your staff to concentrate on more core and profitable activities. It reduces the time, effort and cost of submissions, and has a range of other business benefits, too. Cognizant Delivers Submission as a Service for Commercial New Business Submission Intake Process 3

4 Cognizant Solution Overview REDUCE SUBMISSION TO JUST ONE DAY Cognizant delivers Submission as a Service to reduce the average time for submission intake from two-and-a-half days to just one, while cutting the average effort required from 3.3 full-time employees to 1.5 full-time employees. Faster submissions result in quicker turnaround and happier customers. This also removes the burden of manual input from underwriters allowing them to concentrate on more profitable activities. EXTRACT THE EXACT DATA YOU NEED Using powerful rules-based management, the service solution extracts the information you need for the submission process in the form your underwriters need it, complete and error free. We employ an expert team familiar with ACORD, Broker Spec, loss runs and their associated business rules, to deliver an additional level of validation and provide the exact data you need for underwriting. SAVE UP TO 60% IN COSTS, IMPROVE PROFITS Greater efficiency and automation also translates directly into cost savings of 50% to 60%, which has clear advantages for your company s profitability. In addition to time and money, Cognizant delivers Submission as a Service to reduce repeat efforts by improving accuracy which leads to improved customer satisfaction and further positive impacts on your bottom line. Using a blended approach of technology to automatically extract information and highly trained resources to validate the extracted data, Cognizant is able to deliver significant cost savings. BOOST BUSINESS INTELLIGENCE What is more, Cognizant delivers Submission as a Service to provide analytics that draws all of the relevant available data, and digs deeper to provide actionable intelligence about your market, customers and relevant market trends. This allows you to make informed, in-depth decisions, and keep one step ahead of your competitors. SCALE YOUR PRICING FOR YOUR BUSINESS Because you only pay for the volume of submissions you process, Cognizant delivers Submission as a Service to allow you to take on ambitious new projects without the expense of additional capital investment in staff, training and IT infrastructure. Scale up your submissions process without costly hiring and, where necessary, scale down without painful firing. EXTEND SERVICE TO OTHER BUSINESS PROCESSES Service can be easily scaled to other business processes within the organization such as other lines of business, claims processes, and more. 4 Cognizant Delivers Submission as a Service for Commercial New Business Submission Intake Process

5 Cognizant Solution Overview Business benefits in brief 100% reduction in effort spent by underwriters on submission intake processes, resulting in capacity creation to focus on new business growth Up to a 15% reduction in time to quote, providing increased agent and customer satisfaction Pay-per-use-only transaction-based pricing which makes it easy to scale up operations as needed Up to a 60% reduction in cost of operations for the submission intake process Improvement in quality as a result of reduced human errors during data entry Powerful analytics to allow intelligent business planning and strategy Multiple hosting options to meet your organization s specific needs Working with your organization Ensuring we deliver the best service solution for your business is a step-by-step process that takes around three months in total. At the end of the period, the Cognizant team will deliver a pay-as-you-go service that will meet your business requirements. The two key stages are: PROOF OF CONCEPT PROCESS INTEGRATION Understanding your technology landscape and output requirements Identifying all business and keying-in rules for your business Performing a proof-of-concept exercise on samples from your organization Creating a customized Submission as Service for the organization Reviewing the detailed extraction output Demonstrating to your team the percentage of data extraction and accuracy Defining critical service level agreements to ensure your business goals are met Cognizant Delivers Submission as a Service for Commercial New Business Submission Intake Process 5

6 DON T WAIT TO IMPROVE YOUR SUBMISSIONS PROCESS AND ENHANCE YOUR PROFITABILITY Let s talk about how Cognizant delivers Submission as a Service can benefit your business. Contact us on OptimaWriteSupport@cognizant.com About Cognizant Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process services, dedicated to helping the world s leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 100 development and delivery centers worldwide and approximately 244,300 employees as of June 30, 2016, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world. Visit us online at or follow us on Twitter: Cognizant. World Headquarters 500 Frank W. Burr Blvd. Teaneck, NJ USA Phone: Fax: Toll Free: European Headquarters 1 Kingdom Street Paddington Central London W2 6BD England Phone: +44 (0) Fax: +44 (0) India Operations Headquarters #5/535 Old Mahabalipuram Road Okkiyam Pettai, Thoraipakkam Chennai, India Phone: +91 (0) Fax: +91 (0) Copyright 2016, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the express written permission from Cognizant. The information contained herein is subject to change without notice. All other trademarks mentioned herein are the property of their respective owners /rotl/9-16