Today’s life insurance industry is undergoing a period of high growth, tightening margins, increased customer expectations, and greater competition. In response, insurance carriers are undertaking a rapid digital transformation, increasing cloud adoption, and automating business processes.
Traditional systems are often inflexible and disconnected and require months or even years to change. Too often, underwriters must work across multiple disparate systems, which leads to a slow time to market, more manual processes, high error rates, and a lack of visibility. Outdated new business fulfillment solutions result in slow new business acquisition and lower close rates.
KPMG and Unqork can help carriers accelerate time to market and improve operational efficiencies—while helping enable a smooth and efficient experience for employees and customers alike. For customers, our offering can help streamline the buying process by dynamically presenting relevant questions from initial application to issuance. The time it takes to select and issue a policy can be reduced to just a matter of minutes. Input errors can be minimized with automation, and self-service capabilities can provide even greater efficiencies and higher levels of customer satisfaction. Automation reduces the paperwork and processes and speeds up the policy issuance to the customer.
We help carriers take a modular approach to transformation with no need to rip-and-replace the existing technology stack when integrating new products. Unqork can smoothly connect with internal, legacy, and external systems to provide the customer with a leading digital experience. With KPMG and Unqork, carriers can create broker-powered, client-led, or self-service workflows. Underwriters can be freed from tedious, high-touch processes and focus on new business opportunities and high-value tasks.