Maximizing straight-through processing is critical for insurers handling large volumes of customer data. Now, Captricity has developed an intelligent automation solution to automate exception handling and speed data processing for life insurance carriers. The new product launch was announced at InsureTech 2017 in Las Vegas.
CaseCorrect automatically validates insurance data using hundreds of business rules, enabling insurance carriers to evaluate which policies to underwrite with higher accuracy and speed. Invalid data is automatically re-routed to the sender for quick correction, with a user-friendly interface that empowers insurance agents or operations employees to correct invalid form fields quickly, to avoid processing delays that can impact the customer experience.
Working in partnership with MetLife, Captricity developed CaseCorrect as an add-on to its existing cloud-based platform. After a high-intensity development period of just under three months, MetLife was able to implement the solution to transform its exception handling processes for group life underwriting. Today, CaseCorrect is enabling the company to improve end-to-end automation, decreasing the time and manual effort required to process beneficiary designation forms by up to 55 percent.
“We needed an automated way to validate and correct submitted forms and streamline our underwriting exception handling process, so we partnered with Captricity to develop a solution specifically designed for our needs,” said Eoin O’Reilly, vice president IT automation, Global Technology & Operations, MetLife. “With CaseCorrect, errors are detected automatically and corrected by the operations team in an easy-to-use digital interface, reducing cycle times and ensuring a more accurate underwriting process for our customers.”
Using a rapid-development methodology, Captricity and MetLife worked together to build an initial beta version of CaseCorrect in just 90 days. Following a successful pilot of the solution within MetLife’s Group Life Operations business in the U.S., MetLife is now using CaseCorrect in production use cases — all in time for Q4 2017.
“The entire project was successfully completed in three months, driven by both teams’ commitment to pursuing quick-to-market solutions that improve quality of service and experience for customers,” said Kuang Chen, CEO and Founder of Captricity. “We were thrilled to be able to work in such an iterative and collaborative way with MetLife and are excited to be launching the result, CaseCorrect, to the market today.”
If you’re an insurer who wants to improve end-to-end automation to cut costs, increase revenue, and enhance risk assessment, call Captricity at 510-876-9323 or visit captricity.com/resources for more information about CaseCorrect and the Captricity intelligent automation solution.