LIOBA: Digital Life Insurance Onboarding
Meet LIOBA, the next generation life insurance onboarding application by Synpulse
Growth lies in connecting with customers and engaging employees. LIOBA makes this simple. It transforms onboarding processes by integrating innovative software into existing systems, and laying the foundation for a scalable digital transformation.
Digital onboarding has become standard practice in the financial services industry. Unfortunately, this is not always the case for life insurance. Often a customer must call an agent or seek guidance from an advisor. It is therefore a no surprise that agent-assisted applications still dominate the sector. By streamlining processes and leveraging the power of data, life insurers enhance customers’ shopping journeys and open the door for new sales opportunities. However, change, especially digital transformation, is challenging.
LIOBA: Digitalization Made Easy
One of the key hurdles in digital transformation is finding a solution that meets the complex demands of issuing a life insurance policy. In addition to satisfying customer expectations carriers must meet a whole range of regulatory, agent, and underwriting requirements. This variability makes it difficult to develop a digital solution, since technology and processes are not uniform along the value chain. In response to these observed these challenges, Synpulse designed LIOBA, a flexible and customizable next generation onboarding solution.
LIOBA, which stands for Life Insurance Onboarding Application, streamlines and digitalizes onboarding processes through electronic applications, automated underwriting and case management. Electronic applications accommodate both self-service and agent-assisted journeys. Dynamic underwriting and process-flow rules create simplified applications. External data integrations enhance the customer experience, enable efficient risk assessment and ensure accuracy. Agents, underwriters and business users track applications, generate reports and automatically send requests to users or customers when additional information is required. Through LIOBA, carriers transform their customer onboarding processes by bringing all involved parties onto one digital platform.
Digital Case Management
By developing a process that validates, pulls data and cross-checks throughout the journey, carriers speed up the decision-making process and maximize customer engagement. For example, incomplete applications, follow-up questions, documentation and paramedical exams often prolong the new business underwriting process. With LIOBA, applications that require manual work are tracked and managed digitally. Rules are configured to send a notice to an underwriter or a customer to schedule a phone interview or paramedical exam, if referred to manual underwriting. Customers also upload documents, such as signed amendments or statement of insurability forms, directly to the portal with an automatic notice sent to an underwriter. Reminder emails on outstanding items, such as payments, are also sent to either the customer or business user in charge of the activity. Although some tasks may be manual, case management is made digital with LIOBA.
LIOBA easily integrates into front and backend systems. This enables carriers to gradually transform their business. By integrating into a legacy system, LIOBA uses existing data to cross-check customer information against previously issued policies and products for customized marketing, sales and fraud prevention. Data on customer, agent and business user activity is tracked, measured and analyzed in real time, providing instant visibility into the efficiency of processes and enabling businesses to improve and address problems quickly. Carriers are also able to integrate predictive analytics, machine learning and artificial intelligence software to further enhance decision-making.
Based on our best practices and InsuranceINABOX®, Synpulse developed LIOBA to ease the pain of digital transformation. It streamlines processes across all channels, while leveraging existing systems to gradually transition to full digitalization. Customers and business users access, manage and share applications from a PC or a mobile device, increasing efficiency and engagement through the human and digital interaction that many want today.
Schedule a demo at LIOBA@synpulse.com. We look forward to hearing from you!
Author: Sheena Strawter-Anthony