The practical hands-on experience of our team has nourished them with the best practices in the Industry
- Ensure you are at par with the standards of Industry practices
- Review the complete onboarding process starting from Proposal Login process at the Branch/or from Point of Sale (POS) to Policy Issuance
- Regularize the flow of proposal including the use of Risk Scoring Model before Straight through processing (STP)
- Standardize the process to raise any further requirements
Review the process of completion of requirements with Sales/Customers
- Tagging of Medical reports – process and TATs
- Close looping of proposal between the Branch, NB and UW teams
- Process of Policy documentation
- Partner with you to revamp the UW guidelines to establish customized rules that enable robust risk assessment mechanism as well as enhance Business
- Facilitate Reinsurance support
- Underwriting Management
- Partner with you to make the Underwriting process lean.
- Impart time-to-time training to your resources and ensure that their skills are way above their peers.
- Imbibe the importance of following TATs along with quality assurance.
We also offer our services to assess and report the quality of Underwriting for your existing lineup of underwriters.
The outflow of revenue must be justified especially when it is by way of Claims. You can use our services to audit the existing Claims process or to lay down Claims process afresh.
With our network and proficiency, it will be easy for us to analyze your Claims data, point the ambiguous areas and propose methods to plug the gaps.
Our team members are stalwarts in the processes related to Insurance/ Financial sector. We understand the nuances of each process and can bridge on them to strengthen your existing processes.
- Process enhancement
Once we know the working model of your company and the expectations you have with respect to turn-around-time, quality and productivity, we can assist you by mapping down processes that can be warranted as Best practices in the industry.
- Business Process Re-engineering
We sketch the as-is process flow and understand the hand-shakes or hand-changes at each step. We then re-engineer the process to accelerate the turn-around-time without compromising on the quality. We add value to the process and significance to your working model.
AAPL’ Team helps you to Identify-Assess-Manage-Limit the risks. We help you formulate robust financial risk management frameworks that satisfy compliance demands, contribute to better decision-making and enhance overall productivity and performance.
Risk comes from not knowing what you’re doing
– Warren Buffet
Our vast and varied experience in the Insurance industry aids us to impart skills to your team members to increase their productivity and your profitability.
We can create content for training your teams and also conduct training sessions – onsite or off-site.
The Regulator is the apex body that governs and supervises the Insurance Industry in India. It lays down the duties and responsibilities for all the Insurance Companies to follow stringently.
The Regulator has the authority to modify, amend or alter any of the existing regulations, so as to protect the interest of the policy holders. The insurance companies must accept, implement and abide by these regulations within the deadlines, as specified by the Regulator.
The Regulator periodically inspects the insurer and few distributors like Banks and Brokers to ensure compliance to Regulations.
AAPL experts have the ability to analyse and recommend the seamless implementation of these altered regulations, on the PAS of the company and also help with documentation of SOPs thereof.
Actuaries are professionals who aid in assessing risks which helps insurance companies in the estimation of premiums for their policies. They also support in defining the Product framework and product design in line with the regulations.
The Actuarial team of an insurer is involved in designing products, valuation of the insurer’s books, study the mortality experience and conclude if it is in line with the assumptions.
This niche category of professionals must have the eye to analyze the risk using mathematics, statistics and financial theories and tools.
It goes without saying, that these set of professionals are not just difficult to engage but also highly-priced. Hence, the company must have a big budget.
AAPL team supports the Actuaries by assisting them with the simplifying the non-core activities, by which the tasks can be accomplished well within timelines and also turn-out to be cost-effective.