By implementing a next-generation new business process, a typical life insurer that issues 40,000 policies a year could save more than $1.3 million annually.This was one dramatic finding of a report entitled "The Evolution of Rule-Based Life Insurance Underwriting Systems," recently released by Boston-based consulting and advisory firm Celent Communications Inc.
"Rule-based processing definitely has a place in life underwriting, but carriers need to create next-generation systems if they want a good return on investment," comments Craig Weber, an analyst with Celent. "That means tight integration, component-based architecture, and high levels of automation and control over data, plus the ability to deliver rule-based intelligence all the way back to the point of sale."
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