Celent facilitated another Insurer Peer Networking Event at the headquarters of New York Life Insurance Company. The discussion was the liveliest yet, with every company contributing significant learnings about their experience in straight-through processing (STP) and product development in life and annuity insurance. Here is a brief overview of those lessons.
There was general agreement that companies are experiencing a greater than 65 percent NIGO rate with a paper process. For one insurer who has implemented electronic applications in annuities and for part of their life book, NIGO drops to 10 percent in an automated submission environment.
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