50% Faster Underwriting Enabled by Real-Time API Integration for a U.S. Insurer

Overview

Our client, a leading US-based insurance company, transformed its underwriting process by partnering with Tellestia to implement a cutting-edge API integration solution. This solution seamlessly connected with key third-party systems, including LexisNexis Risk Solutions and DMV data repositories, to streamline data retrieval. By eliminating manual bottlenecks, underwriters gained real-time access to critical information, enabling faster and more accurate risk assessments. This modernization not only optimized internal workflows but also significantly enhanced the overall customer experience, driving improved business outcomes.

The Challenge

Underwriters were struggling to access timely and accurate data necessary for evaluating applicants. Key tasks, such as retrieving driving records and accident histories, were often delayed by reliance on outdated documentation or manual requests from external systems like state DMV offices and public records databases. These inefficiencies led to several challenges:

• Delays in policy issuance, negatively impacting customer satisfaction.
• Human errors in data entry, causing inaccurate risk assessments.
• Resource-intensive workflows, hindering underwriting productivity.

The Objective

To address these challenges, the company sought to modernize its underwriting process by automating data integration with industry-standard platforms such as LexisNexis Risk Solutions, ISO ClaimSearch, and DMV services. The primary objectives were:

• Streamline Data Retrieval: Enable real-time access to driving records and accident histories.
• Reduce Errors: Eliminate manual data entry and ensure data accuracy.
• Accelerate Processes: Speed up underwriting to enable faster policy issuance and improve customer satisfaction.

The Solution

Tellestia collaborated closely with the client to deliver an API-driven integration solution. The implementation was carried out in phases to ensure a seamless transition and minimal disruption to existing workflows.

Phase 1: Requirements Gathering and Platform Assessment

• Tellestia engaged with the client to fully understand the underwriting team’s specific needs and the technical requirements for integrating with third-party platforms.
• The existing underwriting system, Duck Creek Technologies, was assessed to determine the most effective integration approach.
• Key discussions included security and compliance to ensure adherence to industry standards like GDPR and CCPA.

Phase 2: API Integration with Key Systems

Tellestia developed and integrated APIs to automate data retrieval from essential third-party systems:

• LexisNexis Risk Solutions: APIs were set up to automatically retrieve driving records, claims history, and risk scores, giving underwriters real-time access to accurate, actionable data.
• DMV Data Services: A direct integration was implemented with state-level DMV services, enabling instant access to license validity, infractions, and accident reports.

Phase 3: Data Flow Automation

• Integrated APIs were embedded into the existing underwriting platform to seamlessly automate data validation and processing.
• Real-time data was fed into underwriting workflows, removing the need for manual data entry, and reducing human errors.
• Tellestia ensured that the integration maintained consistency and compatibility with the company’s existing systems and processes.

Phase 4: Security and Compliance Assurance

• Tellestia implemented robust security measures to ensure compliance with data privacy regulations, such as GDPR, CCPA, and NAIC model regulations.
• End-to-end encryption and secure data transfer protocols were applied to protect sensitive customer information.
• Regular audits and monitoring tools were introduced to ensure ongoing compliance and security.

The Impact

The API integration solution delivered significant, measurable improvements across key performance areas:

• 50% Reduction in Underwriting Time: Real-time data access enabled the insurance company to issue policies in half the time, improving operational efficiency.
• 40% Improvement in Accuracy: Automated data entry reduced human errors, resulting in more reliable and accurate risk assessments.
• 25% Cost Savings: Streamlined workflows reduced overhead costs related to manual data handling, yielding substantial cost savings.
• Enhanced Customer Satisfaction: Faster policy issuance and more accurate documentation contributed to a 15% increase in retention rates, improving the overall customer experience.