Today, new communication channels (direct sales, comparison sites) demand quick decisions and instant communication with the customer using a single interface. These new market requirements, which will also have an effect on margins, can be successfully met using external data analysis and intelligent decision support systems.
Automated request
External credit scores are included in the request process in real time. CRIF processes this information into relevant decision-making and analytical data and issues an assessment, which is agreed with the insurance company prior to implementing a solution. Possible outcomes could be: "Request approved", "Request declined", or "Manual check ". In addition, CRIF provides tried-and-tested software applications for the workflow-based control and analysis of decision-making processes, which are based on internal and external information.
Applications within various areas of an insurance company
CRIF data and systems support business process optimization, both during the request process and the entire customer lifecycle.
|
REQUEST
|
MONITORING |
DEBT COLLECTION |
Automated decision,
quality consultation,
brokers |
Portfolio screening
(e.g. customer base or mortgage portfolio analysis) |
Receivables assessment |
Example 1: Quality assurance in sales and customer retention
Can customers always afford the insurance solutions sold by agents or brokers? If agents or brokers are having financial difficulties, their own commission may take priority over customer reliability. This can result in cancellations, which are detrimental to customers (financially) and the insurance company (image and legal fees). In the case of large insurance companies’ requests, it is therefore worth consulting credit scores during the request process.
Example 2: Monitoring maximum cover limits for bad debt insurance
Bad debt insurers must be able to make quick decisions about the adjustment of maximum cover if the risk situation changes. A CRIF monitoring system provides credit rating-related information almost as soon as it becomes available and can therefore be integrated in a quick decision-making process. Maximum cover limits can therefore be quickly adapted to changing situations.
These examples from everyday business show: not every request or decision is equally as complex or important. For larger insurance company contracts managing high-volume information, manual checks that use a variety of data are useful. On the other hand, for smaller insurance company contracts , an automated decision is the only sensible way to proceed. This process uses fewer resources while still guaranteeing risk minimization for the company.
CRIF supports numerous banks and insurance companies in the areas of automated decision support systems, process optimization through the integration of external data analysis, and analysis of customer bases and mortgages. More than 2,400 customers in the global financial sector rely on CRIF solutions.
In Switzerland, CRIF is the leading provider of decision support systems, process automation, and risk management solutions.
Published in Risk Management Guide 2014 - 33
