Birla Sun Life Insurance automates its underwriting by implementing AURA
25th January, 2006
Birla Sun Life Insurance (BSLI) today announced that it has implemented the Automated Underwriting and Risk Analysis (AURA) software.
The implementation of the system is expected to streamline the process of underwriting by automating most of the underwriting decisions.
Says Mr. Mario Braganza, VP, Client Services and Underwriting, BSLI, "The implementation of AURA will achieve a high level of automation in the process of underwriting resulting in superior and consistent decisions and an improved turnaround time for processing of policies. The minimisation of human intervention in the underwriting process will also enhance risk management practices and equip BSLI to even out the processing loads which show high seasonality in the life insurance business."
The key benefits of AURA can be summarised as:
- Quicker turnaround times and improved operational effectiveness especially in handling peak volumes leading to speedy delivery of policies to customers
- Quality and consistent decisions
- Optimisation of human resource requirements
- Reduced risk with defined rules taking care of a vast majority of cases, more time will be available to underwriters to assess complex cases and build on expert knowledge
- Automation of the process will lead to higher decentralisation of the underwriting process; acceptance of risk and issuance of policy can be done on the spot at the distributor's end
- Automation will minimise the impact of attrition of people
At BSLI, the endeavour has been to find new ways to improve quality, improve customer experience, increase capacity, reduce costs and gain a competitive advantage. AURA offers an innovative approach to the new business process by providing robust and flexible automated underwriting. AURA's ability to capture and store all these details provides BSLI with access to valuable information about their business. AURA uses industry-proven interfaces to existing systems, as well as third-party information vendors.
About the Aditya Birla Group
The Aditya Birla Group has a turnover close to Rs. 33,000 crore (as on 31 March 2005) and is one of the largest business houses in India. It enjoys a leadership position in all the sectors in which it operates. With over 75 business units spanning the South East Asian belt, Africa, Canada and the UK, among others, it is reckoned as India's first multinational corporation. The group is anchored by 72,000 employees and has 7 lakh shareholders, with a market capitalisation of Rs. 30,500 crore.
Additional information is available at www.adityabirla.com
About Sun Life Financial Inc.
Sun Life Financial Inc. is a leading international financial services organisation providing a diverse range of wealth accumulation and protection products and services to individuals and corporate customers. Tracing its roots back to 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of 31 December 2004, the Sun Life Financial group of companies had total assets under management of USD 298 billion.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol "SLF".
Additional information can be found at: www.sunlife.com
For further information kindly contact:
Ms. Anjana Grewal, Vice President - Marketing and Communication,
Birla Sun Life Insurance Company Limited
Ph: 022 5678 3333