Birla Sun Life Insurance on Wednesday announced that it has adopted the Automated Underwriting and Risk Analysis software to automate its underwriting process which would enable the company to issue policies in just 30 minutes.
"AURA will automate the underwriting process helping us achieve improved Turnaround time in processing policies," Mario Braganza, VP, BSIL Client Services and Underwriting said.
BSIL aims to create an effective and standardised cost structure. The company has sold 1,20,000 policies till December 2005 and expects to add another 80,000 by March 2006.
"We expect to sell around 3,50,000 policies in financial year 2006-07," Braganza said. BSIL had collected Rs 400 crore (Rs 4 billion) in premiums till December 2005, and is confident of achieving Rs 800 crore (Rs 8 billion) by March 2006, which would mean a 30 per cent increase from last fiscal, Braganza added.
The company has spent $3,50,000 on AURA and expects returns to show up in less than 3 years.
AURA software is expected to be fully operational from July 2006. Headcount of core underwriters also could come down by 40 per cent with underwriters able to spend their time on complex issues and not regular policies.
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