I-Biz - Benefits for the Insurance Company

CSSI's I-Biz doesn't only provide the insurance company with real-time electronic data exchange with the insurance broker for policy issuance and policy change processing. The insurance company will also experience the following benefits from using I-Biz:

I-Biz saves time. With I-Biz, 90 percent of transactions can be underwritten and validated without the involvement of company personnel. Company underwriters now underwrite the exceptions.

I-Biz saves money. Not only are there fewer transactions to enter, but the exceptions are fully qualified with all required data, and acceptance is all that is needed from the underwriter. Mail-room and mail-routing costs are greatly reduced, as well.

I-Biz helps you gain market share. Brokers are attracted to I-Biz-enabled companies due to the ease of placing and maintaining business. The decreased need for human intervention allows for movement of talent to value-added activities.

I-Biz helps to improve the company's relationship with the broker, because the insurance company receives a copy of all client data, with no missing fields.

Insurance Company Metrics

With I-Biz new business, 85 percent of transactions are processed straight through with no underwriter intervention. New business transactions with exceptions that are stopped by the I-Biz company can be processed in less than two minutes.

For endorsement requests, I-Biz is delivering 80 percent straight-through processing under correct business rules without human intervention. The remaining 20 percent require only underwriter review and approval as per company rules. Ninety-five percent straight-through endorsement processing is attainable.

If you'd like to know more about I-Biz and what it can do for your company, contact us by email or call us toll-free at 1-888-291-3588.