Sumit Ghosh, CEOIntense pressure to enhance profitability, deliver superior customer service, improve performance, and increase shareholder returns along with the need for risk management are driving insurance companies to re-evaluate their business processes. In addition, the upsurge in the number of disruptive startups looking to take market share from incumbent companies is changing the dynamics of the industry and reshaping its economics. Growing complexity in underwriting and workflows related to case tracking and policy issuance are also hindering insurers trying to achieve top-line sales while bolstering bottom-line profitability. Based in New Jersey, Wiztek Solutions, a proficient provider of reliable, high-performance, and cost-effective business process applications, offers a vertical extension of its smart business process platform for life insurance to enable seamless application entry, auto and manual underwriting, and policy issuance. “Through our proprietary PSuite Process Platform, we are solving what we perceive are the two main challenges facing life insurance companies: low profitability and the disruption caused due to new market entrants,” says the CEO of Wiztek Solutions, Sumit Ghosh. “Our product essentially enables insurance organizations to increase automation and reduce bottleneck in their applications and underwriting processes.” The ultimate goal, Ghosh says, “is to gain as many customers as possible and improve operational efficiencies.”
The PSuite platform, which is targeted for all major Java application servers, is a deeply customizable packaged software that can be installed either in the cloud or on-premise and serves as the fundamental driver behind Wiztek’s tailor-made BPM solutions. Its supports the development of business processes with integrated human workflow, rule management and data analytics. “The scalability factor ingrained within our platform enables us to build features necessary to address a new product launch or a unique customer need,” adds Ghosh. “It also allows us to significantly reduce the time to market of new products by accelerating the deployment of systems changes, specifications, rules and business processes, reducing the typical launch lifecycle from 9—12 months down to 3 months.”
The scalability factor ingrained within our platform enables us to build features necessary to address a new product or a unique customer need
Wiztek’sdeep technical competency coupled with their unrelenting commitment to creating remarkable customer experiences has helped the company gain diverse clients. In an instance, one of the clients, a long-standing insurance company that provides best-in-class life insurance, found it difficult to meet the demands of its online direct-to-consumer channels due to aging systems. “Among other issues that resulted in incurring a massive cost to the business and customer attrition, it was becoming increasingly hard for their systems to be responsive to the frequent changes in regulatory and business rules, product specifications, premium pricing, and the addition of new products,” reveals Ghosh. The Wiztek consulting team then partnered with the client to create a modernized roadmap in phases that produced business benefits right from the very beginning of the project. “The client encountered significant improvement in time to market new products, and experienced an increase in straight-through processing of policy underwriting and issuance with greater auto issue rates,” recalls Ghosh.
Keeping up with the theme of innovation, in the coming years, Wiztek plans on introducing cognitive workflow and natural language interfaces to all aspects of its products to automate customer interaction and support service. The company is also looking to merge with competent services organizations that can provide the skills and development support needed to enhance Wiztek’s process platform. “This would enable us to be ready to address large customers and request for proposals of the future,” wraps up Ghosh.