6^th Annual Edition

But to do that, it either had to recruit more insurance underwriters, who evaluate the risk and exposures of potential clients, or implement an automated system for underwriting. As the solutions that were available off-the-shelf were expensive, Raghavan decided to take the private cloud route for implementing an automated underwriting solution. While taking care to stay within the compliance mandates that bind the insurance industry, Raghavan interconnected the company's four disparate systems through a Web-service. This provided the company with underwriting decision contracts even before policies get issued and brought down the TAT for issuing policies to just four seconds. On a yearly basis, this saved the company the cost of 12 new resources, and Rs 1.67 crore on the total investment that would have been necessary for an off-the-shelf product.