6^th Annual Edition

Traditionally, the motor insurance agents or intermediaries at IFFCO-Tokio General Insurance used paper-based proposal forms to insure vehicles and transferred the data collected to the company'These intermediaries are expected to follow underwriting guidelines. But this manual process had made it difficult for underwriters to check if the rules were being followed. Dubey knew that a weak underwriting process could affect the company's profits. Because motor insurance is one of the most important portfolios of the company, Dubey knew that he couldn't afford bad risk. He designed an innovative online rules engine system, equipped with automatic workflow. In case of a deviation, the engine will automatically escalate and alert the underwriter. The project improved loss ratio, shrank the turnaround time for underwriting decisions, and ensured that profitability is not compromised in the quest for new business. The project is expected to contribute about Rs 20 crore each year to the bottom line.