In the mortgage loan underwriting business, competition is stiff among the seven U.S.-based mortgage insurers. The key differentiator is service, and AIG United Guaranty was looking for a way to provide the highest possible underwriting service at the lowest cost.
The company also faced a number of other key business challenges:
• The need to enter new markets quickly and with a lower cost structure, while maintaining current local presence and level of service.
• The requirement to lower contract underwriting costs.
• A corporate strategic direction to “develop technology to improve processes, cut costs, and create advantages for customers.”
• A mandate to decrease dependency on paper-based processes to lower business recovery risk.
AIG United Guaranty identifi ed its underwriting business as an area in which a number of these business challenges could be addressed. Incorporating a new business process management solution would enable the company to:
• Balance the workload among the underwriting staff to improve efficiency and speed turnaround time.
• Eliminate the constraints on underwriting and administrative resources imposed by paper-based processes.
• Increase productivity by re-engineering work previously limited by physical boundaries.
CHALLENGES:
Time-consuming, paper-based processes
Workload imbalances in underwriting staff
Bottlenecks in underwriting process
Lack of instant, real-time underwriting status
Costly on-site auditing process
GOALS:
Elimination of paper-based files
Faster underwriting processing
Decreased underwriting costs
Enhanced resource management
Real-time access to underwriting files
Online and centralized document management
Efficient, streamlined organization of work processes
Case management approach to organization and linking of customer files
