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FJA: Steering Insurers Ahead in the Digital Era

Joe Wilds, CSO, SVP, FJAJoe Wilds, CSO, SVP The insurance industry is undergoing a radical change driven primarily by the pace of technological progress in today’s digital era and occasioned by the need for cost reduction, intensifying competition, and rising customer expectations. Consequently, this has compelled insurers, especially in the group and voluntary benefits space, to look for ways to improve and accelerate their underwriting processes and workflows, which play a crucial role in ensuring performance excellence. Today, carriers are readily seeking to leverage disruptive technologies like AI to streamline the day-to-day underwriting operations and reduce the overall time and money invested in each case. At the same time, the need to engage consumers and keep pace with customer demands has never been higher.

However, most often, insurance providers are stifled by an ecosystem of siloed systems and lack the expertise needed to effectively use AI and create a strong consumer engagement model. This is where companies like FJA, one of the leading IT specialists for insurers, is making a world of difference in the traditionally fragmented underwriting market.

With domain supremacy in healthcare, group life, and property and casualty insurance, FJA has been future-proofing insurance for 40 years. With decades of expertise in underwriting process automation, insurance product modeling, and benefit plan management, FJA effectively caters to the needs of carriers through its Unified Product Platform (UPP) for group insurance and health. UPP centralizes product data and automates workflow, and as all constituents—from sales, underwriting, to case installation—leverage the same information, it invariably facilitates accuracy and consistency across the enterprise. The solution empowers underwriters with the flexibility to manipulate census file data and override baseline factors in order to adjust risk manually. As a single source of truth, the platform helps carriers manage and maintain all case components, plan designs, data aggregation categories, workflow rules, and rating and pricing methodologies in a structured central repository. “We provide carriers with a strategic and holistic view of their business through our componentized platform and successfully address their challenges.


Our end-to-end solution helps insurers improve operations and distribution efficiencies and drastically reduces the time and cost of building plans while increasing accuracy and speed-to-market

Our end-to-end solution helps insurers improve operations and distribution efficiencies and drastically reduces the time and cost of building plans while increasing accuracy and speed-to-market,” says Joe Wilds, Chief Solutions Officer of FJA-US.

“On the pre-sale side, we have configurated workflows that allow carriers to put the right case in front of the right underwriter. This allows for auto adjudicating a case in certain instances, ultimately enabling the system to do its work instead of overburdening the underwriters,” explains Wilds. Whereas on the post-sale side, UPP allows for automated renewal creation and zero-touch renewals for large groups. Moreover, carriers can auto-create opportunities with Salesforce widgets, gaining a 360-degree customer view.

According to Carl Arndt-Krapp, CIO of FJA-US, often, group insurance companies are hindered by a patchwork of multiple applications and disparate data sources. Although they often rely on legacy in-house systems to meet specific business requirements, they usually lack the toolsets to support the increasing customer needs. “UPP comes with configurable modules and open APIs that allow carriers to leverage existing systems and be flexible enough to meet new business demands,” says Krapp. Instead of having a myriad of applications for their underwriting workstations, carriers now have a unified and configurable underwriting platform, which significantly reduces the amount of time underwriters spend on a particular case.

The platform also provides user guardrails to eliminate timely and costly errors, ensuring a competitive edge.

Wilds notes, “Our underwriting workbench, a part of our UPP, is designed in a way that it will serve the underwriters in the back-end for large cases and provide self-service capability with zero touch points to small groups.” FJA has recently extended its underwriting workbench by adding Evidence of Insurability (EOI) processing and automated underwriting for both health insurers and group insurers. It offers comprehensive workflow support, ensuring applications are processed in time, and drop-out rates remain low. “Often, underwriters agree upon performance guarantees, spending around 30-60 days on a case installation. With our platform, we accelerate this time-consuming process significantly and ensure that cases are prepared in minutes in our system. Underwriting and sales are fully informed about the status of every opportunity and renewals come at just the right time,” says Krapp.

FJA also incorporates the popular interactive agent “Harvey” that guides users through the myriad of insurance options, whether at the worksite or direct-to-consumer. The application utilizes decision support tools based on animated stories and cartoon data visualizations that are designed to educate consumers about their insurance options. Notably, FJA is currently working with its partners to bring artificial intelligence into the underwriting space and quantify the investments of clients.

“We want to own the group insurance space.” Making this bold claim, Krapp asserts that FJA’s expertise and componentized model platform steer it ahead of its competition. He emphasizes that in the group insurance space, FJA has dealt with every single product under the sun. Today, FJA provides different types of group insurance, not just in the U.S. but across the globe. “We have extensive subject matter expertise and follow an engagement-enabling model. Going forward, we will continue to add more value components to our platform for ushering in a new era of technological advancements in the industry,” states Wilds.

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Top 10 Underwriting Solution Companies - 2020

Company
FJA

Headquarters
New York, NY

Management
Joe Wilds, CSO, SVP and Marc Dutton, CEO and CarlArndt-Krapp, CIO

Description
FJA effectively caters to the needs of carriers through its Unified Product Platform (UPP) for group insurance and health