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PMI Mortgage Insurance Co. speeds mortgage underwriting utilising FileNet and Pyramid Loan expeditor

United Arab Emirates: Sunday, January 16 - 2005 @ 10:02

FileNet anticipates significant demand for similar type of solutions in the Middle East’s insurance sector. “The opening-up of the insurance sector in the Gulf region has resulted in a significant increase in the number of insurance companies setting up operations here in the Middle East,” said Carlo Stellati, Vice President FileNet, South Europe, Middle East and Africa.

“Most insurance companies have realised the need to automate complex business processes such as underwriting, policy issuance and claims processing, while adhering to the various regulatory requirements. ECM based solutions help insurance companies speed up their response time and increase productivity, thus facilitating more efficient customer service,” added Stellati.

One of the largest private mortgage insurers in the United States, Australia, New Zealand, and the European Union, as well as the largest mortgage guaranty reinsurer in Hong Kong, PMI has deployed the solution to help transform the traditionally cumbersome paper-based underwriting process into a streamlined process that speeds up underwriting decisions.

“Using FileNet Business Process Manager and Pyramid’s Loan eXpeditor, PMI successfully eliminated 13 manual steps required in underwriting and optimised the procedures of 4 additional tasks, resulting in faster response times to mortgage lenders,” said Stan Pachura, vice president, Strategic Technologies & e-Business at PMI.

Typical underwriting requires careful scrutiny of a wide variety of documentation to substantiate an applicant’s financial status and the value of the intended property. With the new solution, this documentation is captured electronically either via fax or document scanning, thus increasing underwriting efficiencies.

PMI deployed its new system across 8 offices in 120 days. This rapid deployment enabled PMI to consolidate offices and reallocate underwriting resources, improving performance and enhancing customer service.

FileNet’s ECM solutions are being used in all of the leading global insurance groups with installations throughout Asia, North America and Europe, including companies such as Assicurazioni Generali, Axa, Allianz and Zurich, and have proven their ability to help customers in the insurance industry address key areas such as streamlining core business processes and create customer-centric business models to help them satisfy a variety of market requirements.

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Sunday, January 16- 2005 @ 10:02 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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