Life Underwriting

Gone are the chaotic days of closing at DFTL head office. Missing are the mini mountains of files on the underwriter’s desks. Silence has replaced the constant ringing of the telephone.?This is annual closing of year 2021.

For the New Business Underwriting Department (NBD) during the last three years only one thing has remained constant and that is change. NBD has harnessed technology to shorten the clients’ journey. From piles of files on underwriter’s table to a relatively empty table the pace of work has picked up speed as the NBD has transformed itself to handle ever increasing volume of business.?

While headcount at NBD has remained unchanged it has now better equipped to not only issue but also deliver PMDs in record times.

Technology has played a key role in driving productivity for DFTL in a way that would have been unthinkable just a few years ago. Increase in Sales of Takaful - technology mean that services can be provided at an incredible rate.

Over the past one decade, we’ve evolved from a time when every Proposal was sent through courier and requirements were sent through dispatch rider then fax and then email and now everything is uploaded via our web portal.

Some of the dramatic shift in Operations are as following;

1.?????Underwriting: An underwriter’s job is access and accept risk. When evaluating complicated circumstances, extensive information may be required that involves gathering of data and making it available to for the proposal to be underwritten.

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Three years back; when initially proposal was sent to underwriting department took at least two days to reach the underwriters’ desk, and if further requirements??were called then it took another 2 to 3 days for the requirements to reach the underwriters desk.

Now once a proposal/requirement is received by the branch it is instantaneously uploaded via the web portal and is available to be accessed by the underwriter. ?

The introduction of online underwriting has revolutionized the DFTL underwriting process at DFTL.

1.1.???????????It has reduced processing decisions from days to just minutes;

1.2.???????????Clients exhausting journey became history;

1.3.???????????Stories of late sitting for all over DFTL ?for issuance now are shared as tales of the past; ?

1.4.???????????PMD is now dispatched and reaches the table of clients in 1 to 2 days.

2.?????What Next?

Online Takaful Products: You can buy just about anything online nowadays, including family takaful. If you're thinking about getting financial?protection ?over the internet, DFTL has you covered- Saada takaful. The process is convenient, you get the benefit of quick access, lower Contributions, less documentation, more transparency and ease in payment and renewal

We believe, the underwriting process for life Takaful is always important but laborious for customer and Takaful alike, as they pore over questions about work, life and medical history along with documents. We aim to develop ‘DFTL’s OnePath Life solutions’ to shorten clients journey even more, we aim to transform traditional definitions of Family ?Takaful/Insurance services.

Tanveer Kolachi

#Underwriting #NBD

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