Wiztek Solutions: A Holistic Approach to Managing Insurance Processes

Intense pressure to enhance profitability, deliver superior customer service, improve performance, and increase shareholder returns along with the need for risk management are driving insurance companies to re-evaluate their business processes. In addition, the upsurge in the number of disruptive startups looking to take market share from incumbent companies is changing the dynamics of the industry and reshaping its economics. Growing complexity in underwriting and workflows related to case tracking and policy issuance are also hindering insurers trying to achieve top-line sales while bolstering bottom-line profitability. Based in New Jersey, Wiztek Solutions, a proficient provider of reliable, high-performance, and cost-effective business process applications, offers a vertical extension of its smart business process platform for life insurance to enable seamless application entry, auto and manual underwriting, and policy issuance. “Through our proprietary PSuite Process Platform, we are solving what we perceive are the two main challenges facing life insurance companies: low profitability and the disruption caused due to new market entrants,” says the CEO of Wiztek Solutions, Sumit Ghosh. “Our product essentially enables insurance organizations to increase automation and reduce bottleneck in their applications and underwriting processes.” The ultimate goal, Ghosh says, “is to gain as many customers as possible and improve operational efficiencies.”

The PSuite platform, which is targeted for all major Java application servers, is a deeply customizable packaged software that can be installed either in the cloud or on-premise and serves as the fundamental driver behind Wiztek’s tailor-made BPM solutions. Its supports the development of business processes with integrated human workflow, rule management and data analytics. “The scalability factor ingrained within our platform enables us to build features necessary to address a new product launch or a unique customer need,” adds Ghosh. “It also allows us to significantly reduce the time to market of new products by accelerating the deployment of systems changes, specifications, rules and business processes, reducing the typical launch lifecycle from 9—12 months down to 3 months.”