Underwriting Automation framework for PI

Overview

Speciality Lines of Insurance need very frequent changes in the products/features and Quote generation in rigid process flows to provide updated coverages to customers. Significant manual processes in those solutions are time consuming and prone to errors which may cause huge underwriting losses to insurance companies for data sensitive policies like Professional Indemnity, Employer’s Liability etc. Processing these policies also involves a lot of analysis/data ingestion and reporting.

• Lengthy time to market for new product/ feature launches. 
• Less intuitive UI for end users.
• Lack of configurability of the product features, parameters elongates the development and deployment time of new products.
• Manual data entry process is time-consuming and prone to errors.
• Manual task assignment/underwriting referrals is time consuming.
• Manual navigation/screen toggling required across different applications to track claim status, policy status etc.

 Key Features & Functionality

• A Low code digital platform to enable automated Quote to Policy and Policy Renewal lifecycle, accessed by Brokers and underwriters. It can integrate with any TP platforms/portals and generate policy/renewal documents to complete the end-to-end customer journey.
• Provides automated data ingestion and task creation along with configuration of validation and routing rules, field/data management and User Management by citizen developers. 
• It provides faster time to market for any new products/features, easy and automated data ingestion for quote creation and intuitive/responsive UI to enable better user experience.

• This solution provides configurable business rules, data attributes and tables enabling faster time to market for new products.
• Reduced processing time for Policy Issuance and Renewal.
• Turn around time for customization reduced because of the dynamic configurations.
• Underwriting Auto approval and rejection based on different data points.
• Policy & Claims 360 to get a detailed view on policy detail and claims registered.