Multi Country Controlled Master Program Insurance Solution

Overview

Lack of digital workflow systems in the multi country insurance processing domain causes major hindrance in seamless handling of such insurance policies. A Multi country insurance requires smooth interactions and handshaking between Producing country Broker, Underwriter as well as the brokers, underwriters of all the other countries whose risk coverages are part of the multi country policy. Such a high quantum of data exchange and task handling today happens manually resulting in major scope of errors and delays as well as operational inefficiency.

Key Features & Functionality

The solution is an Appian based low code platform that can accommodate the needs for the variety of stakeholders that will use the system and aim to support a self-explanatory interface and navigational information map. Multiple users of different roles across different countries can access their role specific dashboards and work on a case parallelly to underwrite complex property policies for both the Producing Office (Home country underwriting office responsible for risk analysis, pricing, and client management) as well as the Issuing Office (Local office responsible for issuance of policies (Underliers) from foreign countries based on the instructions from the PO). Key Features include

• An Appian based low code workflow management platform for task creation, validation, referral and routing across multiple user roles and locations.
• AI based document ingestion tool embedded in the platform to automatically extract risk data from forms submitted by multiple users.
• Rule based automated routing and validation to provide seamless handshaking between producing office users and local country users.
• Advanced reporting and dashboards to keep a track of performance and efficiency of the users.
• High degree of configurability to align with the country specific underwriting, legal and process requirements.
• AI based recommendation tool leveraging Predictive analysis to calculate the most appropriate quote value for a client.

Benefits & Business Impact

• Seamless data exchange between multiple users working across different parts of the world on a single policy processing.
• Automated data extraction and submission for risk evaluation leveraging advanced AI based IDP capabilities.
• Increased process efficiency because of system driven task creation and alerting mechanism leading to timely completion of assigned tasks.
• Better coordination across multiple teams due to dedicated exception handling process flows for tackling data errors, mismatches, and other issues.
• Easy maintenance and enhancement due to high degree of configurability of business rules, screens, fields, and process flows