Underwriting - Automated & Efficient Underwriting

INSURANCE

Automated & Efficient Underwriting

Accomplish faster and more accurate underwriting through rules driven framework with dynamic and scalable case management solution.

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We offer a fully automated underwriting solution, which provides a combination of cutting edge technology with strong functionality. Using our Policy Underwriting component, you can simplify the underwriting processes. You can easily reduce costs and extract higher levels of productivity and efficiency from your underwriters.

Our solution offers powerful, user-friendly functions for the complete life cycle of a policy. It comes with an integrated expert underwriting component, which enables any quote to be underwritten and issued in a simplified & consistent manner. The system components work together and seamlessly to make case processing more efficient, accurate, and productive.

Brochure: Digitally Transform Underwriting Processes with Newgen

A comprehensive solution for streamlined and accurate underwriting processes.

Core Underwriting Engine
The core underwriting engine is an intelligent, rule-based component of the underwriting solution. This component ensures automatic classification of proposals as STP or NSTP, rating calculations, risk scoring & auto triggering of requirements

Assignment of Underwriting Levels
Newgen’s automated underwriting solution aims to maximize the percentage of Straight Through Pass Cases for quick policy issuance. For cases classified as Non-Straight Through Pass (NSTP), detailed risk evaluation is done based on the case complexity

Documentation & Case Referrals
Newgen solution assists underwriters by providing comprehensive case details for analysis to make informed decisions. Underwriters can raise request for additional documents and information on medical as well as non-medical parameters for a case

Integration with Policy Admin & Peripheral Systems
Newgen’s solution seamlessly integrates with all peripheral applications of the insurer such as Policy Admin System, CRM system, etc. It utilize existing set of underwriting rules defined in the company’s core system

Configurable Rules
Abstract underwriting rules or complex logic are configured and not hard coded inside the BRMS component of Newgen underwriting platform. This gives the flexibility to change rules as per the requirement and future demands/evolutions with ease

Rating Sheet
Newgen’s Underwriting System leverages its business proven BPM platform which allows organizations to create their own specific expert underwriting process, rules and ratings while leveraging general industry best practices

  • Reduced operational costs due to system assisted underwriting assessment
  • Reduced TAT for Policy issuance through accelerated underwriting workflow
  • Better underwriting decisions with multiple checks as per configured rules
  • Improved TAT for underwriting results in faster closure of sales cycle
  • Instant policy issuance for straight through pass cases
  • Reduction in the number of customer induced cancellations with detailed case inspections
  • Enable discovery of process improvement opportunities through real-time process collaboration
  • Ensure compliance to regulations through multi-level escalations, alerts and reminders
  • Data compliance as per ACORD 103 standards

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