NewgenONE Platform
Insurance Underwriting Software
Issue policies instantly and accurately using an underwriting rules engine
What is Insurance Underwriting Software?
Insurance underwriting software accelerates the policy lifecycle with an automated underwriting system. Its configurable rule engine eliminates manual intervention and ensures error-free underwriting. The insurance underwriting solution improves the process of risk assessment, helps in detecting frauds and strengthens the new policy issuance process.
Benefits of Insurance Underwriting Software
- Effective Tracking: Insurance underwriting platform enables users to monitor the application efficiently with an integrated monitoring dashboard, offering better transparency and unified access.
- Improved Decision-making: Vast amount of data and several documents can be summarized through the underwriting software to provide valuable insights to the underwriters, and improve the decision-making process.
- Maximized Operational Efficiency: A comprehensive workflow framework minimizes the turnaround time and maximizes productivity. It helps in straight-through processing of simple cases, while complex cases are referred to underwriters as per their bandwidth and specialization.
- Better Compliance Adherence: The AI-led insurance underwriting solution mitigates the chances of errors though lesser human intervention and continuous assessment. Seamless integration with third-party platforms and enhanced accuracy ensures adherence to compliance mandates.
- Accurate Policy Clauses: The underwriting workbench allows for better policy wording and clause management with a comprehensive and dynamic template library. The solution also allows instant and secure adjustments in clauses to avoid legal hassles.
Why Newgen for Insurance Underwriting?
Underwriting is the cornerstone of an insurance business and Newgen’s end-to-end automation for the underwriting process leads to enhanced security and efficiency. It offers an integrated underwriting rule engine which enables smooth conversion of quotations into proposals. The configurable solution facilitates insurers to meet regulatory requirements and easily adapt to evolving business dynamics. Furthermore, the insurance underwriting system enhances users’ productivity and efficiency, empowering insurers to deliver a superior customer experience and grow the volume of policy issuance.
Features of Newgen Insurance Underwriting Software
Core Underwriting Engine
- Dynamic rules to facilitate straight-through processing of low complexity submissions and automate key underwriting tasks
- Abstract underwriting rules and complex logic are configured into the system
- Flexibility to change rules according to dynamic business requirements
Underwriting Evaluation
- Automatic policy evaluation to maximize the percentage of straight-through pass cases for quick policy issuance
- Auto-classification of non-straight-through cases and routing of cases to underwriters based on the authority limit
Additional Information Capture
- Access to comprehensive case details to ensure informed decision-making
- Request capabilities for additional documents and information, based on medical or non-medical parameters
Integration and Personalization Capabilities
- Seamless integration with third-party and legacy applications, such as policy administration, CRM, etc.
- Omnichannel, personalized and real-time engagement across all channels, including mobile, web portal, in-person, social channels, and bots
Core Underwriting Engine
- Dynamic rules to facilitate straight-through processing of low complexity submissions and automate key underwriting tasks
- Abstract underwriting rules and complex logic are configured into the system
- Flexibility to change rules according to dynamic business requirements
Underwriting Evaluation
- Automatic policy evaluation to maximize the percentage of straight-through pass cases for quick policy issuance
- Auto-classification of non-straight-through cases and routing of cases to underwriters based on the authority limit
Additional Information Capture
- Access to comprehensive case details to ensure informed decision-making
- Request capabilities for additional documents and information, based on medical or non-medical parameters
Integration and Personalization Capabilities
- Seamless integration with third-party and legacy applications, such as policy administration, CRM, etc.
- Omnichannel, personalized and real-time engagement across all channels, including mobile, web portal, in-person, social channels, and bots
Insurance Underwriting Solutions Built on NewgenONE Platform
Frequently Asked Questions
Q. What is underwriting software in insurance?
Underwriting is a core process for every insurance organization required to evaluate the risk factors associated with insurance applications. The underwriting software in insurance is a solution that enables users to automate critical underwriting tasks, assess risks associated, and manage the end-to-end policy lifecycle.
Q. Can insurance underwriting be automated?
Yes. Automation of end-to-end underwriting processes enables insurers to reduce errors, minimize delays and make informed business decisions. By handling repetitive tasks, it frees the bandwidth for underwriters so that they can focus on better compliance adherence, and formulating better policy clauses.