Is your team still stuck uploading policy templates, double-checking clauses, and struggling to stay compliant with evolving regulations? These manual efforts expose insurers to loss of productivity and risk of non-compliance. Join our live demo session to learn how to digitize the end-to-end policy lifecycle and simplify clause management.
Accelerate Policy Generation with the Power of AI
Comprehensive Clause Library – A centralized repository for wordings, clauses, and definitions, complete with version control. This allows for applying rules across multiple products and endorsements. Leverage AI to orchestrate and execute a maker-checker workflow that facilitates the review and approval of modifications, ensuring accuracy and compliance.
Dynamic Template Library – An in-built dynamic text editor enables the creation of new templates and uploading existing ones. The system can automatically incorporate words associated with specific endorsements or product types into policies, streamlining the document creation process.
Seamless Policy Creation- Our solution seamlessly integrates with core policy administration systems to fetch client, coverage, and endorsement details. Designated users can perform rule-based editing of policies, wordings, and clauses, enhancing flexibility and responsiveness.
Business Benefits:
- Reduced Operational Costs: Automate manual tasks and minimize errors, insurers can achieve up to a 25% reduction in operational expenses.
- Accelerated Turnaround Time: Achieve a 40% quicker turnaround time, enabling faster policy issuance and improved customer satisfaction.
- Enhanced Compliance: Enabling enterprise-grade, class-leading, automated clause management and version control, insurers can reduce compliance risks by up to 80%, ensuring adherence to regulatory standards.
By leveraging Newgen’s policy booking and binding solution, insurers can transform their policy issuance processes, resulting in increased efficiency, reduced costs, and enhanced customer experiences.
Experience the future of policy binding with Newgen. Join our exclusive demo session!
