NewgenONE Platform for
Intelligent Underwriting for Retail Property & Casualty (P&C) Insurance
Ensure smarter and more intelligent decision-making in underwriting
Underwriting plays a crucial part in retail property and casualty insurance. Piling applications and added delays, manual review due to technology limitations, lower customer satisfaction, and scattered information and data sources leading to inefficient decision-making can hurt insurers in the long run. It can be overwhelming for underwriters to accurately evaluate, assess, and issue policies for a large volume of quotation requests on time. Insurers must maintain accuracy and quality, from evaluating incoming proposals to assessing associated risks.
Newgen’s Intelligent Underwriting Solution for retail property and casualty leverages technologies like low code automation and AI/ML to help insurers generate quotations with the best possible coverages and rates. Insurance organizations have the freedom to independently evaluate captioned proposals based on past data, previous decisions, and underwriting guidelines.
Features of Newgen’s Underwriting Software for (P&C) Insurance
Empower Underwriters
Ensure sophisticated dashboards for in-depth data analysis and report generation. Provide insights to empower underwriters and speed up the core underwriting process workflow. Configure user persona-specific dashboards that provide insights for the underwriter’s analysis. Access application metadata on the workspace for pre-screening of cases. Assess an application profile and allocate it to different underwriter levels with artificially intelligent systems.
Intelligent Pricing Engine
Analyse insured object details, policy owner details, and demographics to predict risk and recommend loadings. Configure rating tables on the calculation of base premium, loadings, discounts, etc. Predict future claims risk and recommend the best pricing and coverage terms to the underwriters. Provide insights that empower the underwriters and speed up the core workflow that underpins the underwriting process.
Underwriting Workbench
Raise additional document/information requests or generate counter offers with system-triggered personalized communications to customers. Provide adaptable definitions of rule applicability, priority, and expiry. Ensure better underwriting decisions and improved risk management by using AI/ML. Speed up response time to customers and reduce excess operation costs. Use analytics across the value chain to reduce high-cost cases and enable interactive and customized underwriting.
Smart Risk Analysis
Quantify data points accurately and convey a comprehensive risk profile to the underwriters in a highly interpretable manner. Get visibility into the most relevant risk factors associated with an application. Access the underwriting summary sheet, which has consolidated information from multiple sources to give the underwriter a 360-degree case view. Ensure a standard approach to risk analysis across the underwriting function.
Checks & Validations
Get an automatic assessment of application completeness. Verify and validate, including duplicity checks, AML, blacklisting, etc. Maximize the number of straight-through pass cases for quick policy issuance with automatic policy evaluation. Auto-identify non-straight-through cases and intelligently allocate cases to different underwriting levels. Meet regulatory conditions and respond to dynamic business needs.
Empower Underwriters
Ensure sophisticated dashboards for in-depth data analysis and report generation. Provide insights to empower underwriters and speed up the core underwriting process workflow. Configure user persona-specific dashboards that provide insights for the underwriter’s analysis. Access application metadata on the workspace for pre-screening of cases. Assess an application profile and allocate it to different underwriter levels with artificially intelligent systems.
Intelligent Pricing Engine
Analyse insured object details, policy owner details, and demographics to predict risk and recommend loadings. Configure rating tables on the calculation of base premium, loadings, discounts, etc. Predict future claims risk and recommend the best pricing and coverage terms to the underwriters. Provide insights that empower the underwriters and speed up the core workflow that underpins the underwriting process.
Underwriting Workbench
Raise additional document/information requests or generate counter offers with system-triggered personalized communications to customers. Provide adaptable definitions of rule applicability, priority, and expiry. Ensure better underwriting decisions and improved risk management by using AI/ML. Speed up response time to customers and reduce excess operation costs. Use analytics across the value chain to reduce high-cost cases and enable interactive and customized underwriting.
Smart Risk Analysis
Quantify data points accurately and convey a comprehensive risk profile to the underwriters in a highly interpretable manner. Get visibility into the most relevant risk factors associated with an application. Access the underwriting summary sheet, which has consolidated information from multiple sources to give the underwriter a 360-degree case view. Ensure a standard approach to risk analysis across the underwriting function.
Checks & Validations
Get an automatic assessment of application completeness. Verify and validate, including duplicity checks, AML, blacklisting, etc. Maximize the number of straight-through pass cases for quick policy issuance with automatic policy evaluation. Auto-identify non-straight-through cases and intelligently allocate cases to different underwriting levels. Meet regulatory conditions and respond to dynamic business needs.
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