NewgenONE Platform for
Quotation and Contract Management for Group Health Insurance
Simplify your group quotation and contract generation process and effectively manage risks
Underwriting bulk data for group quotation generation and contract management is complex. Newgen’s Quotation and Contract Management Solution, built on a low code framework, is designed to correctly assess the risk associated with each data point in bulk data, as these can be completely different. Accurate risk calculation is critical for calculating the risk premium basis on which clauses and exclusions are drafted. The solution automates the entire process from evaluating the risk associated with RFP, checks and validations on the data point to premium calculation and risk mitigation by drafting rule-based clauses and exclusions. Insurers can effectively eliminate manual intervention, achieve faster pre-authorization and approval, ensure zero underwriting errors and efficient medical scrutiny, and have the flexibility to apply different rules and ensure compliance across their group health insurance coverage.
Features of Quotation and Contract Management Solution
Critical Checks and Validations
Automate validations to efficiently route group requests. Conduct checks on bulk data to rule out duplicate quotation requests. Utilize eligibility checks for specific health insurance benefits and services.
Accurate Monitoring and Reporting Dashboard
Generate reports to cater to different business requirements, seamlessly monitor and adhere to compliance, and document premium payments for comprehensive financial tracking. Get a 360-degree view of each case for insights into STP fail reasons, risk scoring, agency details, and customer details of past policies and claims.
Smart Case Routing and Approval
Facilitate ad-hoc case routing to different departments such as the medical team for evaluation. Manage underwriting requirements and discrepancies to seamlessly raise requirements to customers. Auto-identify quotations that require approval, triggering an approval workflow. Auto assign quotes to underwriters and approvers based on approval limits and authorities.
Dynamic Contract Generation
Capture all required contract details and define data elements per specific requirements through our user-friendly interface. A simplified editing feature enables users to create simple to complex contracts while ensuring compliance. Auto-generate and send counter-offer letters to health insurance customers and sales partners. Expedite document generation and facilitate real-time customer communication.
Automated Underwriting and Premium Calculation
Implement a rule-based premium calculation for group demand. The solution enables system-driven loading based on the risk associated with each case. Automate case allocation to underwriters based on criteria such as approval authority, experience handling, case-level complexity, and workload. Adding clauses and exclusions and STP/ NSTP classifications are rule-driven. Enable the capability to trigger different sets of premium calculation rules and ratings. Benefit from auto/manual applications of loading and exclusions based on the pre-defined parameters to calculate the most precise quotations.
Brands using Newgen Platform
