NewgenONE Platform for
Quotation and Contract Management for Group Life Insurance
Effectively handle group life insurance business by automating the quotation and contract process and managing risk better.
Simplify the quotation and contract management process of group life insurance with the bulk upload of member data, automated validations, and smart case routing capabilities. A strong rule-based underwriting system provides underwriters with a 360-degree case view and improves their decision-making with a risk rating mechanism. Adhere to all regulatory requirements, improve process visibility, ensure faster TAT, reduce operational cost, and more with a low code-based solution.
Features of Newgen’s Quotation and Contract Management Software for Group Life Insurance
Proposal Initiation
Enable omnichannel proposal initiation through customer portals, mobile applications, and email scanning of quotation request forms. Rating calculation, premium calculation, and rate finalization can be done in the proposal/quotation. The configurable module allows users to define and plan details for various insurance customers, and the maker-checker approval process enables easy maintenance of coverages, benefits, and exclusions. It also supports Excel upload to quickly capture and add new member details and update existing ones.
Quotation and Contract Generation
Create and auto-append multiple quotation versions to the previously generated quotation number and maintain it in the system. The configurable user interface enables users to define data elements and pre-define quotation templates, and the simplified editing features help create simple to complex contracts. The system can capture all contract-related details, auto-ingest quotation data into the workflow, and quickly generate documents and real-time customer communication.
Rule-driven System
Perform rules-based premium calculation and data management using UI-based configurable masters and system-driven loading depending on the risk associated with the case. Allocate cases to underwriters based on approval authority, experience with handling case-level complexity, workload, etc. In-built rules enable clause addition and exclusion and auto trigger of underwriting messages.
Smart Case Routing
Enable ad-hoc case routing to different departments for evaluation, such as the medical team, legal team, etc. Requirement management and discrepancy management capability enables underwriters to raise requirements for customers.
Monitoring and Reporting
Generate reports to cater to different business requirements and easily monitor and adhere to compliance requirements.
Underwriting Checks and Validations
Perform data validation and de-dupe checks on uploaded member data. Users can also execute auto underwriting rules on member-level rules such as sum assured, adverse declaration, and age.
Proposal Initiation
Enable omnichannel proposal initiation through customer portals, mobile applications, and email scanning of quotation request forms. Rating calculation, premium calculation, and rate finalization can be done in the proposal/quotation. The configurable module allows users to define and plan details for various insurance customers, and the maker-checker approval process enables easy maintenance of coverages, benefits, and exclusions. It also supports Excel upload to quickly capture and add new member details and update existing ones.
Quotation and Contract Generation
Create and auto-append multiple quotation versions to the previously generated quotation number and maintain it in the system. The configurable user interface enables users to define data elements and pre-define quotation templates, and the simplified editing features help create simple to complex contracts. The system can capture all contract-related details, auto-ingest quotation data into the workflow, and quickly generate documents and real-time customer communication.
Rule-driven System
Perform rules-based premium calculation and data management using UI-based configurable masters and system-driven loading depending on the risk associated with the case. Allocate cases to underwriters based on approval authority, experience with handling case-level complexity, workload, etc. In-built rules enable clause addition and exclusion and auto trigger of underwriting messages.
Smart Case Routing
Enable ad-hoc case routing to different departments for evaluation, such as the medical team, legal team, etc. Requirement management and discrepancy management capability enables underwriters to raise requirements for customers.
Monitoring and Reporting
Generate reports to cater to different business requirements and easily monitor and adhere to compliance requirements.
Underwriting Checks and Validations
Perform data validation and de-dupe checks on uploaded member data. Users can also execute auto underwriting rules on member-level rules such as sum assured, adverse declaration, and age.
Horizontal Platforms for Insurance Providers
Brands using Newgen Platform
Brands using Newgen Platform
