NewgenONE Platform for
Intelligent Underwriting for Life and Annuity Insurance
Speed-up policy issuance with an automated underwriting engine
Eliminate manual intervention in underwriting with a low code-based, intelligent underwriting solution. Rule-based automated underwriting holds the potential to ensure zero errors, meet regulatory requirements, and adapt to dynamic business needs. Automate end-to-end policy issuance process, deliver superior user experience, and ensure a shorter prospect to customer lifecycle.
Features of Newgen’s Underwriting Software for Life and Annuity Insurance
Product Configuration
Leverage the configurable user interface to define data elements per business requirements and manage underwriting requirements for different products like Term Life, Whole Life, Endowment Plans, Universal Life Insurance, Variable Life Insurance ULIP plans, and more using a single solution. Perform in-depth data analysis and report generation using sophisticated dashboards and the in-built rules management module ensure ease of changing rules according to dynamic business requirements.
Rule-based Evaluation
Automatically assign cases based on a defined authority matrix, refer cases to multiple departments on an ad-hoc basis, and automatically evaluate policies to maximize the percentage of straight-through pass cases for quick policy issuance. Leverage the auto-classification feature for non-straight-through cases, route cases to underwriters based on the authority limit, and raise medical and non-medical requirements by the customer.
Case Initiation
Enable omnichannel case initiation and proposal generation through portal, mobile, banca channels, and email. The solution extends the flexibility to initiate new business requests through the portal, capture need analysis, and offer customer-specific product recommendations. Deliver omnichannel, personalized engagement across all channels, including mobile, web, in-person, chatbots, social media, etc.
Core Underwriting Engine
Configure abstract underwriting rules and complex logic into the system, enable straight-through processing (STP) of low-complexity submissions, and automate key underwriting tasks. Capture complete proposal details and get easy access to comprehensive case details to ensure informed decision-making.
Checks and Validations
Perform verification and validation of data, including duplicity checks, anti-money laundering, fraud, blacklisting, IIB checks, etc. The solution allows 360-degree visibility of the application to evaluate and reduce risk and has restricted access rights to users and groups for information protection.
AI/ML-based Evaluation
Use AI-based data models to improve agility, offer instant and accurate decisions, and identify defaulters. Predict mortality over a period of over 30 years based on data from various sources and predict customer retention over a span of ten years.
Integration Ecosystem
Seamlessly integrate with core system, third-party, and legacy applications, such as policy administration, CRM, etc. The system supports integration with TPAs for getting medical tests conducted.
Product Configuration
Leverage the configurable user interface to define data elements per business requirements and manage underwriting requirements for different products like Term Life, Whole Life, Endowment Plans, Universal Life Insurance, Variable Life Insurance ULIP plans, and more using a single solution. Perform in-depth data analysis and report generation using sophisticated dashboards and the in-built rules management module ensure ease of changing rules according to dynamic business requirements.
Rule-based Evaluation
Automatically assign cases based on a defined authority matrix, refer cases to multiple departments on an ad-hoc basis, and automatically evaluate policies to maximize the percentage of straight-through pass cases for quick policy issuance. Leverage the auto-classification feature for non-straight-through cases, route cases to underwriters based on the authority limit, and raise medical and non-medical requirements by the customer.
Case Initiation
Enable omnichannel case initiation and proposal generation through portal, mobile, banca channels, and email. The solution extends the flexibility to initiate new business requests through the portal, capture need analysis, and offer customer-specific product recommendations. Deliver omnichannel, personalized engagement across all channels, including mobile, web, in-person, chatbots, social media, etc.
Core Underwriting Engine
Configure abstract underwriting rules and complex logic into the system, enable straight-through processing (STP) of low-complexity submissions, and automate key underwriting tasks. Capture complete proposal details and get easy access to comprehensive case details to ensure informed decision-making.
Checks and Validations
Perform verification and validation of data, including duplicity checks, anti-money laundering, fraud, blacklisting, IIB checks, etc. The solution allows 360-degree visibility of the application to evaluate and reduce risk and has restricted access rights to users and groups for information protection.
AI/ML-based Evaluation
Use AI-based data models to improve agility, offer instant and accurate decisions, and identify defaulters. Predict mortality over a period of over 30 years based on data from various sources and predict customer retention over a span of ten years.
Integration Ecosystem
Seamlessly integrate with core system, third-party, and legacy applications, such as policy administration, CRM, etc. The system supports integration with TPAs for getting medical tests conducted.
Horizontal Platforms for Insurance Providers
Brands using Newgen Platform
Brands using Newgen Platform
