Digital. Dynamic. Dependable.
Simplifying Quote-to-bind Workflows for Personal and Commercial Lines
Transform quote-to-bind workflows for general insurance with automated data validation, system integration, and compliance checks. Ensure accurate policy activation across personal and commercial lines.
“With automated workflows, Newgen’s Policy Booking and Binding Solution for P&C insurance has reduced manual errors and helped us generate over 250,000 types of multilingual communication. The built-in compliance checks took care of regulations and industry standards in the region-specific templates.”
Vice President, Operations, P&C Insurance Company
Learn What Newgen’s Policy Booking and Binding For P&C Insurance Can Do For You
Comprehensive Clause Library
Update wordings, clauses, and definitions with complete version control and apply rules – including show, hide, and replace – on wordings to handle multiple products and endorsements. Easily search from the central wording and clause library and use maker-checker workflows to review and approve modifications to the library. Enable end-to-end monitoring, controlling, and audit of changes to wordings, definitions, and clauses.
Integration with Core Policy Administration System
Leverage integration with the core policy administration system for fetching details related to the customer/coverage/endorsement. Select the corresponding template and apply the relevant wording rules based on the selected coverages. Support API and batch-based integration with existing systems to get the metadata required for policy generation and ensure data flow between the underwriting and the policy issuance system.
Extensive Template Library
Create new templates, upload existing templates into the system, and automatically add words associated with endorsement/product type in policies by using the built-in dynamic text editor. Use the centralized document management capability to get relevant documents from underwriting and sales to complete booking and generate policies. Capture data from the co-insurance and distribution channels seamlessly. Support treaty and facultative reinsurance via the reinsurance module.
On-demand Policy Creation
Generate policy contracts and endorsements with a click, auto-populate clauses, warranties, deductibles and specific wordings, and direct referral to underwriting/sales department. Create tailored contracts for brokers/customers/channels. Allow rules-based editing of policy/wording/clause by designated users, while auto-ingesting and processing wordings from brokers & customers. Use a system-based discrepancy resolution mechanism and pre-defined checks for premium validation.
Comprehensive Clause Library
Update wordings, clauses, and definitions with complete version control and apply rules – including show, hide, and replace – on wordings to handle multiple products and endorsements. Easily search from the central wording and clause library and use maker-checker workflows to review and approve modifications to the library. Enable end-to-end monitoring, controlling, and audit of changes to wordings, definitions, and clauses.
Integration with Core Policy Administration System
Leverage integration with the core policy administration system for fetching details related to the customer/coverage/endorsement. Select the corresponding template and apply the relevant wording rules based on the selected coverages. Support API and batch-based integration with existing systems to get the metadata required for policy generation and ensure data flow between the underwriting and the policy issuance system.
Extensive Template Library
Create new templates, upload existing templates into the system, and automatically add words associated with endorsement/product type in policies by using the built-in dynamic text editor. Use the centralized document management capability to get relevant documents from underwriting and sales to complete booking and generate policies. Capture data from the co-insurance and distribution channels seamlessly. Support treaty and facultative reinsurance via the reinsurance module.
On-demand Policy Creation
Generate policy contracts and endorsements with a click, auto-populate clauses, warranties, deductibles and specific wordings, and direct referral to underwriting/sales department. Create tailored contracts for brokers/customers/channels. Allow rules-based editing of policy/wording/clause by designated users, while auto-ingesting and processing wordings from brokers & customers. Use a system-based discrepancy resolution mechanism and pre-defined checks for premium validation.
Frequently Asked Questions
Newgen Policy System is an advanced platform that breaks policy document creation into four intelligent layers, enabling scale, flexibility, and precision like never before. The 4 Dimensions That Power Your Documents are:
- Template Control
- Intelligent Clause & Wordings Management
- Branding Consistency
- Dynamic Data Integration
Template Control helps to standardize layouts across products, geographies, and partners. Newgen’s templating engine enables rapid changes without affecting content, thereby reducing time-to-market and operational risk.
Intelligent Clause & Wordings Management dimension allows the user to manage complex legal content as modular, version-controlled building blocks. The user can instantly update clauses across jurisdictions, lines of business, or clients, all while staying aligned with compliance.
Newgen’s Policy System ensures logos, colors, headers, footers, and typography are applied dynamically, maintaining brand integrity at every customer touchpoint, across business units or white-labeled products.
Dynamic Data Integration allows users to inject policyholder information, premiums, limits, endorsements, and more directly into documents from their core systems or APIs. Every document is precise, personalized, and reflects the most current, accurate data.
Newgen’s Intelligent Document Generation delivers the following outcomes:
- Decreased document generation TAT from days to hours
- Cut down errors by up to 80%
- Reduced template changes by 70-80%
- Enabled business and wording user to manage content without dependency on IT
You should choose Newgen for Specialty and P&C Policy Generation System because it helps in the following:
- Add longevity to your broker relations: Easily manage branding for sub-brands, & brokers
- Ensure Regulatory Compliance: Respond instantly to legal and jurisdictional updates
- Wording Exposure: Capture your wording level risk exposure against each policy
- Accelerate Product Launches: Launch or modify policy docs without IT bottlenecks.
- Smart & Compliant Edits: Enable Underwriters for bespoke edits with compliance & transparency
- Scale Smart: Thousands of documents, one intelligent system
Core Capabilities of Newgen’s Solutions for Insurance
Core Capabilities of Newgen’s Solutions for Insurance
Core Capabilities of Newgen’s Solutions for Insurance
Core Capabilities of Newgen’s Solutions for Insurance
Core Capabilities of Newgen’s Solutions for Insurance
Core Capabilities of Newgen’s Solutions for Insurance
Insurance LOBs Served by Newgen
Insurance LOBs Served by Newgen
Insurance LOBs Served by Newgen
Insurance LOBs Served by Newgen
Insurance LOBs Served by Newgen
Insurance LOBs Served by Newgen
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