Insurance Underwriting

Newgen’s rule-based processing auto-classifies the cases into straight-through and non-straight through based on the authority limit. Straight-through cases go directly for policy issuance, and the policy kit is automatically sent to the customer.

Newgen’s solution provides seamless integration with third-party and legacy applications, such as policy administration, CRM, etc., and with external databases for AML, fraud checks, credit bureaus, and other essential background checks. Newgen’s solution can also be integrated with existing digital assets like mobile apps, web portals, chatbots, etc.

Any changes that need to be made in the workflow, form, approval hierarchy, etc. can be implemented by the business users themselves with the help of Newgen’s low code platform, where minimal coding is required, and any modifications to be performed in the solution can be done by simple drag and drop capability.

The solution comes with a Business Activity Monitoring Tool, which provides functional, operational, or investigative reports. These reports can be bar charts, pie charts, or tabular reports and are displayed on dashboards. These are drill-down reports that provide critical information about the performance, work item completion rate, bottlenecks, etc. Also, multiple filters can be created for different reports to create ad-hoc reports based on date, month, year, branch, line of business, etc.

Newgen’s solution can automatically generate documents like acknowledgment slips, policy schedules, quotation letters, etc., from the data keyed into the system. These documents are accessible on the same screen as the policy underwriting solution, thus reducing the task of switching between the windows. The generated documents can be automatically sent out to the customers via email.