NewgenONE Platform for
Intelligent Underwriting for Life and Annuity Insurance
Speed-up policy issuance with an automated underwriting engine.
“With Newgen, we reduced application time by 60% and achieved 50% instant issuance, improving our STP rates and cutting customer dropouts by 40%, transforming our underwriting journey into a seamless, data-driven experience that fuels growth and customer retention.”
VP, Life Insurance Provider
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.
Learn what Newgen’s Policy Issuance & Underwriting Solution can do for you
Personalized Product Recommendations
AI and ML engines analyze customer data to create detailed profiles, capturing unique preferences and risk factors. Based on the profile, AI models suggest tailored insurance products and generate instant quote.
Automated Validation
Digital KYC supports an automatic population of KYC details and document upload. Automated lifestyle profiling through integration with wearable devices and facial analysis enhances assessment accuracy.
Omnichannel Communications and Policy Kit Generation
The AI-powered customer communication platform enables personalized, need-specific communication throughout the journey through the policyholder’s preferred channel. Our configurable template library helps you achieve Instant Quotations and Policy Kit generation.
Intelligent Underwriting
Rule-based and AI-enabled underwriting maximize insta issuance and mitigate risk. Newgen Marvin supports Gen-AI based medical report analysis. 360-degree Underwriting Workbench unifies risk profiling and premium calculation. The workbench handles requirement management and generates counteroffers with revised premium or clauses.
Personalized Product Recommendations
AI and ML engines analyze customer data to create detailed profiles, capturing unique preferences and risk factors. Based on the profile, AI models suggest tailored insurance products and generate instant quote.
Automated Validation
Digital KYC supports an automatic population of KYC details and document upload. Automated lifestyle profiling through integration with wearable devices and facial analysis enhances assessment accuracy.
Omnichannel Communications and Policy Kit Generation
The AI-powered customer communication platform enables personalized, need-specific communication throughout the journey through the policyholder’s preferred channel. Our configurable template library helps you achieve Instant Quotations and Policy Kit generation.
Intelligent Underwriting
Rule-based and AI-enabled underwriting maximize insta issuance and mitigate risk. Newgen Marvin supports Gen-AI based medical report analysis. 360-degree Underwriting Workbench unifies risk profiling and premium calculation. The workbench handles requirement management and generates counteroffers with revised premium or clauses.
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
Success Stories
Solutions Built On NewgenONE Platform for Life Insurance
Find Your Winning Strategy with Newgen
Request a demo to explore our solutions for omnichannel onboarding, fast policy issuance, and intelligent underwriting for life insurance journey automation.
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