NewgenONE Platform for
Policy Booking and Binding for Commercial (P&C) Insurance
Digitize and streamline policy binding process to fast-track policy generation and issuance.
Efficiently manage complex policies and clause updates with low code-based policy booking and binding solution to avoid manual rework, minimize losses, and ensure faster generation of policy contracts. Enable collaboration between back office and underwriting (UW) teams with self-service access to the wording library. Improve process efficiency with features such as template libraries, clause libraries, rule definition, and strong integration capabilities with core systems.
Features of Newgen Policy Booking and Binding Software for Commercial (P&C) Insurance
Comprehensive Clause Library
Update wordings, clauses, and definitions with complete version control and apply different rules, including show, hide, and replace, on wordings to handle multiple products and endorsements. Easily search from central wordings and clause library and use maker-checker workflows to review and approve modifications to the library. The solution supports end-to-end monitoring, control, and auditability of changes to wordings, definitions, and clauses.
Integrations
Leverage seamless integration with the core policy administration system for fetching the client/coverage/endorsement details, selecting the corresponding template, and applying the relevant wording rules based on the selected coverages. Support for API and batch-based integration helps get the metadata required for policy generation and integration with existing systems ensure data flow between the underwriting & policy issuance system.
Extensive Template Library
Use the built-in dynamic text editor to create new templates, upload existing templates into the system, and automatically add words associated with endorsement/product type in policies. The central document template library allows simplified production of customers’ documents while following corporate guidelines.
Seamless and On-demand Policy Creation
Generate policy contracts and annexures with a click, auto-populate clauses, warranties, deductibles & specific wordings, and direct referral to UW/sales department. Create contracts that are broker/client/channel specific. The system allows rule-based policy/wording/clause editing by designated users and auto ingests and processes wordings from brokers & other insurers.
Document Management
Use the centralized document management capability to get relevant documents from UW & sales to complete booking and generate contracts and capture data from the co-insurance & distribution channel. The re-insurance module supports Treaty/FAC.
Validations and Exception Management
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 different rules, including show, hide, and replace, on wordings to handle multiple products and endorsements. Easily search from central wordings and clause library and use maker-checker workflows to review and approve modifications to the library. The solution supports end-to-end monitoring, control, and auditability of changes to wordings, definitions, and clauses.
Integrations
Leverage seamless integration with the core policy administration system for fetching the client/coverage/endorsement details, selecting the corresponding template, and applying the relevant wording rules based on the selected coverages. Support for API and batch-based integration helps get the metadata required for policy generation and integration with existing systems ensure data flow between the underwriting & policy issuance system.
Extensive Template Library
Use the built-in dynamic text editor to create new templates, upload existing templates into the system, and automatically add words associated with endorsement/product type in policies. The central document template library allows simplified production of customers’ documents while following corporate guidelines.
Seamless and On-demand Policy Creation
Generate policy contracts and annexures with a click, auto-populate clauses, warranties, deductibles & specific wordings, and direct referral to UW/sales department. Create contracts that are broker/client/channel specific. The system allows rule-based policy/wording/clause editing by designated users and auto ingests and processes wordings from brokers & other insurers.
Document Management
Use the centralized document management capability to get relevant documents from UW & sales to complete booking and generate contracts and capture data from the co-insurance & distribution channel. The re-insurance module supports Treaty/FAC.
Validations and Exception Management
Use a system-based discrepancy resolution mechanism and pre-defined checks for premium validation.
Horizontal Platforms for Insurance Providers
Brands using Newgen Platform
Brands using Newgen Platform
