NewgenONE Platform for
Policy Booking & Binding Solution for Personal (P&C) Insurance
Fast-track processes with accurate and faster policy binding, generation, and issuance using AI and GenAI
Transform the policy binding and booking functions to reduce manual dependency and generate policy documents faster. Manage endless risk combinations and frame complex clause combinations with extensive AI-led template libraries. Overcome the barriers of flawed coverage and problematic claims with AI-led solutions. Offer intelligent, rule-based, personalized, and accurate clause management.
Features of Newgen Policy Booking and Binding Software for Personal P&C Insurance
Document Management
Leverage centralized document management for policy booking and contract generation by getting data from underwriters and sales. Capture data from co-insurance & distribution channels.
Validations and Exception Management
Deal with exceptions and validate submissions through a system-based discrepancy resolution mechanism and pre-defined checks for premium validation.
AI-powered On-demand Policy Creation
With a click, leverage AI to generate policy contracts and annexures for broker/client/channel. Auto-populate clauses, warranties, deductibles, and auto-ingest wordings with GenAI. Allow designated users to edit rule-based policies/clauses.
Integrations with Core Systems
Enable better clause management with end-to-end integration with the core policy administration system for fetching the client/coverage/endorsement details. Select the corresponding template and apply the relevant wording rules based on the selected coverages.
Extensive Template Library
Simplify the production of customers’ documents while following corporate guidelines with a central document template library. The built-in AI-powered dynamic text editor can create new templates, upload existing templates into the system, and automatically add words associated with endorsement/product type in policies.
Comprehensive Clause Library
Apply different rules on wordings to handle multiple products and endorsements, search from a central wordings and clause library, and use AI to create the initial decision based on given parameters for maker-checker workflows to review and approve library modifications. Update wordings, clauses, and definitions with version control. The solution supports complete monitoring and auditability of changes made within the library.
Document Management
Leverage centralized document management for policy booking and contract generation by getting data from underwriters and sales. Capture data from co-insurance & distribution channels.
Validations and Exception Management
Deal with exceptions and validate submissions through a system-based discrepancy resolution mechanism and pre-defined checks for premium validation.
AI-powered On-demand Policy Creation
With a click, leverage AI to generate policy contracts and annexures for broker/client/channel. Auto-populate clauses, warranties, deductibles, and auto-ingest wordings with GenAI. Allow designated users to edit rule-based policies/clauses.
Integrations with Core Systems
Enable better clause management with end-to-end integration with the core policy administration system for fetching the client/coverage/endorsement details. Select the corresponding template and apply the relevant wording rules based on the selected coverages.
Extensive Template Library
Simplify the production of customers’ documents while following corporate guidelines with a central document template library. The built-in AI-powered dynamic text editor can create new templates, upload existing templates into the system, and automatically add words associated with endorsement/product type in policies.
Comprehensive Clause Library
Apply different rules on wordings to handle multiple products and endorsements, search from a central wordings and clause library, and use AI to create the initial decision based on given parameters for maker-checker workflows to review and approve library modifications. Update wordings, clauses, and definitions with version control. The solution supports complete monitoring and auditability of changes made within the library.
Horizontal Platforms for Insurance Providers
Brands using Newgen Platform
Brands using Newgen Platform
Accelerate Policy Generation with the Power of AI
Stay Compliant and Mitigate Risks with Policy Binding and Clause Management Solution
