Transcription
Newgen'sPolicyUnderwritingSolution
OverviewUnderwriting is a critical function for insurance organizations, like yours. Automated underwritingsystems can help you simplify the underwriting process and improve the quality of risk assessment,among other things.Newgen's underwriting solution ensures the smooth conversion of quotations into proposals, therebyreducing turnaround times and eliminating insurance underwriting errors. The solution allows yourorganization to easily adapt to the changing marketplace, reduce costs, and enhance underwriters'productivity and efficiency.Key Challenges Faced by UnderwritersInefficientrisk managementTime-consumingprocess of initiatingnew quotes and policiesComplex,hard-codedlegacy systemsRisk ofnon-complianceLack of visibilityacross theunderwriting process
Newgen's Policy Underwriting SolutionNewgen's solution offers powerful, user-friendly capabilities for managing the end-to-end policy lifecycle.It features an integrated, expert underwriting component, which enables the error-free underwriting ofquotes and ensures simplified and consistent policy issuance. The system's components work together ina seamless fashion, facilitating efficient and accurate case processing.Core Underwriting EngineIn-built dynamic rules facilitate straight-throughprocessing of low complexity submissions &automated key underwriting tasksBusiness FlowEngineFacilitates dynamicwork managementbased on definedcharacteristics andprocess exceptionsDynamic UserInterfaceConfigurable userinterface to definedata elements as perspecific requirementDashboardsSophisticated dataanalysis which go farbeyond cannedstandards erwritingSolutionThird Partyintegration supportMobility SupportMobile basedinitiation platformwhich will help theon field agent toinitiate cases‘ On the Move’CommunicationPlatformSystem basedtriggering of text &mails at relevantbusiness stages
Core Underwriting EngineAt the heart of the solution lies an intelligent underwriting engine, based on Newgen's business rulemanagement system. The engine analyzes incoming applications and automatically identifies areas ofconcern. This enhances the productivity of underwriters and reduces the complexity of the process.Furthermore, the proposals that meet the underwriting engine's criteria are automatically issued usingstraight-through processing; alternatively, the non-straight-through cases are sent for neCore UWrules for STP/Non STPClassification
Rules and Rating EngineInsurance organizations compete based on individual underwriting criteria. As a result, someclients develop their own specific rules, which, as a custom component, can be added to the base ruleset. Newgen's easy-to-use business rule management system simplifies the process of creation, review,approval, and maintenance of the underwriting rule set.The underlying rules management system offers the following advantages: Abstract rules or complex logic are configured and not hard-coded Policies and decisions are automated for business users Access to easy-to-use interfaces, similar to spreadsheets, for rule creationThe core underwriting engine contains an extensive catalog of rules, segregated into various logicalcategories. The categorization of rules helps in easy identification of rule categories during executionand maintenance.Underwriting SystemConfiguration of rating tables forcalculation of base premium, loadings,discounts, cash flows, etc.Configuration of rating tables forcalculation of base premium, loadings,discounts, cash flows, etc.Reflexive medical questionnaireAssignment of underwriting levelConfiguration of auto-underwriting rulesAuto-trigger of requirementsClassification of rules into variouscategories for ease of maintenanceAuto-trigger of underwriting messagesbased on rule categoriesRule management features, such as offlinemaintenance (through excel export andimport), setting up effective and expirydates, rule approval, rule audit trail, etc.Triggering of underwriting workflow fornon-straight-through casesCase identification as straight-through ornon-straight throughGeneration of underwriting summary sheet(consolidation of information from multiplesources to give a 360-degree case view tothe underwriter)
stionin1. Base premiumcalculation2. Applicable loadingamount3. Applicable rider rating4. Additional premiumdue to additionalbenefits availed1. Auto-assignment ofcases to differentlevels of underwriters2. Classification of casesbetween straightthrough and nonstraight-throughCapture additional datadynamically based onuser input resulting inefficient informationcaptureRating Factors1. Product code, age ofmember, policy term2. Rider code, rider rate,effective date for rider3. Premium Paying term,Rider termRule SetupFactors1. Health rules2. Hazardous occupation3. Education4. Narcotics withaccidental deathbenefit riderReflexiveQuestioning Factors1. General medicalquestionnaire2. Politically exposedperson3. FATCA/AML
Why Newgen's Policy Underwriting Solution?Instant policyissuance withzero underwritingerrorsConfigurable userinterface todefine dataelements intermediaries,junior, and seniorunderwritersSeamlessintegration withexisting systemsand applicationsIntuitivedashboards forin-depth dataanalysis andreportgenerationAbout Newgensuccessful financial institutions, insurance, government, and shared servicesorganizations rely on Newgen's industry-recognized products and applications-tomanage their processes (BPM), content (ECM), and communications (CCM)-for connectedFOR SALES QUERY DIALAMERICAS: 1 (202) 800 7783CANADA: 1 905 361 2824AUSTRALIA: 61 290 537 174INDIA: 91 11 40773769operations. From customer onboarding to service requests, from loans and deposits toAPAC: 65 3157 6189underwriting, and many more, Newgen's industry applications transform business-criticalMEA: 27-11-461-6497operations with agility. Newgen's cloud-based platform enables digital transformationEUROPE: 44 (0) 2036 514805initiatives for superior customer experience, optimized costs, and improved efficiencies.For more details, visit www.newgensoft.comWRITE TO USinfo@newgensoft.comFeb, 2021Newgen is a leading provider of low code digital automation platform. Globally,
Newgen's easy-to-use business rule management system simplifies the process of creation, review, approval, and maintenance of the underwriting rule set. The underlying rules management system offers the following advantages: Abstract rules or complex logic are configured and not hard-coded Policies and decisions are automated for business users
