Access to cloud-based, underwriting intelligence;
Ability to customize underwriting rules to achieve a greater percentage of straight-through processing (STP), exception-based underwriting, and real-time collaboration;
Automation of manual processes and centralized storage of institutional knowledge; and
Support for omni-channel collaboration between agents and underwriters facilitated by utilization of a centralized data warehouse.
insurance companies of all sizes need a greater ability to underwrite new and existing policies more quickly and accurately.
By automating many of the manual underwriting tasks, and providing a centralized data repository which can store institutional knowledge access across channels, Suite empowers underwriters with stronger collaboration tools and an ability to close more of the business the company actually wants faster.
Solution streamlines open underwriting tasks, automates traditionally manual underwriting practices, and puts more control over customization in the hands of underwriters for maximum productivity.
Put Collaboration Control in the Hands of Underwriters
Underwriting is often still complicated by manual processes, and governed by institutional knowledge held by a few individuals operating on legacy systems. Insurers need enhanced underwriting workflows, streamlined hand-offs between staff, and heightened visibility into risk status awareness to compete more effectively. Solution automates underwriting workflows and puts collaboration control in the hands of underwriters through a state-of-the-art underwriting dashboard which makes all aspects of a risk available on a single screen by all submission participants.
Close New Business Faster
By improving collaboration with distribution channel partners, data-driven, underwriting intelligence streamlines open tasks, aggregates and elevates relevant to in-process policy applications, and cleans up workflows to help underwriters operate more efficiently. Real-time data validation and customized underwriting rules speed quotes based on current risk appetite, improve ease of doing business and close new business faster.
Improve STP with Ability to Create Tighter Underwriting Rules
Solution creates a centralized information conduit linking underwriting, accounting and claims data. When bound, all information pertaining to the new risk immediately populates the relevant areas of the database to ensure real-time integration. This permits immediate underwriting management of the risk, gives underwriters the ability to create and leverage tighter underwriting rules, and automates workflows to improve straight-through processing (STP) with true exception-based underwriting and real-time data validation.