Life Underwriting Proof of Concept
- Other use cases
- Insurance
Solution Overview
For a Life Insurer, Underwriting is a core competency and the key bridge between sales and risk management. The challenge is that the tools used to create and edit the business rules are not in an easy-to-use, intuitive format. Our solution provides the glue that drives the triage functionality to make automated decisions and route work and alerts easy!
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Key Features
- Many insurers have not yet aligned their underwriting process with target customer and distributor needs. It can often take 8 to 10 weeks to issue a policy!
- Larger Life insurers have implemented custom, disparate solutions that grew over the years, but frequently lack the latest in fully digital data and process capabilities.
- No two insurers have the same eco-system, making it difficult for software product companies to design a solution that works for most carriers.
- Most software products do some things well but fall short on integration, usability, or self-service components.
- Many insurers still rely on paramedical exams & manual processing of medical records for some or all their cases. Instant decisions and triage at the point of sale have become competitive table stakes.
Key Benefits
The solution is designed by and for Underwriters to put the “easy” back into work processes. A business user can easily:
- Add/Change rules.
- Change the order of rules.
- Escalate or route rule changes for review by someone else.
- Control the current rules version.
- Review rules version history.
Some key functional benefits include:
- Automatic Ordering of Underwriting Requirements
- Determines when to automatically order requirements based on the applicant’s age and face amount of coverage.
- Type of requirements needed can be easily modified.
- Determines when to automatically order requirements based on the applicant’s age and face amount of coverage.
- Rules Management
- Defines what to do with answers to the application reflexive medical questions including:
- Product Eligibility Rules.
- Build Chart Rules.
- Defines what to do with requirement and evidence data ingested from 3rd party vendors such as MIB, RX etc. by leveraging:
- Mortality Model Values.
- Medical Information Bureau (MIB) Code Rules.
- Motor Vehicle Report (MVR) Rules.
- Prescription Drug (RX) and Medical Claims Rules.
- Triage functionality to make a decision and route the application based on the Rules.
- Defines what to do with answers to the application reflexive medical questions including:
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