Agents, carriers, and customers dislike the fact that it takes days or weeks to finally issue a policy. Also, Insurers are seeking to streamline, discipline and systemize the underwriting rules and processes that were contained in the mind of the Underwriters. Today, the thrust of insurers' underwriting technology initiative is towards front-end systems and underwriters' portal, to capture application information, get internal and external data and make decisions on cases.
Precepto - Automated Underwriting System is a risk evaluation and a decision support system for the underwriters. Precepto speeds up underwriting and policy processing by deciding the risk gravity, providing instant feedback and recommending follow-up action. It reduces the burden on the underwriters and decreases the application processing time. Precepto uses scoring techniques and underwriting rules setup in the system to arrive at a decision, on which further action can take place. The decisions and recommendations are based on rules, which are provided by the underwriters and actuaries of the Insurance Company. Due to its very nature, it provides improved discipline and consistency in risk evaluation and acceptance.
Features
- Checks for the completeness and validity of data for each case
- Evaluation of case resulting in a Risk Score
- Rule-based - consisting of rules related to Client Proposal, Line of Business, Product, and Channel
- Automatic underwriting risk-scoring using carrier-specific underwriting parameters
- Color-coded signalling technique to return a decision and status of each case
- Progressive Requesting for Information (Underwriting Documents and Questionnaire) and Re-evaluation
- J2EE and XML based-technology with interfaces to integrate with other Insurance applications
- ACORD compliant
Benefits
- Improved discipline and consistency in risk evaluation and acceptance
- Streamlined verification of insured's application information
- Enhanced cost control through need based examination and survey requests
- Increased productivity by allowing rules to be used on lower risk policies while underwriters concentrate on manual analysis of high value, high-risk transactions
- Streamlined processing through the elimination of redundant data entry and needless paper chases
- Enhanced customer service through improved response time
- Decision-making closer to the point-of-sale
- Fewer mid-term endorsements and large audit adjustments due to greater accuracy at the outset.
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