Moving your products to a digital workflow means the entire process from receipt of a submission through to issuance of a policy is digitally managed. This offers significant speed and efficiency benefits in how your underwriters can underwrite and issue a submission.
As an MGA, you want to provide the best level of service to your brokers, and a fully digital workflow helps accomplish that goal. Having a single digital platform from the start to the finish of the insurance lifecycle, means you do not need to re-key data as you progress through the lifecycle to underwrite, quote, and issue a policy.
A digital platform can implement underwriting rules to assess the submission to see if it meets underwriting guidelines and can implement system rating to calculate the premium. For documents, it only takes a few clicks to generate a quote letter or issue the declaration and policy wordings based on the underlying data.
An integrated digital platform allows you to realize efficiencies and provide a differentiated level of service turnaround time to respond to brokers with their quotes or policy documents.
Having your data digital allows feeding dashboards and reports so you can view data in real time to use metrics and analytics to manage your business. For example, if you have a meeting with a market, simply pull up a dashboard to look at premium volume for the market by product. If you run into a broker at an event, you can pull up a dashboard on your phone to check out all policies you have in force for that broker. You can also run various reports to help you efficiently manage your business such as renewals coming up, workload by broker, service level targets for time to quote/time to bind, and much more.
Relevant data that is digitally stored can be surfaced in a secure carrier portal that markets can access. From the carrier portal they can run bordereaux reports and access issued policy documents for an insured - all in real time. Since they can log in at any time, carriers can self-serve themselves. You no longer will need to manually compile and email bordereaux reports each month or provide policy documents for insureds bound in the month.
InsureVue is a fully cloud based policy management system based on the industry leading Salesforce platform. The InsureVue platform enables you to implement your products on its fully digital and fully integrated system. We work with you in our 4 step process to customize InsureVue to your specific requirements.
InsureVue is highly customizable and supports your specialization niche by allowing you to precisely define your insurance products. Start by choosing the information that you wish to capture during the application process. Then, add your underwriting rules and rating into the system. Finally, define the documents you want to issue.
While most software products require you to adapt your requirements to its abilities, InsureVue is a fully customizable system, which can adapt to fit your needs. This means that the data you require, the rules you underwrite by, the algorithms on how you rate are all implemented in your customized InsureVue system. InsureVue and the data it manages becomes a key part of your company’s differentiation for being able to underwrite and price risk, benchmark, and analyze claims.
Once products are implemented on InsureVue, they are made available for you to test. The test phase allows you to fully sign off on the system before it goes live.
InsureVue was built with speed and customization in mind. InsureVue has a powerful set of general insurance functionality that we leverage which allows us to focus on implementing only your specific product requirements. This enables a rapid implementation process. From start to finish, a product implementation typically takes a matter of weeks.
Capgemini recently published their 2018 top 10 trends in property and casualty insurance and one of the trends they identified was automation of processes leveraging Robotic Process Automation and Artificial intelligence.
This trend encompasses...Read More