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Architecture, Design and Development of Automated Underwriting, Tiering for Regional P&C Carrier
ValueMomentum assisted this Carrier institute consistent underwriting decisions, enable underwriters to focus on more difficult cases, while reducing cycle times for changes and new underwriting guidelines.

Industry
Insurance

Client
Regional P&C Insurance Carrier

Industry Needs addressed
Automated Underwriting

To enhance Underwriting efficiencies and effectiveness, the Customer sought to:

• Increase the number of applications underwritten without increasing underwriter headcount
• Provide an automated way to analyze the risk inherent in a proposal and make a determination of whether to approve, decline or referral.
• Automate processing of routine applications with no manual involvement
• Render underwriting decisions in a consistent, rapid and automated fashion and avoid errors on account of individual underwriters interpreting guidelines in their own “biased” manner
• Leverage skills of underwriters more effectively on those cases that require their specialized knowledge and experience.

Technology Solution delivered
Business Process Management (BPM)

ValueMomentum partnered with the Client to develop an underwriting “service” which could render decisions on new business submissions in a rapid, accurate and consistent manner.

• The underwriting service was designed to be leveraged as a reusable asset by multiple “Requesting” Distribution Management applications deployed at various companies & divisions writing business according to the risk acceptance guidelines of the Customer.
• SOA principles were adopted to accommodate “Requestor” applications deployed on different technologies; the “Requesting” applications used XML to communicate with the service.
• The service was deployed using a best-in-Breed Business Rules Engine (BRE) in a J2EE, Application Server environment.
• EntireX, the enterprise service bus, was used as a transport mechanism using “Publish” and “Subscribe” methods.

The responsibilities handled by ValueMomentum included:

• Conducted workshops with business users to capture explicit and implicit guidelines and best practices
• Gathered use cases and decision patterns in a structured format for easy implementation.
• Designed, developed and implemented the rules based Automated Underwriting System
• Provided an easy-to-use, web based interface for business users to maintain various guidelines and rules
• Integrated the service with internal and external information sources
• Designed parameter data store as the data source for the application

Execution model
At site, Fixed Price

Technologies used
J2EE, App Server, Fair Isaac's Blaze Advisor, Web Services, XML, EntireX

Benefits delivered

• Increased Underwriter productivity
• Interactive risk exposure development early on during Submissions & Quoting process to weed out ineligible applications and provide more representative quo tes; improved agent productivity
• Improved Underwriting workflow automation
• Consistent underwriting, reduced referrals, automation of report ordering
• Reduced costs in implementing changes, adding new products
• User-controlled rule changes to respond to marke t changes
• Single service strategy accessible by all sales channels.

 

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