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Automation of Underwriting Rules and Rating for Personal lines at leading P&C firm

Industry
P&C Insurance – Home Owners, Farm Owners and Country Estate products

Client
A pioneer in P&C Insurance and specialized in Farm and Agri Business

Needs addressed
Automated Underwriting, Product Configuration, Rating

To refuel the business growth engines, our Client was seeking to:

• Speed to Market - Configure new products in reduced timelines
• Determine the risk eligibility
• Automate the underwriting process
• Configure regulatory rate changes rapidly
• Enhance the agent’s and customer experience.

Technology Solution delivered
iFoundry Rating,iFoundry Product Lifecycle Management

Solution identified was upgrade to Point of Sales system and introduction of iFoundry

ValueMomentum collaborated with the customer to implement:

• Web based Point of Sale (POS) system to streamline the overall workflow
• POS system was integrated with iFoundry to externalize the complexities involved in product management, underwriting rules and rating logic
• Key deliverables included:
  • Evolved artifacts to accomplish rapid and accurate understanding, capture and represent underwriting and product related decision rules
  • Evolved a repeatable decision pattern that drives these decisions for decision intensive areas like underwriting, product configuration and pricing
  • Proposed and implemented a GUI driven workbench environment that can automatically convert user inputs (on Underwriting guidelines, product associations, pricing structures) into code and rules that can be implemented on the underlying decision engine.

Execution model
On site – Off shore – Fixed Cost

Technologies used
iFoundry PLM, iFoundry Rating, Sharepoint 2007, WCF, WWF, C#

Benefits delivered

• Speed to market - Quick turnaround time for implementing rating for new states
• Reduced timelines in introducing changes to rating logic and rate data sets
• Established strong governance controls around rate change processes
• Eased maintenance of complex rating logic and its versioning
• Supported client implementation specific rating functions, in configuration mode, without any coding. Thereby reducing maintenance costs

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