80% Of Underwriting Decisions Automated

Problem Statement For Making Underwriting Decisions Automated

The client is grappling with several challenges in their current policy issuance process. Primarily, they rely on manual procedures, which are time-consuming and prone to errors. This manual approach contributes to a higher turnaround time (TAT) for policy issuance, impacting efficiency and customer satisfaction. Additionally, the client faces a dependency on the IT team to implement logic changes in underwriting, leading to delays and inefficiencies in decision-making.
Furthermore, the manual nature of the process increases the likelihood of errors in decision-making, posing risks to accuracy and compliance. These challenges underscore the need for a more streamlined and automated approach to policy issuance.

Our solution encompasses the development of a sophisticated Rule Engine tailored specifically for underwriting policies. This Rule Engine offers the flexibility for configuring rules directly from a user-friendly web portal, enabling swift adjustments to underwriting criteria as needed. Real-time decision-making capabilities empower the system to swiftly evaluate policies based on configured rules, ensuring efficiency and responsiveness.
Moreover, the Rule Engine supports various arithmetic and conditional operators, allowing intricate rule configurations to accommodate diverse policy requirements. The system maintains comprehensive audit logs to enhance transparency and accountability, providing a clear record of rule evaluations. Seamless integration of the rule engine with internal IT systems ensures smooth communication and data exchange, facilitating a cohesive and streamlined underwriting process.

Implementing the Rule Engine has yielded significant benefits for the organization, automating approximately 80% of policy cases. This automation has translated into expedited sales closures and a reduction in underwriting errors, thereby enhancing the overall efficiency of the underwriting process.
One of the key advantages of the Rule Engine is its ability to facilitate rapid configuration of new logic without necessitating involvement from the IT team. This empowers the organization to adapt swiftly to changing market dynamics and customer needs. By streamlining policy evaluation and decision-making, the Rule Engine has increased sales, positioning the organization for sustained growth and competitiveness in the market.