E&S Policy Administration System roll out for a Major Insurance Carrier in North America
Business Overview
- Specialized E & S Insurance service provider
- Dealing with multiple (8) Lobs throughout states
- Current systems supporting the key processes are disparate, different process among Brokerage Underwriters, agents and potential bottleneck
- Insurance Carrier was dissatisfied because the process were not streamlined across the systems and stages
Pain Areas
- 6 LoBs rated outside the system in Excel sheets
- Rating output not integrated with Quote/Policy Generation
- No validation to determine if Quotes reflect the system generated Rate
- Rates can be over-ridden during quote creation
- No integration with interfacing systems to validate data captured for Quote
- Agents create Binder without Insurance Carrier knowledge
- UW review happens post policy issuance
Benefits and Solution
Benefits
- Redesign Underwriting process to optimize the Rate to Policy Issuance process and reduce cycle time
- Fully integrated solution to support the policy lifecycle, with no handoffs and reduced manual intervention
- Enhance controls to address data quality issues in policy lifecycle
- Provide Underwriters the information needed for optimum and fast decision making and reduce UW workload
- Reduce risk exposure through better controls and increased process visibility
- Improve reporting capabilities and quality of data used for reporting
Solution
- Built application to provide complete policy lifecycle functionality for Agents using PBI and Insurance Frameworks in Pega PRPC
- Seamless architecture with real-time integration with 3rd party systems / services
- Flexible and scalable framework to deploy future applications and workflow
- Adaptable technology platform now empowers business users to manage and maintain rules quite easily and for any specific business situations.