Achieving underwriting profits is key to long term sustainability of Property and Casualty (P&C) insurance companies. Ensuring underwriting discipline alone cannot ensure this. If insurance companies have to aim for excellence in underwriting, they have to work on improving efficiency of their systems, as well as be accurate.

While many insurance companies have worked on improving efficiency, legacy systems do not support the tasks involved in underwriting such as evaluation of risks or building relationships with agents. As a consequence, much of this continues to happen on paper and leads to less than accurate decision making.

NIIT Technologies, with its expertise in the P&C sector can help you in achieving in significantly improving your underwriting performance.

Offerings

NIIT Insurance Technologies has a long and successful history of developing systems to manage risk exposure in underwriting organizations. In the area of Commercial Insurance, approximately 28 per cent of Lloyd's business is underwritten on our 'Subscribe' platform. Our range of cutting-edge software for commercial underwriters includes the following:

• Subscribe: Our policy administration system with an intuitive user interface which can capture complete policy details. Clients can also receive electronic risk placement messages in Subscribe using ACORD standard messages from third parties.
• Exact Advantage: Our risk exposure management system with a unique mapping interface, which enables underwriters to make a rapid assessment of whether a particular submission should be evaluated in detail, easily accepted or rejected immediately.
• PCI-DSS*

NIIT Technologies’ solutions help underwriters optimize their underwriting capacity and reinsurance programmes by providing relevant and accurate information that enables accurate decision-making.

Besides providing IP-based solutions, NIIT Technologies has also been extensively involved in modernizing and supporting a number of underwriting applications for leading insurance companies.

Business Value

Our Services Oriented Solutions in the P&C space offer several benefits:

• Enables agile underwriting approach required by insurance companies in today's changing market conditions
• Conforms to ACORD standards; solutions built on our framework integrate with external applications
• Helps underwriters to optimize their underwriting capacity and reinsurance programmes by providing relevant and accurate information to enable right decision making
• Support the proactive assessment of the susceptibility of underwriting portfolios to catastrophic events including Terrorism Risk Management, Windstorm Risk Exposure, Flood Risk Exposure etc.

Success Stories

Reengineering Commercial Specialty Underwriting Applications

The client was a global P&C player with businesses spread across different geographies. We created an Application Renewal solution by reengineering the Commercial Specialty Underwriting applications spread across all these geographies. Impact: Automation of the verification and validation processes has significantly brought down the execution time.