Insurance companies often face challenges in executing their acquisition and growth strategies due to their underwriting philosophy. Often the culprits behind this situation are outdated underwriting solutions, or expensive systems which are not easy to customize or integrate with other systems. Other challenges include increasingly stringent regulatory requirements, rising costs and changing consumer demands.

Insurance companies need an underwriting solution that significantly improves their speed to market, while ensuring that the processes remain cost effective. The solution also needs to meet compliance requirements as well as enable accurate risk assessment. Learn how NIIT Technologies can help.

Offerings

For Life and Reinsurance underwriting, the insurance practice of NIIT Technologies leverages the Services Oriented Life Solution Accelerator. This is a framework which gives NIIT Technologies the capability to develop applications that address the specific needs of insurance companies, especially during the acquisition process.

NIIT Technologies, with its extensive experience in the underwriting space, provides solutions in each of the following sub-processes within the new business acquisition process for Life and Reinsurance businesses:

• Application Entry
• Case Management
• Requirements Management
• Vendor Management
• Rating
• Underwriting Decision

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

Business Value

Our Services Oriented Life Solution Accelerator offers several benefits:

• Enables agile underwriting approach required by insurance companies in today's changing market conditions
• Best-of-breed approach, and the Solution Accelerator’s ability to integrate with most Business Rules Management Systems (BRMSs) enable clients to change business rules and control workflows without requiring intervention from IT teams
• Conforms to ACORD standards; solutions built on our framework integrate with external applications to facilitate Straight Through Processing (STP) and reduce time-to-issue
• Helps underwriters to optimise their underwriting capacity and reinsurance programmes by providing relevant and accurate information to enable right decision making

Success Stories

Automation of Underwriting System

NIIT Technologies was approached by one of the existing clients, a leading a leading life insurance company in the US. The company offers a wide range of insurance products including life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. NIIT Technologies was asked to develop and implement a new age underwriting solution that addressed challenges such as manual work assignment, data exchange with multiple external vendors and high TATs in policy issuance.

NIIT Technologies developed and implemented an underwriting solution, after customizing its SOA-based Insurance Framework Solution [IFS] to provide a powerful, easy-to-use set of customizable components, for a wide range of business users. The solution included deployment of core components for underwriting – case flow management, case requirements manager, vendor interface, and underwriter workbench. The solution also integrated information from several client systems and multiple vendor systems. The solution was developed with the technologies Oracle 10g, Java/J2EE, JDK 1.6, Spring, GWT 2.0.4, Hibernate, DROOLS (Rules Engine).

Impact

This enabled the insurance company to have an online, fully integrated and automated underwriting solution in place addressing all their underwriting challenges. A few benefits are:

• Handle increased caseload while reducing service time by 15%.
• Increased Jet Issuance of policies to 44%
• Smooth interfacing with multiple vendor systems
• ACORD compliant
• Role-based security limits exposure to unauthorized data access
• Full productivity analysis and business reporting

Impact: This enabled the insurance company to undertake rule-based automatic requirements ordering, receipting of reports and 40 percent Jet Issue.