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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.
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