Underwriting Operations & Systems

Review and redefine Underwriting Policy & Guidelines

Underwriting is a critical function in an insurance company. The underwriting team evaluates the risk the applicant will bring on board and helps determine the premium the customer has to pay. This process is a tight ropewalk as the risk evaluation, if stringent, can drive customer to competition and if the evaluation is liberal, may bring not so good risk on board and create a not so profitable portfolio for the insurer.

The underwriting policy and guidelines need to be constantly reviewed to ensure that,

It is competitive
Aligned to the risk appetite of the insurer
Meets the profitability assumptions of the Actuarial team

AAPL team with its extensive domain knowledge and expertise can help you review and redefine Underwriting Policy and guidelines. We shall support you in the subsequent implementation of the change management required for the relevant processes and systems, as an outcome of our review and redefining mechanism. These changes can make the on-boarding journey easy for the channel partner and the end customer. Usage of customer data from the external ecosystem or a channel partner can also play an integral role here.

Customization of UW Rule Engine

Most insurers have defined the underwriting risk algorithm in an automated rule engine so that the low risk applications can go through without manual intervention. This ensures faster processing at lesser cost. There are insurers with rule engine customized over a period of time. However the same is not aligned to the new CRM or the technology platform.

AAPL can help the insurer in selection of the appropriate Underwriting Rule Engine and customize the same in alignment to the existing underwriting policy and guidelines. AAPL can also help in getting new age technology to bridge the Policy Admin System and CRM with the Underwriting Rule Engine.

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