E&S Policy Administration System roll out for a Major Insurance Carrier in North America | Tech Mahindra

E&S Policy Administration System roll out for a Major Insurance Carrier in North America

Business Overview

As a specialized E&S insurance service provider with eight LOBs across multiple states, the company faced challenges with disparate systems and looked to implement streamlined processes across all stages.

 

Approach & Solutions

Policy Lifecycle Application

We built application to provide complete policy lifecycle functionality for Agents using PBI and Insurance Frameworks in Pega PRPC.

Real-Time Integration Architecture

We created seamless architecture with real-time integration with 3rd party systems / services.

Flexible Workflow Framework

We provided flexible and scalable framework to deploy future applications and workflow. 

Adaptable Rule Management

We offered adaptable technology platform for users to manage and maintain rules easily and for any specific business situations.

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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 Insurance

Impacts & Highlights

Optimized Underwriting Process

Redesign Underwriting process to optimize the Rate to Policy Issuance process and reduce cycle time

Seamless Policy Lifecycle

Fully integrated solution to support the policy lifecycle, with no handoffs and reduced manual intervention

Data Quality Enhancements

Enhance controls to address data quality issues in policy lifecycle

Empowering Underwriters Efficiently

Provide Underwriters the information needed for optimum and fast decision making and reduce UW workload

Controlled Risk Management

Reduce risk exposure through better controls and increased process visibility

Enhanced Data Reporting

Improve reporting capabilities and quality of data used for reporting