Sapiens INSIGHT™ for Underwriting
Risk management is critical to both employee efficiency and Insurance company profitability. Sapiens INSIGHT™ for Underwriting reduces loss exposure while maximizing underwriter productivity by providing automated underwriting and relevant assist capabilities. Referrals can be distributed to the underwriter based on pre-defined criteria such as premium size and underwriter skill level.
Turning the art of underwriting into the science of assessment
Sapiens INSIGHT™ for Property & Casualty Underwriting allows business analysts to easily define and maintain underwriting rules. Sapiens INSIGHT™ for Property & Casualty Underwriting leverages the Integration Central module to access data from credit agencies, motor vehicle reports, statistical data, police records, online predictive models and internal systems.
INSIGHT™ Underwriting for life, health and disability insurance enables:
- All cases to be processed earlier in the new business cycle
- Full end-to-end underwriting processing
- Complete management information on all cases for product pricing and managing treaties
- Underwriting precision with total objectivity
- Immediate risk assessment at a significantly reduced cost
An inefficient underwriting process affects your business in a number of ways. Slow decision making creates a backlog in the new business stream, and may cause prospective clients to cancel their proposals. Incorrect loadings on sub-standard cases may affect long-term profitability or cause your business to lose its competitive edge. Lack of management information leads to product pricing and treaty management based on assumptions rather than real facts.
Experienced life, health and disability underwriters use their skill and judgment, gained over many years in the industry, to assess risks. Company guidelines and a comprehensive underwriting manual can help to ensure some consistency in the process. However, the 'human factor' will inevitably mean that similar risks are sometimes assessed differently.
Combining traditional decision-making methodologies with a new scoring mechanism allows the company to use MediRisk in several different ways. Using by applying ratings, information demands, exclusions, etc can be enriched by also using the scoring to provide greater detail to each and every case.
Sapiens INSIGHT™ for Underwriting comes in the form of an engine with all of the administration capabilities accessible immediately following installation. The company can either use MediRisk designed Windows at it's front end or as expected, your own design of browser based Windows to match your existing systems or Internet sites.
Underwriting Process Improvement
Underwriting of straightforward or 'clean' cases is typically automated, flowing through the underwriting process quickly and smoothly. The problem lies with more difficult cases, where several adverse factors have to be considered in parallel. Placing rules into a system or dealing with this manually is extremely time-consuming and costly to the business, tying up the most experienced and expensive members of the underwriting team.
Today the Initial underwriting stage is still a focus with initiatives such as Tele-data capture or Tele-underwriting coming through. And with the cost of medical reports constantly increasing, medical screening also plays its part.
But although these tele-developments are helpful, they are in fact external to the underwriting process. Internal process improvement is needed for the insurance company to brand itself as more efficient, cost-effective, customer-centric, etc. Sapiens INSIGHT™ for Underwriting provides this vital improvement to enable insurance companies to get a step ahead of their competition, and preserve that advantage for the future.
Extensive Knowledge Base Provides Unique Risk Assessment
Sapiens INSIGHT™ for Underwriting uses an innovative new approach to the analyzing the factors that make up risk assessment. Using traditional methods such as the ratings, information demands and exclusions normally contained within underwriting manuals, an additional scoring methodology can also be applied. So a MediRisk score can be computed for each and every case, whether clean or sub-standard. Sapiens INSIGHT™ for Underwriting recognizes that everybody is unique; therefore everybody can receive a unique, personalized score.
This invaluable information can be used for business modeling to review past underwriting philosophies and to develop future strategies, as well as providing the actuaries with a unique picture of the business on the books for product pricing and treaty management.
At the heart of Sapiens INSIGHT™ for Underwriting is an extensive knowledge base, which was conceived by twenty groups of medical specialists as part of a study that mapped all inter-related pathological conditions. Leading minds in the fields of medicine and both life and health underwriting then pooled their knowledge and experience to create a unique underwriting solution.
Sapiens INSIGHT™ for Underwriting incorporates an extensive library of fully configurable underwriting factors, based on general health questions, diseases, medical procedures and medications, plus occupational and vocational factors - allowing your underwriting department to personalize the solution in accordance with the rules and philosophies of your business.
Sapiens INSIGHT™ for Underwriting provides comprehensive risk assessment and underwriting, combining the professional know-how of insurance and medical specialists, along with the entire world standard catalogue of diseases, and incorporates a universe of relevant data, from demographics through socio-economic data, to individual habits and hobbies.
By expert analysis of a broader scope of relevant data, then scoring the results, Sapiens INSIGHT™ for Underwriting truly turns underwriting into an exact, accurate science. It vastly improves both the basis of the underwriting as well as the rest of the process, helping to ensure the insurance carrier of faster policy underwriting, lower financial and medical risk, and most important – a strong competitive edge in a central area of insurance policy generation.
