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Insurance Underwriting Automation for Appian

Business Problem Statement:

  • Manual processing of insurance applications
  • Significant paperwork in policy issuance and underwriting processing
  • Manual data collection from different external systems
  • Manual configuration of decision-making data points

Solution Overview:

Insurance Underwriting Automation for Appian delivers an end-to-end Appian BPM solution, driving adoption and best practices in your organization. The solution ensures you are deriving maximum value from your Appian platform investment, whilst providing ongoing maintenance and governance throughout the underwriting process.

Solution Benefits:

  • Accelerate your end-end insurance underwriting automation journey
  • PDF document processing (Insurance Application form) using Google IDP
  • Integration with multiple external/legacy systems
  • Remove manual intervention in insurance issuance, endorsement, and renewal.
  • Ensure customer success with continuous engagement & governance

Solution Features:

Policy Issuance: insurance agent can upload the Insurance Application form (PDF). Using Google IDP document gets processed and policy document get generated for Underwriting.

Policy Underwriting: automated policy underwriting workflow with integration with external systems to get policy quote options. Verifying the policy details for decision-making.

Policy Renewal: Automated job to initiate policy renewal based on certain criteria (like policy expiring in next 30 days). Auto approval and rejection of policy renewal based on different data points (loss ratio = total claim amount / total policy premium).

  • Auto approval with discount policy in premium, in case the loss ratio is zero
  • If the loss ratio is 1 to 50% then policy renewal will be approved with an updated premium rate (configurable)
  • If the loss ratio is 50 to 75% then the policy renewal rate will be decided by the Underwriter (based on different data points)
  • If the loss ratio is > 75% then the option to the manual renewal of the policy to retain existing customers instead of auto rejection

Configurations: Generalised configuration screens for:

  • Business rules
  • Endorsement request fields
  • Renewal Loss ratio range, rate, initiate before days
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