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Policy Underwriting Solution for Appian

Business Problem

  • Time to market for a new product is very high due to monolithic development cycle leading to reduced competitiveness
  • Lack of configurability of the product features, parameters elongates the development and deployment time of new products
  • Manual data entry process is time consuming and prone to errors
  • Manual task assignment/underwriting referrals is time consuming
  • Manual navigation/screen toggling required across different applications to track claim status, policy status etc.

Solution Overview

Digital Policy Processing Platform that enables the automation of end-to-end processing for specialty line Insurance policies

Features

  • Low-code/No-code platform with configurable business rules and fata tables
  • Simplified data collection and ingestion process
  • Automated task assignment and underwriter referrals using business rules
  • Automated job to initiate policy renewal. Auto approval and rejection of policy renewal based on different data points.
  • Intuitive and improved UI with Policy & Claims 360view offering fast, customizable,role specific portals along with supporting multi-language facility

Business Benefits

  • Low code/No Code platform provides configurable business rules, data attributes and tables enabling faster time to market for new products.
  • Reduced processing time for Policy Issuance and Renewal
  • Turn around time for customization reduced because of the dynamic configurations
  • Underwriting Auto approval and rejection based on different data points.
  • Policy & Claims 360 to get a detailed view on policy detail and claims registered

Automated Business Process Flow

Automated-Busines

This flow elaborates the detail of the activities performed in the solution during each stages of a PI New policy processing workflow. It also highlights the benefits achieved in each of the stages by efficient execution of those activities

Automated Renewal Process Flow

Automated-Renewal

This flow elaborates the detail of the activities performed in the solution during each stages of a PI Renewal Policy processing workflow. It also highlights the benefits achieved in each of the stages by efficient execution of those activities

Functional Blueprint

Functional-Blueprint

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