Insurance Smart Quote

Business Challenge

It is widely acknowledged within the Insurance industry that data-driven analytics based human judgment would help minimize the subjectivity in Underwriting decisions and significantly improve business efficiency

Other Challenges

  • Uniqueness of applicant’s data from a risk assessment standpoint
  • Inefficiencies while handling huge datasets related to risk proles
  • Risk selection and competitive pricing to avoid under/over pricing
  • Deciding between risk averseness and applicant’s propensity to buy

Solution Overview

Powered by Pega AI/ML based decisioning models, Smart Quote will augment the Underwriting process by:

  • Providing real-time quote acceptance propensity
  • Underwriter decision feedback loops into the predictive model
  • Customer risk data from D&B and Pitney Bowes
  • Data driven Pega Predictive models

THE FACTS

Underwriters are no longer just responsible for risk selection and pricing, they are now expected to:

  • Support Sales function and increase new business
  • Significantly decrease the loss ratio
  • Increase retention rates of existing customer base

The information used by underwriters can vary widely. Also, underwriting actions are not always truly risk-based, but instead influenced by:

  • Market dynamics
  • Subjective decision making
  • External competition

Solution Benefits

  • Higher hit-ratio, lower loss-ratio with a more mature and self-learned predictive model
  • Improved CSAT scores with possibility of offering

Differentiators

  • Pega predictive and adaptive modelling covering the real-time aspects of business
  • Providing a holistic risk assessment of the act to aid better business decisions

Airline Operations
Why Us ?
  • 115+ Pega LSAs – One of the Highest Certified Pega Partner Globally
  • 1000+ Pega Practice
  • 300+ Successful Pega Implementations
  • 4000+ Person Years of Pega expertise
  • A Certified Pega Upgrade Partner
  • Delivering Digital Transformation in Insurance, Banking & Financial Services, Travel & Transportation, Government and Healthcare Industries
  • Leader in Low Code Application Services – NelsonHall 2021
  • Strong Performer’ in The Forrester Wave™: Digital Process Automation Service Providers, Q3 2020
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