HDFC Life was looking to automate the Underwriting system and integrate the underwriting process with aggregators and other distribution partners’ systems. They were looking to create an Underwriting Application (UWA) where rules will be defined for underwriting process. The solution would use Drools for the rules engine. The new underwriting application would allow even non-technical users (like underwriters) to author, test and maintain underwriting rules. Also, UWA would allow integration with partner portals. Partners would be able to use underwriting as a service or deployable tool. They would be able to integrate with their GUI. The end goal was to achieve 90% automation of the underwriting process.
Underwriting is the heart of any Insurance company. HDFC Life depended on a third-party tool called Magnum from SwissRe for its underwriting process. This is a proprietary tool. It needed be upgraded regularly and involved cost. Also, it was a black box controlled by SwissRe. HDFC was dependent on SwissRe for changes or customizing the product.
RapidValue built the custom Rules Engine for HDFC Life that substituted Magnum. RapidValue built a system equipped with Artificial Intelligence that leverages machine learning to understand and automate underwriting decisions for cases that are currently being referred to manual underwriters.
RapidValue implemented the solution as follows:
HDFC Life derived the following results by implementing our solution: