The client is a top underwriting agency or “MGA” for insurance companies in Europe. They provide services to affinity groups targeting private lines business, SME, middle market and major corporations. The client distributes products on a B2B basis, through retailers, insurance intermediaries, agents and brokers.
We helped the client regain control of their products being sold in broker portals through real-time tracking and streamlined the workflow to reduce the turnaround time.
The client hosted their insurance products on distributor/broker insurance where end customer could buy their products. The pricing, policy and the conditions were pre-agreed as per the client’s underwriting guidelines. So retailers & brokers sell the policies to the end customer and handle the payments. This activity was recorded on an excel sheet by the brokers and sent to the client on a monthly basis with the details of the insurance products sold and premium paid. The client did not have enough clarity on what the brokers were doing and processing applications took a lot of time.
The client was looking for a partner who could build a rule-based underwriting decision engine which could be integrated with their broker systems to validate the insurance policies before they are sold. The client evaluated various off the shelf products but couldn’t find a match for their specific requirements.
They eventually selected RapidValue as their trusted partner as we have extensive experience working with insurance companies and a great understanding of the insurance domain.
We designed and developed a custom underwriting application for the client which integrates with their brokers’ systems. The application has two parts – rules engine and quotes engine. The rules engine was developed using Java based Drools – business rules management system and the application is hosted on AWS cloud.Now, when a customer applies for a product in the broker portal, it is automatically directed to the underwriting app. The rules engine in the app checks whether the rules & conditions are met based on the pre-defined guidelines and the quotes engine calculates the insurance premium to be paid by the customer. The final output i.e. whether the application is accepted or rejected along with the insurance premium to be paid, is sent as a response to the broker portal. All of these happen in real-time, bringing down the time taken to process an application substantially.
The underwriting application improved accuracy of the process significantly by streamlining the workflow and removing error prone portions within the workflow. The client can now access data in real time. The dashboard view in the application enables the client to get a quick view of the number of policies sold on a monthly/quarterly basis.
Above all, the application ensures that insurance policies are issued by the client themselves and brokers cannot do it independently without the client’s consent. Thus, helping the client have control of the policies issued. Our customized solution helped the client to bring the rules engine, quotes engine and analytics dashboard into one application within the client’s budget with a quick turnaround time.
The client does not have any in-house IT development team. They were so impressed with our work, that they signed a long term contract with us to support and maintain the client’s applications.
RapidValue has extensive experience in building underwriting modules for insurance/loan services industry. We have built underwriting applications with various modules such as Rules Management, where various rules that could be used to determine whether a customer should be accepted or not. We have built-in Rules Simulations to check whether rules are working satisfactorily before moving them to production. We have developed other modules such as Category Management to manage rule parameters that are used in the rules. Auditing to view all the logs of any creation, modification etc. is tracked by user and their time stamps. Our solution can bind various rules to specific products and their respective distributors/brokers, manage users within the application, approval modules to approve new rules, rule binding etc. Clients can also manage campaigns to be run for various products, distributors/brokers etc.