With archaic systems and outdated, manual processes, group insurance relies heavily on re-keying data, causing hours of labor and opportunities for error to pile up. In order to make the most of your underwriting resources and grow new business, you need to modernize your technology. You need a platform to operationalize data, improve underwriting quality, and integrate seamlessly with existing systems.
The Unified Product Platform for Group Insurance does just that. An all-encompassing rating, underwriting, and proposal tool, the Unified Product Platform is a collaborative environment that makes the most of your underwriting resources and existing technologies. The Unified Product Platform eliminates gaps between Product, Sales, Underwriting, Installation and Administration by simplifying the complex with a single source of truth. Product offerings, rating methodologies, and automated workflow processes are stored in a structured repository, ensuring that accurate and consistent information is fed throughout your enterprise.
Single Source of Truth
Manage and maintain all case components, data aggregation categories, workflow rules, and rating and pricing methodologies in a structured central repository. Since all data is reusable rather than cloned or manually entered, you can be confident that plan designs and rating calculations are accurate and consistent.
Automated Rating
The streamlined quoting process ensures that new quotes are built and brought to market, rapidly, regardless of case size. With the ability override baseline factors and adjust risk manually, the underwriter gains flexibility for discounting purposes, ensuring that the most competitive quote is quickly brought to market.
Quality Census Data
Census data can be uploaded with previously-defined default assumptions and validations to ensure a full, clean data set that drives accuracy and consistency. Information can be imported from multiple sources and automatically maps individual data elements.
Rules-Based Workflow
Create and manage user roles and permissions, including authority levels, validation alerts and escalation notifications. Since the process is automated, all historical data is stored n the system, ensuring that upcoming renewals or not taken quotes are easily accessible on future runs.
