UnderRight – Underwriting on the Cloud

Challenges – New business and underwriting

Intensified pressures to reduce costs and improve efficiencies

  • Driving better performance in the area of new business and underwriting
  • Cost pressures – Lower face value policies due to customer affordability
  • Speeding up the underwriting process to reduce the chance of application withdrawal

Ageing workforce, less insurance underwriters

  • With 20% of the underwriter workforce nearing retirement, Insurance companies will need 25,000** new underwriters in the next one year
  • Where will the new underwriters come from
  • More importantly, what will be the impact on underwriting accuracy
  • Core underwriting improvement is important to ensure Insurance industry profitability

Why a new Business and Underwriting Solution

  • Small improvement in risk – Large gains
  • Better sales effectiveness – Improved revenue
  • Streamlined process – Faster cycle times
  • Better data, Less risk and Improved decisions
  • Improved accuracy and consistency
  • Improved cost benefits – Customer experience

ValueLabs Solution: UnderRight

Automated underwriting system designed to perform all or specific screening functions traditionally completed by underwriters, and thus seek to reduce manual intervention, and minimize time and /or data necessary to underwrite an insurance application.

  • Collect information – Agent portal
  • Real-time collaboration
  • Rule-based risk assessment
  • Business rules engine
  • Third party data integration
  • User friendly interfaces
  • Streamlined workflows

UnderRight: Product details

  • An electronic application data capture solution which will help agents and underwriters in new customer acquisition, servicing and retention
  • Provide notifications to agents, underwriters and clients during the application submission process
  • Rules-based screen validation and risk assessment
  • System-generated underwriting decision
  • Built-in online collaboration through chat and email
    • Between agents and underwriters
    • Between agents and clients
  • Built-in electronic signature support
  • ACORD compliant for intersystem communications
    • Product configuration
    • Application submission (TX103)
  • Software as a Service (SaaS) solution
  • Dynamic forms generation

Reach Us