P&C Underwriting

The complexities of the Underwriting function require insurance companies have access to information and documents from many sources in order to properly assess the risk involved in taking the insured as a client or renewing the policy. An underwriting environment is a combination of many systems that, when working together, make implementing best practices and new products simpler and more efficient. Consolidating the functionality of these systems and allowing more flexibilty and process automation in work management will lower the overall cost of ownership and increase the competitivenss of the insurance company.

Underwriters spend much of their time dealing with requirements gathering, managing files, faxes, voicemail, email, normal mail and other media instead of doing analytical work. Underwriters are faced with gathering work data and documents from many systems and consolidating this information for decision making. The decision making process involves numerous parties. Underwriters may lose track of requirements that have been ordered during a case until the agent / broker or customer inquires. Information will often get lost or misplaced. Full time clerical staff are employed to find files and manage files. Information on the actual state and status of an application is usually not readily available. Lastly, all staff may be faced with already dealing with too many systems and screens making their wok environment awkward and not as productive as it could be.

The IPD Solution
When the customer implements IPD's P&C Underwriting application they will reduce costs through system consolidation and process efficiencies, while shortening the sales cycles because of customer satisfaction. Companies will establish best practice underwriting processes, optimized by product, line of business or market segment, improve data integrity and risk management with consistent use of business processes and business rules.

The Ultera application can:

• Completely unify work environments and allow everyone to work 30%-50% more productively
• Significantly increase customer service
• Allow the insurance company to reduce LAE by 10% - 15%
• Provide an online interface with a complete work inventory for the claims operation
• Provide a user friendly intelligent graphical user interface (iGUI) that:
• consolidates the data from the most practical systems and applications to one
• allows users to see all documents and media that relates to the case file
• allows users to manage the life cycle of any case file and requirements gathering process with providers
• allows users to easily interface with brokers and agent
• Provide a comprehensive executive information system (EIS) for management so they can track and manage work
• Provide low risk and low total-cost-of-ownership (TCO) because most of the environment can be configured without programming and can therefore be managed by the business