Coforge's Integrated Pre-bind and Post-bind Solution with Appian and Duck Creek

Amidst the rapid pace of digital transformation, insurers face the daunting challenge of efficiently streamlining their submission processes. The influx of data from various sources, coupled with manual procedures, often results in delays, errors, and inefficiencies throughout the quoting and policy management stages.

The Solution

Coforge's integrated pre-bind and post-bind solution leverages the power of Appian and Duck Creek to streamline insurance processes, from initial policy binding to post-binding activities, enhancing efficiency and customer experience.

The solution is developed on Appian, a low-code development platform and seamlessly integrated with Duck Creek Policy Administration System, offering a powerful solution to address these challenges. It empowers insurers to:

• Increase Speed to Quote Automate pre-bind and post-bind workflows, significantly reducing processing time and accelerating quote generation.
• Enhanced Risk Management Leverage Appian’s robust risk management capabilities within the streamlined workflow, ensuring comprehensive risk assessment for informed decision-making.
• Improve Quote-to-Bind Workflow Achieve a smooth and efficient process for both insurers and brokers by automating key steps between quoting and binding.
• Optimize Workflow and Case Management Appian's workflow engine ensures efficient task assignment and tracking within the Duck Creek system, leading to improved efficiency, and streamlined case management.
• Unify Data Integrate data from various sources into a single platform, providing underwriters with a comprehensive view of each risk, facilitating a holistic underwriting process.
• Adapt to the Changing Market Appian's low-code platform empowers insurers to quickly build and deploy custom applications tailored to their specific needs, ensuring agility and the ability to adapt to market shifts.
• Effortless Integration Pre-built connectors streamline the connection between Appian and Duck Creek, eliminating the need for complex manual integration and saving development time.

How it Works

Pre-Bind Workflow: Appian automates tasks like data gathering, risk assessment, and initial review significantly reducing the time needed for pre-bind processing.

Underwriting Task Assignment: Based on pre-defined rules, Appian leverages the existing "Task" feature within the Duck Creek underwriting workbench to automatically assign relevant tasks and documents to specific underwriters, ensuring efficient workload distribution

Post-Bind Workflow: Appian manages post-bind activities such as policy issuance, documentation generation, and communication with brokers, ensuring a smooth transition to policy administration.

Features

• Automated Ingestion, clearance, and triage of information through email and manual entry
• IDP enabled process for automated extraction of critical data through shared inboxes and incoming submissions.
• Prioritize workloads based on the business needs. Underwriters can filter for new business submissions or renewals, and sort submissions based on their submission scores, which are powered by their business rules.
• Enables Underwriters to keep track of broker correspondence and quickly respond with automated emails and follow ups and ensure data completeness.
• Customizable Business rules to alert Underwriters in case of any business-related validations.
• Customizable UI’s and workflows which can be catered to any insurance products.

Benefits for Insurers

Benefits for developers