Policy Underwriting Solution for Appian.

Business Problem

• Time to market for a new product is very high due to monolithic development cycle leading to reduced competitiveness
• Lack of configurability of the product features, parameters elongates the development and deployment time of new products
• Manual data entry process is time consuming and prone to errors
• Manual task assignment/underwriting referrals is time consuming
• Manual navigation/screen toggling required across different applications to track claim status, policy status etc.

Solution Overview

Digital Policy Processing Platform that enables the automation of end-to-end processing for specialty line Insurance policies

Features

• Low-code/No-code platform with configurable business rules and fata tables
• Simplified data collection and ingestion process
• Automated task assignment and underwriter referrals using business rules
• Automated job to initiate policy renewal. Auto approval and rejection of policy renewal based on different data points.
• Intuitive and improved UI with Policy & Claims 360view offering fast, customizable,role specific portals along with supporting multi-language facility

Business Benefits

• Low code/No Code platform provides configurable business rules, data attributes and tables enabling faster time to market for new products.
• Reduced processing time for Policy Issuance and Renewal
• Turn around time for customization reduced because of the dynamic configurations
• Underwriting Auto approval and rejection based on different data points.
• Policy & Claims 360 to get a detailed view on policy detail and claims registered

Automated Business Process Flow

This flow elaborates the detail of the activities performed in the solution during each stages of a PI New policy processing workflow. It also highlights the benefits achieved in each of the stages by efficient execution of those activities

Automated Renewal Process Flow

This flow elaborates the detail of the activities performed in the solution during each stages of a PI Renewal Policy processing workflow. It also highlights the benefits achieved in each of the stages by efficient execution of those activities

Functional Blueprint