Insurance underwriting workspace
The insurance risk specialist receives the bid data and necessary checks in one workspace. Accepted conditions can be transferred for sale and subsequently reviewed.
Individual insurance case data, model result and expert decision are stored separately. The sales team does not always see what protection conditions have already been approved. The buyer waits longer for the offer or receives a condition that has not yet been harmonised. Later, when changing it, it is necessary to re-interpret the price and limits of protection.
How the solution works
- The assessment case receives the protection requested and the risk basis it requires.
- The policy holder's use of a rule or model environment or an authorised expert provides an assessment of the specific extent of risk.
- Uncertainty or exceeding a power of attorney receives a responsible addition or escalation.
- An authorized decider accepts protection, an additional condition, or a reasonable waiver.
- The proposal preparation system receives insurance conditions approved by an authorized specialist. Data from the evaluation and subsequent execution allowed for model monitoring are transmitted.
Key challenges
- The risk assessment exception does not reach clear terms of the proposal
- The basis for applying the risk model fails to reach a solution
Solution capabilities
Appreciated protection
Insurance coverage is requested and risk data is stored together. A significant change in the application results in a new assessment.
Authorised Decision
The right of a specialist or delegated partner is checked against product, amount and other specific limits.
The basis for applying the model
Using the model, its version, purpose, data provided for evaluation and permitted conditions of use are preserved.
Verification and monitoring link
The model management source provides a validated fitness conclusion and application limitations. The course of the review links them to the evaluated proposal.
Justification for the exception
The reason for additional assessment or departure from the rules shall be recorded together with the approval of the specialist responsible and the limits of his powers.
Transfer of terms
The accepted result is returned to pricing or contract progress without confusing it with the already concluded policy.
Business context
- The risk assessment exception does not reach clear terms of the proposal
- Individual insurance case data, model result and expert decision are stored separately. The sales team does not always see what protection conditions have already been approved. The buyer waits longer for the offer or receives a condition that has not yet been harmonised. Later, when changing it, it is necessary to re-interpret the price and limits of protection.
- The basis for applying the risk model fails to reach a solution
- The version of the model used and its verification and application limits are not linked to an individual case assessment. It is difficult to restore a solution or to notice that the model has been used for an unverified group or purpose of customers.
- Non-standard demand gets a reasonable offer
- More complex customer needs may not be covered by standard calculation. All the necessary information passed on to the expert allows for assessment of protection and alignment of specific conditions. The sales team can continue consultation with a confirmed response, and the customer has a clearer understanding of what is offered to him and what restrictions apply.
Core features
- Appreciated protection
- Authorised Decision
- The basis for applying the model
- Verification and monitoring link
- Justification for the exception
- Transfer of terms
Key integrations
- Sources of proposal and product
- Insurance coverage, verified risk data and product restrictions are requested.
- Model management
- The permitted version, validation conclusion and usage restriction.
- Risk Papers and Experts
- A case-by-case basis for limited access is required.
- History of policies and results
- Adaptation of approved conditions to the proposal and subsequent data on insurance results.
Potential impact (%)
The ranges indicate an illustrative relative change in the metric under the stated assumptions. Results depend on the starting position and actual use of the solution. Percentages for different metrics must not be added together.
Risk exemption reconciliation work
16–42%Decreasing
This illustrative scenario assumes that 40-70% of information searches and repeated cross-checks can be addressed. That share is assumed to fall by 40-60%. Company data is needed to verify both the addressable workload and the resulting change.
The active combination of addition and solution is measured for comparable risk groups.
Solutions without reproducible model application
5–25%Decreasing
This illustrative scenario assumes that 20-50% of missed actions can be identified through task and deadline tracking. That share is assumed to fall by 25-50%. Company data is needed to verify both the addressable share and the resulting change.
The selected sample of model-based solutions counts cases without sufficient application basis.
Conditional calculation scenarios. The assumptions have not been validated against client measurements.
When this solution is relevant
- The conclusions of the risk assessment, the additional exemptions and their approvals are combined separately.
- It is difficult for professionals to verify whether the evaluation model and its application conditions are appropriate for a specific product and customer.
Implementation requirements
For the course of the risk assessment, the insurer establishes data requirements, specialists' credentials and a procedure for exceptions to acceptance. Versions and uses of the models used are linked to the solution, and addition of processes is combined with existing risk assessment infrastructure.
Further development options
- Additional product risk exemptions under their decision rights
- Model monitoring based on later findings, based on follow-up time and available data