Policy Management and Underwriting
Consumers typically purchase policies from among the first insurers who provide them with price quotes. This means carriers who cannot quickly issue price quotes and complete customer on-boarding risk losing market share to more agile competitors. Yet many insurers still use policy administration systems that can't keep pace with demand, due to manual, error prone, and time-consuming black-box processes trapped in decades-old legacy systems.
Capabilities and Benefits
TIBCO provides an ideal enterprise platform to support IT modernization that spawns business transformation. Our solutions offer a long-term, non-invasive approach with these capabilities:
- Co-exist with the current and legacy IT architecture
- Service-enable and encapsulate legacy systems, allowing them to be leveraged and eventually replaced by newer underlying implementations
- Support an incremental modernization approach, automating each process incrementally to reduce risk and costs
- Uses massively scalable in-memory grid technology to stage legacy data off the mainframe and make it available for high-performance transaction use cases such as quote requests that may cause poor performance in legacy systems
TIBCO's real-time infrastructure, coupled with TIBCO business process management (BPM) technology, ensures new policy and renewals are accurate by automating steps such as checking for updates in policy parameters, re-scoring for risk, and underwriting review. TIBCO’s complex event processing (CEP) technology incorporates complex risk and premium calculations in real time. TIBCO’s master data management (MDM) technology ensures the data is accurate, even as the same data reside in different systems. Together, these technologies enable the delivery of these policy management and underwriting solutions:
- Predictive Analytics and Straight-Through Renewal. Event-driven predictive modeling provides insurers automated risk score updates upon any changes in policy parameters during renewal. This reduces defection risk, accelerates the renewal process by eliminating time-consuming and error-prone manual intervention, while ensuring profitable premium calculations.
- Straight-Through Underwriting. Accelerate the quotation and policy enforcement process by providing seamless access to pricing and policy information and eliminating time-consuming manual interfaces for policy download / upload process.
Learn how ING uses TIBCO technologies to accelerate underwriting and claims processing to improve customer service.