Genpact Underwriting Manager

Challenge

Modernize underwriting so specialists can add value

A staggering 30–40%. That's how much time some underwriters spend on administrative jobs, according to one estimate. They're heavily reliant on spreadsheets. They manually key data into multiple systems. They produce documents manually. They have to deal with submissions intake, triaging, referrals, pricing, documentation – the list goes on. They're forced to wade through mounds of data in emails, PDFs, and paper, rather than spending their time applying underwriting judgment.

Challenges like these waste underwriter expertise – expertise that businesses should invest in finding new ways to grow profitably and at scale.

Solution

A modular digital platform built on advanced analytics

Resolving these issues calls for a truly comprehensive response. That's what Genpact Underwriting Manager delivers. It smoothly integrates all the fundamentals of underwriting into one flexible platform, digitizing and repurposing data to augment an underwriter's capabilities while automating multiple processes. It streamlines every aspect of the underwriting lifecycle, freeing underwriters to identify new risks and opportunities while getting their businesses future ready.

Built for underwriters by underwriters, Genpact Underwriting Manager is founded on more than two decades of Genpact's experience in the insurance industry. It solves ongoing bottlenecks across the underwriting lifecycle, adding value for brokers, cover holders, and policyholders. Its analytics-driven automation and predictive and prescriptive capabilities across the underwriting cycle support underwriting judgment and deliver competitive advantage.

Critically, it can be implemented without major disruption to business as usual. You can opt to run it as a software-as-a-service (SaaS) solution or host it on the cloud environment of your choice. We can install, configure, and launch it so it's fully functional within weeks.

You can tailor Genpact Underwriting Manager to meet your immediate transformation needs and adapt it as your priorities change. You can pick and choose any or all five of the following modules:

Submissions, intake, and clearance

• Straight-through processing and automation through each stage of the underwriting lifecycle
• Intake of emails, document repositories, API feeds, third-party portals, and so on
• Data validation
• Sanctions checking
• Risk assessment and rating
• Seamless integration with your policy administration and other systems

Risk triage

• Automated risk assessment, scoring, prioritization, and pricing recommendation
• AI-led analytics and visualizations that allow underwriters to monitor individual and portfolio risks

Pricing and quoting

• Intelligently extracted, validated, and enriched submission data parameters seamlessly feed into pricing engines for most lines of business
• The ability to handle large datasets and integrate them into CAT modeling and exposure management tools

Policy servicing and renewals

• Analytics and reporting
• Automatic renewal monitoring, initiation, and management
• Endorsement, declarations, and reinstatement processing
• Bordereaux management (creation and ingestion)
• New, renewal, and endorsement document generation, management, and filing
• Reduction of manual efforts, typically by over 60%
  
• Rich dashboards and sophisticated visualizations with drill-down functionality for a real-time view of operations, financial, and business performance delivering continuous business insights and intelligence

Analytics and reporting

• Rich dashboards and sophisticated visualizations with drill-down functionality for a real-time view of operations, financial, and business performance delivering continuous business insights and intelligence

Impact

Underwriters are free to focus on writing profitable risks

By connecting all underwriting touchpoints, Genpact Underwriting Manager removes pain points and improves underwriters' user experience and productivity. The solution cuts back on pain points through:

• Full, touchless capture and assessment of all submissions
• In-house and third-party enriched data from structured and unstructured sources
• AI-driven portfolio and risk exposure management, with precise risk selection and rating
• Automated risk pricing
• Built-in, robust governance and compliance controls
• Improved risk triage and prioritization, aligning business opportunities with risk appetite, propensity to bind, and probability of material claims
• Exceptional real-time financial performance measurements, analysis, and metrics
• Dashboards that integrate all data, simplifying the user experience to boost productivity

Adapting to new risks and new competitors has never been more crucial. Genpact Underwriting Manager is a comprehensive transformation solution delivered to the heart of your insurance organization.