New Business and Underwriting

Grow Market Share and Profitability with Agile Pega Solutions

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Driving Transformation in New Business at Wesfarmers Insurance

The challenge: Rapidly converting prospects into policyholders demands a nimble response to customer requests and competitive pressures. Unfortunately, rigid systems and manual processes quickly erode the service experience and the carrier’s brand.

With Pega’s new business and insurance underwriting software, turning market opportunity into profitable growth has never been easier. Its intent-guided approach intelligently manages requests and gathers account information to streamline the submission process. Leveraging rule-driven processes, the solution enforces underwriting guidelines and dynamically assesses the quality of the total risk. Coupled with the ability to interact across multiple channels, customers and producers alike benefit from an impeccable service experience. The result is differentiated, cost-effective submission processes that increase underwriter productivity and effectiveness while greatly improving operational excellence and risk selection.

Pegasystems — Delivering Real-World Results

  • Farmers reduced their policy application, quote and bind cycle from 14 days to 14 minutes.
  • Zurich developed its first intake application in just 74 days. The ability to re-use application assets has enabled Zurich to leverage this success in their claims business.
  • Wesfarmers, the international insurer, created positive revenue from new sources across previously untapped distribution channels in just six months.

Get the New Business Insurance Framework Data Sheet

Tab 1

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One Customer: Accelerating Insurance Customer Centricity with BPM

ONE CUSTOMER: Accelerating Insurance Customer Centricity with BPM

Capitalize on the expanding market for wealth management products with Pega’s dynamic intelligence powering streamlined application processes and new product introduction.

Key Capabilities

  • Add new policyholders at significantly lower cost. Simplify and speed up the application process from entry to issue with intelligent processes that gather information and interact with existing legacy systems to put business on the books accurately and quickly.
  • Substantially speed up the underwriting process. Dynamically manage the lifecycle of an insurance application across departments, systems and channels with holistic case management.
  • Open new markets faster. Rapidly configure new products with business-friendly configuration tools that automate the process of modeling, filing and approval for complex products.

Tab 2

Grow your business at the right risk tolerance with Pega’s dynamic, real-time processes delivering intelligent underwriting.

Key Capabilities

  • Improve risk selection. Automatically evaluate account portfolio, route to the right underwriter and monitor the process with dynamic, rules-driven processes and holistic case management.
  • Mitigate portfolio risk. Leverage a 360-degree view of every policyholder, automated guidance through complex processes and real-time decisioning to recommend the next best offer based on the policyholder’s unique needs and risk profile.
  • Easily retain and share underwriting expertise. Use business-friendly tools to directly capture policies and best practices in intelligent processes that guide agents, CSRs and self-service customers through offers and applications.