Pegasystems' Group Underwriting Application Automates Underwriting Process

By CIOReview | Wednesday, March 11, 2015
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CAMBRIDGE, MA: Pegasystems – a developer of strategic application for sales, marketing, service and operations – introduces its Pega Group Benefits Underwriting application to automate the case installation and underwriting process for insurers.

Pega Group Benefits Underwriting, supported by Pega Next-Best-Action technology, helps carrier manage, underwrite and price risks by streamlining data-driven strategies with the consideration of profits and targeted growth to enhance customer satisfaction and retention. Pega Next-Best-Action technology serves high engagement and seamless messaging service generating revenue and profits with its customer-centric offers. The application helps organizations expand the underwriting practices across market segments, lines of business and distribution channels with improvements in productivity and collaboration.

The new application also reduces turnaround time of insurers by introducing its dynamic case management which directs the intake and renewal processes with insight across the in-force book. The dynamic case management simultaneously allows processing of underwriting case work by multiple parties. It aligns the regulatory changes with underwriting practices and optimizes operating environment to accelerate market.

Pega Group Benefits Underwriting solution empowers insurance carriers to utilize automated underwriting practice with embedded rules, processes and workflow. The rules can be easily configured and reused across lines of business, products and geographies with the help of single repository. The application provides automated guides to reduce training that helps carriers set up functionalities such as underwriting authority management, appetite rules and underwriting guidelines.

The application design is based on Pega 7 platform that enhances the scaling capabilities to run among users and across variations in business lines, geographies and channels. It eliminates the manual steps by automating the case installation process with collecting data to format for underwriting process.