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Platform Use Case

Insurance Underwriting Decisions

ACTICO Decision Management Platform allows insurers to automate their underwriting processes. They apply decision management software to minimize underwriting risks and quickly convert prospects into customers.

 

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Underwriting

Mastering insurance risks and digital transformation

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Challenge

Today’s customer acquistion processes are successful, if they are fast and digital. However, insurance is a knowledge-intensive business where complex risk-assessments need to be mastered. At the same time, corporate policies and regulatory compliance affect almost every customer interaction.

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Solution

Underwriting is all about decision management. Low-code software allows insurers to define risk models, policies, calculations and underwriting decisions in a transparent and flexible way. Intelligent automation enables insurers to turn these requirements into action and respond faster to customer inquiries.

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Impact

Transparency, agility and real-time responsiveness: Using decision management software for underwriting introduces a new level of transparency. Any aspect of the underwriting decision can be changed whenever needed, and automation enables insurers to respond in real time to customer enquiries.

Applications

Flexible software for underwriting

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Business-Led Underwriting Solutions

Undwriting is taking a key role within the customer acquisition process. It has to check insurance contracts and assess risks before insurance is issued. However, underwriting is typically based on complex decisioning processes that involve lots of checks, calcluations and assessments. ACTICO Decision Management Platform enables insurers to implement highly efficient and effective underwriting solutions that give high transparency and control to subject matter experts.

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Decision Management for Underwriting

ACTICO’s decision management approach lets insurers manage the underwriting logic independent from IT applications and processes that use the underwriting logic. This approach brings more agility and flexibility to the underwriting department. Underwriting experts can visually implement their kowledge and make changes autonomously – without the need for IT support and independent of IT release cycles.

 

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Benefits

Increasing customer satisfaction with agile software

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Reduced Costs

Automation helps avoid manual efforts and reduces them to the special cases that require human judgement. Insurers can significantly reduce the underwriting costs due to straight-through processing.

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Higher Customer Satisfaction

A higher degree of automation leads to reduced response times and allows insurance companies to react faster to applications. This improves customer experience and customer satisfaction.

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Faster Time to Market

ACTICO Decision Management Platform enables subject matter experts to adapt underwriting logic easily and add new logic autonomously. They thus accelerate the time to market for changes and remain competitive.

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