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DotSphere UnderWriting Manager |
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 Life insurance underwriting involves continuously growing knowledge which can be generic such as guidelines or specific to a policyholder. This is a continuous process and in absence of a knowledge base efficiencies gained from other initiatives can be hard to sustain and improve. To underwrite a case, the underwriter needs to fetch information from multiple systems by switching to applications very frequently. After that consolidation of this information becomes a time consuming task and could also result in inaccurate information being collected and wrongly assessing the case. This could result in business revenue loss to the organization. DotSphere Underwriting Manager truly turns underwriting into an exact, accurate science. It vastly improves both the basis of the underwriting as well as the rest of the process, helping to ensure the insurance carrier of faster policy underwriting and most important – a strong competitive edge in a central area of insurance policy generation. With the help of DotSphere Underwriting Manager, underwriters could work very closely to how things were during the paper oriented days. The underwriting worksheet is generated by the system by pulling data from various sources. The data in underwriting worksheet includes information about previous policies, current application and indicator of overall risks to the insurance carrier. Similarly attachments to the current application and imaged documents from previous applications are listed for underwriters to verify every piece of information together. Emails from agents and clients are filtered and displayed within the integrated environment such that all sources of information – the business application, imaged documents and emails are combined together to produce the accurate underwriting for complex cases. Benefits and Features - Single interface for any transaction work: DotSphere Underwriting Manager has an integrated user interface which is the single point of interaction for any transaction to be underwritten. It integrates with every backend line of business used – core policy administration system and auto-underwriting system. It also integrates the business process management, content management and email (Lotus Notes or MS Exchange). Using emulators it performs embedding of other applications – web pages or host based. The system has further enhancements that will allow it to show the scorecard for each staff and their calendar from Lotus Notes or MS Exchange.
- Quick overview of the case: The two monitor concept of DotSphere Underwriting Manager helps to manage large amount of information (worksheet, imaged documents, emails, line of business applications). Here one monitor acts as the primary work area and the second monitor displays the supporting information.
- Single point of documentation: While reviewing a case, underwriters need not toggle through different components, since the underwriting worksheet is a single point of documentation.
- Floor management: DotSphere Underwriting Manager has an important role in allowing business leaders to plan and execute strategies, clear up the operations within the service level agreements.
- Holistic Approach: DotSphere Underwriting Manager also presents an end-to-end automation of underwriting process instead of filling up one or few activities of underwriting. For example, underwriters no longer have to look at a dashboard for knowing the status and use another administrative console to manage tasks in BPM. Every business application is pre-defined during the design stage and can be changed within a minute which develops a strong bonding between the business users and the solution as it’s complementing their working style and not forcing them into using yet another software solution.
- Dynamic change management: Insurance underwriting changes constantly be it new regulations, adapting to social background or encoding new guidelines. Every business element in DotSphere Underwriting Manager is configurable and can be updated or created using a graphical user interface. This reduces the total cost of ownership (TCO) due to minimalistic change management process.
- Reduced implementation cycle: As the system is designed for dynamic change management, the first test of that feature comes with the initial implementation. Being highly configurable, it can be developed in concert with business analysts and users. This reduces the cyclic and prolonged phase of JAD sessions and development cycle.
- Technology abstraction: For long term success, it is essential to be independent of the technology. In DotSphere Underwriting Manager, this is achieved by using an adapter based framework. The key dependencies like BPM, ECM, line of business and database were abstracted such that any changes to these won’t affect the function of the underwriting solution.
- Organization development: In a highly skilled job like underwriting, team work is essential. DotSphere Underwriting Manager increases the productivity of the underwriters and tracks the progress of underwriters over a period of time. It also ensures the benefits are beyond the immediate needs.
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