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Overview
It takes insurance companies weeks, sometimes months,
to underwrite a policy. Much of the information is collected through traditional
faxes and mail. Information is entered into multiple systems, multiple
times, making the process redundant and exposed to errors. An underwriter
often has to rely on third party data sources like the MIB, MVR, APS/Paramed,
and Inspection Companies to make decisions. Planet Interact addresses
the challenge by providing a framework that can cohesively tighten the
process by collecting data through web-based interfaces, intelligently
routing workflow based on business rules, and connecting internal and
external systems.
How
it Works
The Policy
ProcessorTM is the industry's most advanced and comprehensive new business
processing and underwriting system for life insurance. TPP accommodates
all life insurance products, across all distribution channels. The application
is integrated with a heterogeneous mix of on-house and third party systems.
The information is collected from both the end-customer and agent through
web-based e-forms, as well as from external data sources for background
checks. TPP provides a means of straight through processing of underwriting
information for medically underwritten as well as jet underwritten cases.
Key
Features of the Product Include:
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Electronic
front-end for capturing application data. |
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Case Management dashboard. |
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Agent
licensing and appointment verification. |
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Electronic
ordering and receipt of requirements. |
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Integration with imaging technology for document management. |
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Workflow
management and configuration. |
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Cash
management and reconciliation. |
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Underwriting
dashboard for case assessment and decision. |
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Re-insurance
routing and monitoring. |
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Dynamic
and configurable communication modules including emails and document
correspondence. |
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Table-driven
management of underwriting and administrative requirements. |
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Automatic
determination and population of state form requirements. |
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Support
for ACORD XMLife Standards. |
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Wizard-based
administrative interface to configure new products. |
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Established
and integrated network of third-party data and service providers,
including: |
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--MIB |
--APS |
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--MVR |
--Outsourced
underwriters |
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--Lab/Parameds
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--Tele-underwriters/Outsourced
inspection |
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Policy ProcessorTM forms a collaborative network hub, connecting organizations,
systems, and people in the new business processing service chain.
The underwriting and new business processing departments have to work
collaboratively with several departments within the company, as well
as with outside vendors and agents in the field. With the TPP, the
ecosystem is connected, making it possible for seamless, accurate,
and expeditious processing of new business cases. |
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an organization, The Policy ProcessorTM enables data to traverse on
demand through various departments - creating a seamless and connected
ecosystem. |
 TOP
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IN
THIS SECTION
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