AURA’s Underwriting Workbench provides an effective way to capture business intelligence to simplify the underwriter’s thought processes on complex cases. Underwriting Workbench provides one place to record every detail related to underwriting new business. Every detail is stored on a dedicated platform that can be easily accessed by anyone in your organization. This tool will greatly increase underwriting efficiency and productivity.
Automates Decisions
Underwriting Workbench interacts with AURA Rules Engine and RGA’s five rule sets. This permits the AURA underwriting system to make instant decisions on “clean” cases, enabling human underwriters to focus their time and attention on more complex cases.
Streamlines the Human Decision Process
There will always be cases that require human underwriters to analyze, assess and decide. For these, Underwriting Workbench keeps all case history information organized and easily retrievable. Underwriting Workbench’s Risk Assessment Grid organizes the material neatly and presents it to the underwriter in an easy-to-understand single, flexible view format.
Assesses Underwriting Risks and Makes Decisions
Underwriting Workbench gives underwriters the ability to group and view each case’s risks by type, source, and benefit. It also displays previous decisions by the insurer associated with each risk type.
Having such information at an underwriters' fingertips allows:
- Adjustment of individual risk flags such as non-disclosure, material risk and risk severity
- Acceptance or override of decisions suggested by the AURA Rules Engine on each risk per benefit
- Add notes and rationales for actions performed or decisions set on cases
- Ability to refer cases to others for opinions and decisions
Optimize Evidence Gathering and Assessment
Gathering evidence and keeping it handy for a case can be a burdensome manual process.
The Underwriting Workbench presents an efficient way to order, receive and analyze evidence, keeping the right material with each case history. Simply set up tasks in AURA to control each step – a process that can be integrated with existing workflow systems.
Reminders set upon tasks keep underwriting requirements from falling
through the cracks. The AURA Rules Engine analyzes the collected evidence and presents it to underwriters for review, along with suggested decisions and additional requirements. The Underwriting Workbench also helps avoid unnecessary evidence requests by controlling how and when evidence is ordered, according to guidelines your company sets. Used properly, it can drastically reduce per-application costs.
Improve Decision Quality and Consistency
The Underwriting Workbench will improve your competiveness by reducing the number of underwriting errors and exceptions. Let the Underwriting Workbench help manage underwriting decisions humans make on complex cases, ensuring a consistent decision pattern every time. Decision consistency is reinforced through configurable rules.
Work Routing
The Underwriting Workbench can be configured to route tasks according to your company’s specific business processes. Work can be routed based on variables such as underwriter experience, assigned role and individual user permissions. Progress on each case is monitored to ensure expected turn-around times are met.
Work Routing includes:
- Ability to configure complex tasks with multiple steps, that interface with your company's existing routing systems
- Flagging of overdue tasks for follow-up
- Push and pull of tasks to the system's work queue
- Case search-and-select capability
- Dashboard tool can be used by managers to plan, distribute and refine work processes in their departments
- Manager ability to monitor work queues, reassign tasks for load balancing, evaluate task turn-around times, identify outstanding tasks and more
Effectively managed work will reduce risk, lower per-application costs and increase productivity.
Underwriting Limits
Security and Control
Underwriters can retrieve and work cases based on their specific user permissions sets. Permissions can be set according to level of underwriting experience, benefit types, decision types, face amounts, ratings, and more.
Experience and Mentoring
Capturing details about the underwriting of complex cases creates a rich knowledge database for your company. Use the captured information to adjust your company's underwriting strategies and train less-experienced underwriters in the intricacies of your underwriting process.
Integrate with Other Systems
Underwriting Workbench's interfaces allow it to integrate with your company's existing Information Technology systems and business workflow processes.
AURA uses industry-standard Web Services transactions to communicate with external systems such as illustration, policy administration, imaging, workflow, agent extranet and others. AURA also conforms to the ACORD's standardized protocol for common insurance activities, and can use TXLife transactions to communicate with existing systems.
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