Insurance underwriting software services, capabilities & platforms we work with
Insurance underwriting software helps insurance companies accurately estimate the risks associated with each application for insurance coverage, calculate the appropriate premiums, define terms and conditions of insurance coverage, and accept or reject the application.
Itransition delivers standalone underwriting solutions and multifunctional insurance platforms that automate and streamline an insurance company's underwriting process as well as other business operations.
Insurance underwriting capabilities we deliver
We help insurance companies adopt an underwriting solution with a feature set covering their standard as well as unique workflows.
Underwriting guidelines management
- Underwriting guidelines
creation, viewing, editing, terminating, or reactivating. - Rule engine
for setting up predefined rules to flag applications that don't meet underwriting criteria (e.g., incomplete applications) or notifying employees about disruptions in the underwriting workflow.
Application review
- Customer-facing interface
for filling out requests for the issuance, renewal, and endorsement of new policies. - Task management tools
to efficiently distribute applications among underwriters and keep track of each application’s status. - Seamless integration with third-party data sources
for aggregation and centralization of information relevant to the particular application for accurate risk assessment. - Automated extraction of key details
about the applicant for streamlined risk profile creation.
Risk assessment
- Data analytics
for processing applicants’ data and determining risk factors. - Risk modeling & scoring
for automatic assessment of risk probability and assignment of risk score to applicants based on their demographics, claims history, and other relevant data. - Risk classification
for categorizing applicants based on the calculated risk scores to determine further policy terms and pricing. - Fraud detection mechanisms
for identifying suspicious patterns in applications and applicants’ behavior and flagging potentially fraudulent activity.
Pricing & premium calculation
- Fixed premium calculation
based on the applicant’s individual risk profile and claim history, the requested type of policy, current market conditions, and other factors. - Dynamic pricing tools
for calculating premiums based on real-time market information and policyholders’ behavior like driving habits or regularity of medical check-ups.
Decision-making
- Automated suggestions
for personalizing coverage terms for individual applicants and groups based on the submitted data. - Artificial intelligence & machine learning tools
for improving decision-making by quickly detecting subtle patterns in customer information and the company’s business data. - Collaboration tools
for personnel involved in underwriting help them improve transparency and speed of the underwriting decisions. - Communication channels
for insurers and customers to discuss suggested coverage terms and pricing to the customers.
Monitoring & review
- Audit trails
for tracking all underwriting decisions and actions with documents for improved operations transparency and compliance with regulatory requirements. - Performance dashboards
for providing real-time insights into underwriting teams’ performance. - Automated compliance checks
for ensuring underwriters' adherence to data processing regulations and internal policies.
Document management
- Digital document management
for creating, editing, and securely storing and exchanging underwriting and policy-related documentation. - eSignatures
for secure signing of legally binding digital documents.
Looking to streamline your underwriting processes?
Our services
Consulting
We explore our clients’ underwriting processes and business objectives and conceptualize solutions catering to their requirements. Our experts also support insurance providers throughout the entire underwriting software implementation process from project planning to deployment and can help with post-deployment change management and user training.
Implementation
We implement platform-based solutions that cover insurance companies’ underwriting needs, configuring them according to the companies’ workflows and expanding their capabilities through customization if necessary. Alternatively, to meet our client’s unique requirements, we create custom underwriting tools, handling their design and tech stack selection, project planning, development, and implementation to the target environment.
Popular insurance platforms with underwriting capabilities
Financial Services Cloud for Insurance offers powerful capabilities for insurance companies to improve customer experience and automate essential insurance processes including underwriting, policy administration, and claim management. As a certified Salesforce partner, we set up and configure a Salesforce solution for underwriting, as well as Salesforce products for sales, marketing, and other insurance business processes.
- Automated underwriting and quoting workflows;
- AI-enhanced risk assessment and fraud prevention
- Documentation tracking and management
- Insurance products’ creation and pricing
- Collaboration tools for underwriting and other insurance teams
- Underwriting performance and other relevant metrics analysis and reporting
- Audit trails of all underwriting and policy-related actions
- Mobile app for communication and access to relevant data and underwriting tasks;
- A customer-facing portal for application submission and a portal for brokers and agents
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Microsoft Cloud for Financial Services offers a comprehensive suite of cloud-based solutions that streamline underwriting, policy management, customer relationship management, team collaboration, and other workflows essential for insurance companies. As a Microsoft Solutions Partner, we implement, configure, and customize Microsoft software for insurance businesses, ensuring its operational efficiency, reliability, and alignment with our clients’ needs.
- Underwriting rules configuration
- Advanced risk assessment, including predictive risk modeling
- Customer risk profile creation
- Advanced fraud detection
- Customer and business insights visualization
- Automation of underwriting, insurance claim, and policy management workflows
- Collaboration tools for insurance employees
- Self-service applications for agents and customers
- Secure document sharing and management
- Compliance management
- Robust security features
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Instanda is a highly customizable and scalable no-code insurance platform that streamlines underwriting and quoting workflows, policy administration, and claim management. Its feature set is tuned specifically to insurance carriers’ and MGAs’ needs, enabling them to introduce new insurance products quickly.
- Insurance product catalog creation and management
- Repeated policy administration and automation of claim management tasks
- Underwriting workflow automation
- Rule engine and risk scoring for automated application processing
- Flawless integration with rating software
- Premium calculations and payment processing
- Web portal for customers and agents
- Predictive analytics, insights visualization dashboards, and reporting
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Oracle Financial Services is a comprehensive digital platform for all types of insurance companies. The platform allows insurers to automate their industry-specific processes, from underwriting and policy administration to sales and marketing operations.
- Insurance products’ creation
- Real-time data consolidation;
- Policy lifecycle management
- Advanced analytics for accurate risk assessment and scoring
- Rules engine for streamlined risk classification and application processing
- Premium calculation
- Audit trail of underwriting decisions
- Underwriting dashboards and reporting
- Web portal for customers and agents
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UnderwritingPro by Sapiens is a cloud-native and highly flexible business case management system with underwriting and policy management capabilities for insurance companies in life and annuity lines of business.
- Automated relevant data aggregation and evaluation
- Underwriting recommendations for simple case management
- Risk assessment analytics
- Intuitive user interface and rule engine for quick underwriting guidelines’ configuration
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Guidewire offers a customizable underwriting solution as a part of the policy administration system, PolicyCenter. It can be tailored to different types of insurance businesses, including property and casualty, health, and excess and surplus lines.
- Third-party data aggregation, centralization, and processing
- Advanced risk assessment and profiling with the help of predictive scoring modeling
- Rule engine for application processing automation
- Fixed premium calculations and dynamic pricing support
- Underwriting teams’ performance assessment
- Transparent reports on data usage for underwriting purposes
- Underwriting dashboards
- Audit trail of underwriting decisions
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Applied Underwriter is an underwriting management system within a larger digital agency management ecosystem, Applied Epic. It helps insurance agencies streamline their core operations, including underwriting, policy management, customer service, and premium accounting.
- Automated application processing
- Risk modeling and classification
- Real-time data integration for flexible premium calculation
- Web portal for customers and agents
- Underwriting dashboards and reporting
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BriteCore is a cloud-based system equipped with underwriting, quoting, policy and claim management, and billing functionality. Its scalability and flexibility make it a perfect platform for new property and casualty insurance businesses.
- Rule-based automated application processing
- Insurance policy personalization based on the applicant’s risk profile
- API-centric capabilities for seamless integration with rating software
- Streamlined premium calculation
- Insurance policy administration
- Risk profiling and scoring models
- Predictive analytics and reporting
- Audit trails and document version control
- Web portal for customers and agents
Looking to adopt a powerful solution for underwriting?
Underwriting software for different insurance sectors
Applying our deep knowledge of the insurance industry and its business lines, we deliver underwriting solutions tailored to address the unique requirements of different insurance and reinsurance businesses.
Life insurance underwriting software
that accurately evaluates the risk of insuring applicants’ lives based on factors like age, family history, lifestyle habits, etc.
Health insurance underwriting software
that integrates with EHR systems and other healthcare software to securely evaluate applicants’ health data for comprehensive risk assessment.
Group insurance underwriting software
that uses anonymized data from the HR systems and other sources to evaluate the collective risk of a particular group of employees.
Commercial insurance underwriting software
that analyzes a particular company’s business operations and risk management practices to offer suitable policy coverage and pricing options.
Auto insurance underwriting software
that gathers and processes information about applicants’ driving history, vehicle characteristics, and mileage to suggest adequate policy terms and a pricing model.
Property & casualty insurance underwriting software
that helps insurers consider all crucial factors including applicants’ property value, location, and historical claims data for underwriting and policy creation.
Pet insurance underwriting software
that helps accurately calculate risks associated with insuring pets based on their breed, age, health, and other relevant characteristics.
Excess & surplus insurance underwriting software
equipped with sophisticated analytical tools that allow insurers to predict and price complex risks in unique situations.
Underwriting software integrations
Integrating underwriting tools with other business software helps companies streamline comprehensive insurance workflows spanning multiple departments and ensure the accuracy of data and decision-making.
Underwriting software
Customer portals
Claim management software
Policy administration software
CRM system
Accounting software
Data analytics solutions
Customer portals
Automatically import customers’ data from their applications submitted via the portal into the underwriting solution for faster and more accurate risk profile creation and optimization of policy coverage terms.
Claim management software
Provide underwriting specialists with convenient access to historical claims data from claim management systems for more accurate risk assessment, pricing decisions, and fraud detection.
Policy administration software
Automate time-consuming policy issuance and modification tasks and eliminate manual data entry underwriting software to a policy administration system.
CRM system
Enable underwriters to get quick and secure access to applicants' demographic data (age, marital status, occupation, residence location, etc.) from CRM and help them create an accurate risk profile and a relevant coverage offer.
Accounting software
Streamline invoicing and billing operations, avoid mistakes in policyholders’ financial details, and simplify claim budget calculations with seamless data transfer from the underwriting software to accounting systems.
Data analytics solutions
Enhance risk profiling and fraud detection capabilities of underwriting systems and make more informed decisions about insurance coverage and policy pricing in complex cases with advanced data analytics solutions.
Advanced technologies for underwriting
Our experts apply advanced technologies for underwriting process automation and more accurate and faster risk assessment, helping insurance companies gain a competitive edge.
- We implement RPA bots to automate routine manual tasks like data collection, validation, and entry, increasing underwriting process efficiency and reducing the chance of human error.
- We also supplement underwriting software with intelligent RPA, which incorporates AI capabilities like natural language processing and computer vision, allowing bots to handle complex tasks, including processing unstructured data and making decisions in line with established guidelines.
- We enable insurance companies to achieve more accurate risk scoring and hyper-personalize insurance pricing based on a particular case’s details with the help of ML-based analytical algorithms and predictive models.
- We allow companies to proactively identify and manage fraudulent activities with ML-enhanced fraud detection algorithms that perform an in-depth analysis of both structured and unstructured data to identify false and duplicate claims.
- We connect underwriting solutions with telematics/ IoT devices installed in vehicles, allowing auto insurance companies to get a more comprehensive picture of an applicant's driving behavior, make accurate risk assessments, and increase their profitability.
- We integrate underwriting software with wearable medical devices that track health metrics like heart rate, activity levels, and sleep patterns to enhance the accuracy of underwriting risk assessment. With customers’ consent, this data can also be anonymized and processed to train more advanced underwriting models for life insurance products.
Service
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