Pegasystems Inc. has launched Pega Group Benefits Underwriting, an underwriting application designed to offer a consolidated view of work-in-process and support group underwriting needs, and help carriers manage, underwrite and price risks with greater accuracy, the company said.
Pega Group Benefits Underwriting is intended to help carriers:
- Institutionalize and automate underwriting processes. The new application ensures consistency by increasing underwriting automation with embedded rules, processes and workflow, the company said.
- Standardize underwriting rules. Pega can help accelerate time-to-market with a single repository for underwriting rules that can be easily configured and reused across lines of business, products and geographies, the company said, and carriers can extend underwriting support across all channels of interaction.
- Engage intelligent underwriting processes. Carriers can leverage intelligent processes and automated guidance to reduce training time and ensure consistency, the company said. Carriers can automatically embed functionality including underwriting authority management, appetite rules and underwriting guidelines directly within the underwriting process, the company said.
- Automate case installation. All data collected during the underwriting process can be formatted to automate the case installation process with the plan design selected by the customer, the company said. Manual steps can be eliminated to ensure the plan implemented is the same as the plan sold.
Pega Group Benefits Underwriting is built on the Pega 7 platform, the company said. And with Pega 7’s visual tools, insurers can extend and change the application to meet their strategic business needs.
“Insurance carriers providing both traditional group benefits as well as the emerging market for voluntary offerings are increasingly challenged with aging infrastructures that hamper their ability to be flexible and keep pace with change and growth,” said Rob McIsaac, SVP of research at Novarica. “The industry needs systems that will enable carriers to support growth with new products and service offerings while also allowing them to protect existing markets and preserve financial margins. Finding ways to enhance automation and extract business rules from existing systems can also be a critical component in successfully implementing new core solutions.”
