Pegasystems, Inc., the software company powering the digital enterprise, today announced a new application for the insurance market: Pega Group Benefits Underwriting. Pega provides insurers with a complete underwriting application that delivers a consolidated view of all work-in-process and supports all group underwriting needs.
Pega Group Benefits Underwriting helps carriers manage, underwrite and price risks with greater accuracy. Leveraging Pega Next-Best-ActionTM technology, carriers can execute data driven strategies in line with profitability measures and targeted growth while increasing customer satisfaction and retention. Using Pega, organizations can institutionalize and extend underwriting best practices across market segments, lines of business and distribution channels. The application helps carriers scale efficiently by improving underwriter productivity and collaboration. Dynamic case management guides the intake and renewal processes and provides visibility across the in-force book, while enabling an underwriting case to be worked on simultaneously by multiple parties to accelerate turnaround times.
The new application helps insurance carriers optimize and enhance complex operating environments and accelerate market and regulatory changes to align with underwriting best practices. As carriers seek growth in new markets, Pega provides the agile application needed to convert prospects into customers and capitalize on new opportunities.
With Pega Group Benefits Underwriting carriers can:
• Institutionalize and automate underwriting processes: The new application ensures consistency by increasing underwriting automation with embedded rules, processes and workflow.
• Standardize underwriting rules: Pega helps 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. With Pega, carriers can quickly 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. Carriers can automatically embed functionality including underwriting authority management, appetite rules and underwriting guidelines directly within the underwriting process.
• Automate case installation: All data collected during the underwriting process can be easily formatted to automate the case installation process with the plan design selected by the customer. 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. With Pega 7’s visual tools, businesses can easily extend and change the application to meet their strategic business needs. Pega 7’s proven scalability ensures the application can scale to run across the volume of users and variations in business lines, geographies and channels that today’s global insurers demand.
Quotes & Commentary:
“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, Senior Vice President 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.”
“New regulations, changing populations and aging technology infrastructures are increasing the complexity of group benefits underwriting for carriers in their efforts to improve customer service and increase profits,” said Chris Blatchly, Vice President and Global Insurance Business Line Leader at Pegasystems. “Our new application helps carriers adapt to rapidly changing market opportunities, with the power to operationalize analytics and apply them in risk selection and evaluation when faced with increasing mountains of data.”
Pegasystems (pega.com) develops strategic applications for sales, marketing, service and operations. Pega’s applications streamline critical business operations, connect enterprises to their customers seamlessly in real-time across channels, and adapt to meet rapidly changing requirements. Pega’s Global 500 customers include the world’s largest and most sophisticated enterprises. Pega’s applications, available on-premises or in the cloud, are built on its unified Pega 7 platform, which uses visual tools to easily extend and change applications to meet clients’ strategic business needs. Pega’s clients report that Pega gives them the fastest time to value, extremely rapid deployment, efficient re-use and global scale.
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