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ALIP New Business and Underwriting

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Overview

From application entry to policy issuance, ALIP New Business and Underwriting provides carriers with the speed, consistency and ecosystem connectivity necessary to cost effectively process and underwrite applications and price policies using automated processes and decisioning. The cloud-based solution is comprised of electronic applications, underwriting, case management, workflow, reporting, and work management. The componentized architecture includes modules for new business, product introduction, underwriting, actuarial calculations, agent portal, integrations and product and business configuration workbenches. ALIP NBUW supports policy issuance via straight through processing and fluidless underwriting for the majority of applications by using alternative data sources, automated decisioning and work management. By integrating all steps in the NBUW process, ALIP NBUW enables carriers to reduce cost per policy issued, improve speed and efficiency of underwriting decisions, improve customer experience for consumers and agents/producers and accelerate product time to market.

Key Features

ALIP New Business and Underwriting helps improve customer experience and increase operational efficiency with the following powerful features:

ELECTRONIC APPLICATIONS

• Receive electronic applications and images from external portals via an ACORD transactions

• Web-based user interface, with reflexive questions presented dynamically, populates and generates completed new business forms for signature

• Electronic signature, digital form and pen integration, in addition to industry standard signature tablets

• Seamless application and underwriting integration

AUTOMATED UNDERWRITING

• Automates underwriting decisions from simplified to complex iterative analysis

• Automates evidence gathering with out-of-the-box integrations to third-party data providers and reinsurance rules engines

• Tracks alternate and additional applications, plus inforce contracts to calculate the total amount at risk.

• Iteratively evaluates application data and evidence with a series of underwriting decisions including: approve automatically, request additional information from third-party sources, or refer the case to an underwriter.

• Tracks referrals for medical evaluation and the need for additional layers of approval (i.e., second signature)

• Automatically assign risk and ratings.

CASE WORKBENCH

• Consolidates and maintains case data in one place, including application data, insured and case level requirements, tasks, case notes, images, decision factors, insurance history, communication, amendments, quality check, reinsurance and decisions

• Configure user rights to permission which sections within the Workbench users can view

• Configure which data to display in each section within the Workbench

CASE MANAGEMENT

• Flexible rules automatically assign cases, and when work is required, generate and deliver tasks to assigned user/team

• Facilitates data validation and tasks related to case administration

• Complete audit history of changes

REQUIREMENTS MANAGEMENT

• Out-of-the-box-ready ACORD interfaces to third-party providers further streamlines and automates the underwriting process

• Automated requirements orders and workflow matching and follow up

• State-specific and other custom requirements forms

• Reporting and analytics for enhanced requirements management

TASK MANAGEMENT

• Provides at-a-glance summary of tasks based on priority and age

• Tasks can be manually selected by a user, or pushed to a user based on role

• Ability to reassign or close individual tasks or in bulk

• Task association simplifies the management of multiple tasks for multiple insureds

• Task prioritization, and automated aging of tasks, helps underwriters work more efficiently.

• Tasks are automatically completed when the user accomplishes the task

CASH MANAGEMENT

• Supports checks, EFT, credit card and wire transfers

• Interface to support bank feeds

• Transfer and exchange support

• Provides advanced suspense functionality to give underwriters and customer greater flexibility to manage cash with applications and refunds

CLIENT MANAGEMENT

• Separates client data for client-centric processing

• Advanced search capabilities

• Client search feature pre-populates application fields

• Customer dashboard with centralized data on one page

AGENT PORTAL

• Simplified agent experience

• Full transparency into the new business process

• Collaboration with underwriters and case managers

BUSINESS CONFIGURATION WORKBENCH

• A comprehensive, standalone configuration workbench that can be used with or without ALIP

• Empowers everyday users to easily configure end-to-end business workflows by simplifying the creation of web pages, business rules, and data management

• Built-in testing tools

• Built-in workflow tools:

o Work orchestration and routing includes task box management

o Rules-based process flows managed and tracked by the platform

• Supports “instant-issue” underwriting decisions or recommends underwriter review

PRODUCT CONFIGURATION WORKBENCH

• Out-of-the-box-ready product templates— preconfigured and production tested—accelerate product introduction

• Preconfigured rules around new product features, riders and benefits easily adapt to your underwriting preference

INTEGRATION

• Extensive library of pre-integrated interfaces and APIs

• Growing partner integrations for non-traditional capabilities including health and wellness engagement, and medical/morbidity risk analysis

Key Benefits

ALIP New Business and Underwriting clients are driving higher levels of efficiency and faster, consistent underwriting decisions. Here are a few key benefits helping clients meet consumer expectations and boost profits:

• Improved risk assessment with AI-based data analytics

• Fluidless underwriting to reduce traditional evidence

• Digital processes from initial customer engagement to policy delivery and onboarding

• Expanded use of data and business intelligence in lieu of traditional underwriting

• Angular user interface for flexible user preferences and improved productivity

• Automated decision making and reduced cost per policy issued leveraging automated workflows, and seamless interfaces with third-party apps and vendors

• Decreased policy acquisition costs through the elimination of manual processes including rework associated with Not-In-Good-Order

• Improved underwriting speed, efficiency and consistency using automation powered by our configurable rules engine

Render faster underwriting decisions using straight-through processing, or automatically route to a human, decisions that can’t use STP.

• Electronic applications with reflexive questioning enhance the customer experience.

• Case managers and underwriters benefit from an efficient consolidated view of the new business process thanks to a convenient workbench and consistent user interface.

• Faster product development using ALIP’s Business Configuration Workbench and Product Configuration Workbench that have preconfigured underwriting processes and workflows that can be easily adapted

• Web-based solution allowing consumers to electronically sign and submit forms on their mobile devices, reducing processing time and errors

• Out of-the-box interfaces with an extensive list of third-party vendors to accelerate integration and further automate and streamline the underwriting process.

• Seamless integration with reinsurance carriers for facultative reinsurance, and automation when determining the winner.

• Speed product introduction using deep out-of-the box functionality, including an extensive and growing library of product templates, business rules and interfaces, accelerates product time to market—all production tested to work in your real-world environment.

• Tap into Accenture’s ALIP-specific Partnership & Alliance Ecosystem Program featuring innovative third-party solutions that integrate with and complement ALIP New Business & Underwriting for the purpose of accelerating innovation.

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