CBX-I Life Insurance Illustration Systems

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Intellect Distribution & Service Suite (DSS) is built to allow insurers it innovatively transform at their pace. Intellect DSS comprises of 7 apps that are built in a modular manner so that insurers can deploy one app or any combination of apps depending on their appetite and need. The Insurance and wealth specific modules span Lead Management, Financial Needs Analysis, Quote & Illustration, eApplication, Profile Management, Customer Servicing and Product Configuration. This suite has been deployed across web and mobile and is designed to provide an omni-channel experience for multiple users types (Agent, Service Representative, Customer). Pre defined APIs provide easy integration to internal or 3rd party systems.

When integrated with Intellect data Extract (IDX) a cognitive intake tool built for insurance with deep learning algorithms, applications and supporting evidence in multiple formats (ACORD, Custom, Excel, Word, etc) can be seamlessly extracted, validated and information enriched for faster turn around and STP when within appetite.

Intellect DSS roadmap includes integrating wellness and health data packages from external vetted sources to provide the insured better management of their overall life aspects (health, wealth, community support, educational) and to provide the insurer deeper insights to the insured for better appetite matching and risk mitigation insights.

Key Features

Channel Management: check agent licensing and appointment; agent segmentation; multi method communication; campaign tracking; agent/broker hierarchy management;

Lead Management: lead categorization & management; 3rd party lead uploads; campaign to lead type management; follow up/requirements/status tracking; lead closure to target;

Product Configuration & Underwriting Rules Engine: design and manage product specifications and versions; rating/underwriting/pricing rules; configure agent/broker segmentation/campaign; premium calculators and scenario modeling

Financial Needs Analysis:

Quote & Illustration: generate quote; compare quotes; scenario modeling; generate illustrations

eApplication: application submission with dynamic questioning based on prior response; automatic data re-population (no rekey); data validation for accuracy; e-signature; data prefill from external sources; upload and import data from excel; online payment capability

Profile Management: complete Agent Profile (book of business; goals to revenue generated; personal information; campaigns; targets; quotes & applications in pipeline; etc); Customer Profile dashboard (quotes & applications in progress; policy view; billing & payments status; claims initiation & status; case status; personal profile; beneficiary view; etc)

Customer Service: endorsement requests; beneficiary management; claim initiation & requirements management; name change; address change; document uploads (proofs); policy detail view; make payment; billing inquiry & history; premium history fund transfers; fund allocations; premium mode and/or method changes; cancel requests; policy renewals and terminations; transfer and rollover requests; etc

Workflow & 3rd Party Evidence Ordering: underwriting (medical, pharmaceutical, DMV, etc);

Requirements Management: design and manage workflow rules; non-medical requirements management and reconciliation; audit rules management; underwriting requirements workflow; 3rd party data and payment management (MIB, MVR, Pharma, paramed, payment, etc); SLA management; endorsement and amendment requirement management

Reporting and Analytics: management reporting; data analytics; performance analytics

Integration: Pre defined and dynamic API creation

Key Benefits

Some key benefits noted include:

1) Indian Insurance Giant

First App (module) released in just 3 weeks)

Web/Mobile Stats: >10m customers; >1m Agents; >400m policies; >3.5m transactions/day

Social Media integration and sign up with Google+, facebook and twitter

E-KYC authentication and service request framework

2) One of UK's leading Insurance and Wealth Managers - Advisor channel innovation

40% faster at 25% lower program costs

Immediate license savings of over $1M

3) Canada's Largest Financial Institution

Multi channel, multi product, multi device transformation delivered in half the time

$34M savings in program cost

Completed 3 major milestones in 14 months

Product/Service details