·These systems will typically provide the following functionality:
- Collecting data at the front end as structured data in an electronic application that has been adapted for distribution channel and products.
- Triaging risk in new business and underwriting rules engines that identify underwriting requirements and level of human underwriting intervention.
- Fulfilling the various back office functions needed for processing such as evidence ordering, tracking and routing, correspondence, etc.
- Analysing the resulting data for actuarial, underwriting, pricing, and marketing purposes. This includes automating the underwriting without intervention by a live underwriter.
- Status tracking and reporting. They may also include workflow.
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