NextGen Underwriting Solution

Insurance

Insurers seek efficient and consistent underwriting processes in order to reduce costs and improve the productivity of the underwriters. Towards this, insurers look to integrate disparate IT systems and provide underwriters with better access to critical information from both, internal and external sources. This helps improve the quality of risk assessment and simplify the underwriting processes. Further, it enables insurers to gain from enhanced customer experience.

To achieve these objectives, we, at Tata Consultancy Services (TCS), offer our NextGen Underwriting solution. Our offering enables insurers, such as you, to simplify the underwriting processes, reduce costs, and achieve higher levels of productivity and efficiency from your underwriters.

Overview

Insurers today look for tools and technologies to support growth plans, make the underwriting processes more consistent, reduce costs, and achieve greater productivity from the underwriters. Such tools integrate siloed IT systems and provide underwriters with access to critical data to assess the potential for future risks. These tools also simplify complex and time-consuming underwriting processes, thereby reducing costs and enhancing customer experience.

Our NextGen Underwriting solution has multiple components that help underwriters to improve productivity and efficiency. These include:

The GIS-based Risk Assessment component, which enables underwriters to accurately assign the risk to individual properties. This helps eliminate the cross subsidization impact of risk selection and placement.

The Collaboration component, which enables junior underwriters to collaborate with the seniors, to expedite the completion of the underwriting process.

The Alert component, which enables you to notify your customers on potential storms or events via Twitter, SMS, etc. This helps reduce claims while providing an invaluable service to customers.

The Coverage Suspension component, which enables underwriters to stop issuing insurance contracts at specific locations prior to a major meteorological event, such as a hurricane, storm, etc.

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nThe Probable Maximum Loss (PML) configurator, which enables the underwriters to configure/ set the probable maximum loss limits for various products/ coverages. Pre-emptive alerts are sent when these limits are reached.

Benefits

Our NextGen Underwriting solution has components that simplify the underwriting process and reduce costs. The solution helps underwriters improve productivity and efficiency by allowing them to focus on the core activities. In addition, the solution offers the following benefits to your underwriting process:

Enables underwriters to access the policies that require manual underwriting, using the Work-List component;

Enables collaboration between intermediaries, underwriters, and senior and junior underwriters using the Collaboration component;

Helps underwriters make quick, informed, and consistent underwriting decisions using the Risk Assessment component;

Enables underwriters to stop writing new businesses in specific locations prior to a major meteorological event,using the Coverage Suspension component;

Enables underwriters to notify the customers in a storm or hurricane path via Twitter and SMS, using the Alert component;

Brings in improved speed, accuracy, and efficiency in underwriting, leading to customer delight.

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All content / information present here is the exclusive property of Tata Consultancy Services Limited (TCS). The content / information contained here is correct at the time of publishing. No material from here may be copied, modified, reproduced, republished, uploaded, transmitted, posted or distributed in any form without prior written permission from TCS. Unauthorized use of the content / information appearing here may

violate copyright, trademark and other applicable laws, and could result in criminal or civil penalties. Copyright © 2011 Tata Consultancy Services Limited TCS

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www.tcs.com

Customer / Agent / Broker

Underwriter

System

SeniorUnderwriter

Start

Submit applications

Receive referrals &Verify Policy / Claims

history / Customer details/ etc.

Verify application details against rule -base

Assess Risk (Leverage both Internal and External datalike Weather Infor. etc)

Obtain assistance from experts

Decide on the coverage / rates / terms

&Inform the same to customer

Need Assistance?

Create Referral

Provide assistance

Update details in the system

Receive notification(Proposal accepted/rejected) End

Work list1

Risk Assessment2

Collaboration3

Yes

No

No

Yes

Advice, rate and issue policyGray Area?

Suspend Coverage4

Indicative functions that can be performed by the NextGen Underwriting Solution

An overview of the high level underwriting process

Why TCS

At TCS, our Innovation Labs – Insurance provide an environment to ideate, architect, design, develop, incubate, and pilot new domain solutions using the latest technologies, in a cost-effective manner. Our Labs give you ‘on-demand’ access to innovation and creativity with a team comprising domain experts, business process analysts, technology specialists, and an R&D team. By partnering with us, you gain from our:

Business-aligned solutions. Our innovation solutions are designed and developed based on the innovation focus areas and the opportunity areas identified by our customers like you. This helps your business units perform better, quicker, and at lower costs, with the help of technology

Range of offerings. Our vast array of innovation solutions, cater to the needs of various business lines. These are available as solution accelerators and help reduce the time to pilot and implement. Our solutions are backed by our extensive insurance domain knowledge and deep technical expertise in implementing solutions across various insurers.

Consulting and implementation experience. We support our solutions with our extensive, real world experience in consulting and implementing our innovation solutions across various insurers. Our solutions are customized to cater to your unique needs and integrated with your existing systems to add new capabilities.

Innovation ecosystem. Our innovation ecosystem consists of Innovation Labs – technology and domain, TCS Co-Innovation

TM TMNetwork – COIN , and TCS insurance industry solutions support units. We allow you to partner with us in all stages of the innovation life cycle and leverage the tools, processes, best practices, and solution accelerators tested and proven in different industries.

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Contact

To know more about our NextGen Underwriting solution and other innovation solutions available for Insurers, contact insurance.innovationlab@tcs.com

IT ServicesBusiness SolutionsOutsourcing

About Tata Consultancy Services Ltd (TCS)

www.tcs.com

Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled infrastructure, engineering and assurance services. This is delivered

TMthrough its unique Global Network Delivery Model , recognized as the benchmark of excellence in software development. A part of the Tata Group, India’s largest industrial conglomerate, TCS has a global footprint and is listed on the National Stock Exchange and Bombay Stock Exchange in India.

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