- INSURANCE Use Case
GOVERNED UNDERWRITING CONTROL & CODE DATA
How Profisee can help insurance organizations introduce new products and offerings, deliver competitive rates, and be responsive to changing local regulations and market conditions to gain competitive advantage.
Nimble, governed control data drives innovation
Most insurance organizations rely upon complex control data and code values to drive underwriting & rating, and to deliver rate changes, new products, and respond to regulatory changes. In many organizations, this process is cumbersome, manual, costly and slow, leading to lost revenues, inaccurate pricing, and increased risk.
Data Domains
Underwriting & claims control & code data
Business Problem
Need for reliable agility in managing change
Teams Impacted
Revenue / Sales, Underwriting, Claims
MDM Impact
Market responsiveness without undue risk
Business Problem
Data Strategy
Outcomes Business Problem
Inability to Effectively Go-to-Market
- Slow responding to regulatory changes: Regulatory changes across markets present both challenges and opportunities, but the process of adapting to changes be that rates or different product offers is slow, tedious and error prone.
- Delays in new offerings: With challenges on proper governance and testing, new coverage and bundle offerings often take weeks or months to bring to market.
- Manual, ungoverned processes: Many organizations use out-of-date tools and processes to manage and properly document change, adding delays and costs to changes.
- Pricing or rating errors: With manual processes, errors will happen, which can lead to over or under charging for policies issued until the error is corrected, which can also lead to regulatory fines.
- Losing market share: The net effect of all these challenges are losses in market share to competitors that are nimbler.
Data Strategy
Nimble & Governed Control Data
- Configurable change workflows: Create robust workflows to automate the review and approval process.
- Robust & flexible business rules: Configure adaptable business rules to guide control data stewards and prevent changes that are invalid or could not work due to downstream system constraints.
- Easily configured user interfaces: Create customized, easy-to-use web portal forms to aid control data stewards in the change process.
- Strong, detailed security settings: Leverage adaptable security to ensure teams work within their respective responsibility areas.
- Comprehensive audit history: Highly detailed audit history is automatically captured, providing visibility and supporting compliance requirements.
Outcomes
Increased Profitability & Regulatory Compliance
- Rapid response to market changes: With increased automation respond to market changes to adapt pricing and offerings faster than the competition.
- Rapid response to regulatory changes: avoid delays and potential regulatory fines by being able to have a rapid, controlled, and governed process.
- Grow share of wallet, market share: With nimble processes, respond to market changes faster than competitors.
- Improve profitability: Market agility and responsiveness leads to increased revenue, improved margins.
- Avoid regulatory fines: With robust change management, configurable data validations & business rules, and enforced approval processes, ensure changes are compliant with all regulations.
