“We took a hard look at the inefficiencies in underwriting and decided there was a better way,” said Jason Pamplin, Instec Underwriting Product Manager. “We came up with a system that removes friction from the underwriting process and drives faster and smarter decisions.
Instec Underwriting is a cloud-based solution that draws inputs from all stakeholders in the process. Tasks can be assigned and documents requested through automated alerts. A “risk meter” updates continuously as new data inputs are provided, and an easy-to-read dashboard displays all relevant data for an account.
The new solution also features a highly-configurable rules engine that enables underwriters to automate routine tasks. The most obvious cases can be handled with straight-through processing or auto-declined, leaving more complex risks to the judgment of the underwriter.
“There’s a strong desire in the market for straight-through processing,” said Pamplin. “For complex commercial insurance that’s easier said than done. We built a system that can evolve over time. As more intelligence is gathered, a greater proportion of underwriting decisions can be automated.”
Instec Underwriting uses the latest industry standards, such as RESTful APIs, to integrate with remote systems and data sources. The solution has been pre-integrated with Instec’s rating engine, part of the Instec Policy solution.
Instec unveiled Instec Underwriting at the recent Dig|In Conference, and will demonstrate the new system at the upcoming IASA Annual Conference in Nashville, Tennessee, June 3-5, Booth #222. Also at the IASA event, the system will be featured in Vendor Connect Tour 987 - Cloud Solutions & Services – Monday June 4.
Instec’s unique approach to systems for the insurance industry enables P&C carriers, MGAs and MGUs to launch programs and specialty offerings from start to first quote in as little as four weeks. With built-in bureau content and reusable business rules, Instec systems provide a platform for innovation with reduced risk. In addition, cloud-based deployment and subscription-based pricing enable insurers to test new programs at a low cost of entry and scale up affordably as the business grows. To learn more, visit instec-corp.com.