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Streamline the Underwriting and Rating Process
Risk management is the cornerstone of underwriting. Yet, insurance carriers of all types and sizes are unable to assess risk accurately on a consistent basis. A combination of manual practices, disjointed processes, legacy systems where rules are hard-coded or decentralized and lengthy implementation cycles impact carriers’ ability to reduce exposure to risk.
With ILOG’s business rule management system (BRMS), property and casualty, health and life insurance carriers are creating streamlined and efficient underwriting systems that help them drive a profitable book of business while maintaining their competitive edge. Carriers go beyond basic automation to adding decisioning capabilities throughout the process for new business and policy renewals. ILOG BRMS is used for such functions as eligibility determination, risk assessment, scoring, rating, compliance, referrals and quote generation.
Property and casualty, health and life insurance carriers rely on ILOG BRMS to:
- Accurately and consistently correlate risk to price
- Proactively segment unacceptable businesses
- Obtain underwriting decisions at multiple points in the process
- Create flexible risk classification and rating tiers adaptable to multiple channels
- Automatically trigger notifications such as ordering an MVR
- Enable actuaries and underwriters to perform what-if scenarios
- Enhance transparency and obtain audit trails across lines of business
- Improve speed to market by over 50 percent
- Achieve pass-through-rates of over 80 percent
- Create a streamlined underwriting referral process
Create a flexible, responsive underwriting system
ILOG BRMS provides advanced rule management and authoring capabilities designed to empower both business professionals and developers. It includes features such as permission-based access control, metadata, history management, versioning, a central rule repository, decision tables and trees, high-performance rule engine and business-action language for business users with a point-and-click user-interface, capabilities to perform what-if scenarios, testing, reporting and a variety of rule maintenance tools.
Insurance carriers can leverage their existing IT investments including legacy platforms, open technologies and industry data standards such as ACORD XML. Recognized for its ease-of-use and integration, ILOG BRMS supports both real-time and batch processing.
Leading insurance carriers rely on ILOG BRMS
Insurance companies rely on ILOG BRMS to automate decisioning capabilities across their insurance processes. ILOG clients include leading property and casualty, health and life insurance carriers such as MetLife, TaiPing Life, Vision Service Plan (VSP), Delta Dental, Blue Cross Blue Shield organizations, St Paul Travelers, SMABTP, Australia Insurance Group, Allianz, Zurich and 21st Century Insurance.
Dedicated business and technology support
ILOG provides complete services for consulting, education and customer support. ILOG’s best practices, insurance reference model, templates and methodology, along with professional expert support, help insurance companies build cutting-edge applications faster and with the greatest returns. ILOG consultants work side by side with customers to guarantee their success with ILOG software.
The insurance reference model available through ILOG Professional Services covers all major domains and processes for both non-life and life insurances. It facilitates the speed with which carriers can design and develop their applications, using a common semantic they can leverage across core processes in a service-oriented-architecture (SOA). Moreover, ILOG BRMS supports application integration with other technologies and provides deep integration with many of the leading SOA platforms.
Next steps
Learn more about how ILOG can help your company improve claims efficiency and achieve superior return on investment (ROI).
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