FINEOS New Business & Underwriting is a scalable rate, quote and underwrite enterprise SaaS solution that automates and streamlines workflows and decisions.
Integrated with the FINEOS AdminSuite, the FINEOS New Business & Underwriting Solution is a cloud-native, component-based software solution. It automates and streamlines workflows and underwriting decision making during the quoting lifecycle, from initial proposal to policy inception and renewal processing.
KEY FEATURES:
- Real-time Life, Accident, and Health quoting
- Quote multiple product lines on a single proposal
- Produce multiple proposals for a single group
- Quote large groups with or without census
- Comprehensive, automated workflow
- Build, test, and implement rate revisions without relying on IT
- Award-winning rating engine
- Automate complex rating calculations
- Integrated underwriting and collaboration tools
- Comprehensive case/review management
- Out of the box, no-code configuration
- Modern APIs for digital ecosystem integration
IMPACT:
Increase sales with faster product and plan setup and real-time quotes
- Easily import RFP data to reduce set-up time.
- Respond faster with user-configured features and saved templates to quickly modify proposals and generate quotes.
- Quickly comply with underwriting requests with automated document exchange.
- Smoothly convert quotes to new business through automated and integrated workflows.
Ensure underwriting standards are consistently applied and remain in compliance
- Eliminate duplicate entry, reduce data entry errors, and streamline handoffs between sales and underwriting.
- Introduce intelligent, rule-based quoting by the right user, with the right data, at the right time.
- Produce accurate quotes using the FINEOS rating engine or connecting to any other rating engine.
Implement change in line with organizational priorities without relying on IT
- Build, test, and deploy rate revisions with ease and confidence.
- Handle simple or complex rating scenarios in real-time.
- Cloud-based, scalable architecture to visualize data flow and accelerate innovation.
- Add, modify, and deploy products quickly using a no-code interface for business users.
OUTCOMES:
Increase Carrier Satisfaction
- Increased agent/distributor productivity and motivation from faster decisions, better communication, and real time quoting.
- Satisfy customers’ unique needs by providing additional flexibility and a wide range of options for proposals and quotes.
- Improved competitiveness and speed to market from user-configured tools and less reliance on IT.
Reduced Costs and Risks
- Fewer data entry errors and handoffs by consolidating and validating information in real time.
- Reduced rate calculation errors by automating complex manual calculations.
- Decreased cost and time of responding to requests for additional information between underwriting and sales.
- Improved accuracy with rate revisions and increased compliance with underwriting rules through automation.
Increased Revenue
- Generate more sales from having the ability to easily modify proposals and quotes in real time.
- Close more sales faster by being able to produce multiple proposals for a single group.
- Additional sales can be made with a single proposal that includes quotes for multiple product lines.
- Realize revenue sooner by implementing rate revisions faster.
Improve Operational Efficiency and Effectiveness
- Intuitive user interface provides faster, more accurate proposals and quotes.
- Automated, streamlined and integrated workflows increase productivity and reduces process cycle times.
- Actuarial tools to make it easier to change, test and implement revisions to rules and rates.
FINEOS New Business & Underwriting provides the technologies and processes used to set up products and plans, generate quotes and convert quotes to new business. Its three components: FINEOS Quote, FINEOS Rate and FINEOS Underwrite are integrated to improve speed to market, reduce cost, and ensure compliance.
The FINEOS Platform provides core administration capabilities including absence management, billing, claims, payments, policy administration, provider management, and new business & underwriting; all of which are configurable to operate independently or as FINEOS AdminSuite, an end-to-end core administration suite.
