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success story

Virtusa automated an insurance giant’s coverages and pricing across geographies in specialty business

Being the leading global integrated financial services provider, our client offers a wide range of insurance products through its primary business channels: intermediaries, financial institutions, and customer direct. 

Grappling with disconnected account management, complex reporting, granularity, package commercial policies, and disparate underwriting systems across various lines of business (LOB), the client was imposed with a fine of $1M projected annually for ISO non-compliance. Virtusa implemented an underwriting platform to help LOB-specific underwriting and pricing steps while enabling product managers to parameterize product filings and issue packaged policies. 

 

The Challenge

The client was grappling with disconnected account management for middle-market property and casualty (P&C) accounts due to disparate underwriting systems across various lines of business (LOB). Moreover, the client was also imposed with a fine of $1M projected annually for ISO non-compliance because of its complex reporting and package commercial policies at the coverage level. The client also took over twenty days of quote time for multi-location accounts.

The client was also stuck resolving many conflicting business rules in the base product as the program-specific rules created errors and mismatches. 

 

The Solution

Virtusa implemented an underwriting platform to enable the carrier to use joint submission, data entry, and issuance processes at the account level while helping LOB-specific underwriting and pricing steps.

This system enabled product managers to parameterize product filings and issue packaged policies and drafts to be shared with the broker before binding to clarify the intent. 

Virtusa’s platform powered by a real-time interface with a corporate risk modeling solution enabled the client to view the details of deductible and coverage changes on technical pricing. The platform matched the data granularity to the extent that it conforms to the reporting needs as per the federal and state tax across LOBs and further to other geographical compliances as well. With Virtusa’s solution, the client’s business rules were customized and configured to align with the base product with no mismatched values.

The client could also do cross-product collaboration and maintain a shared set of risk identifiers to improve the underwriting and buying experience. 

Insurance Underwriting Solutions
The Benefit

The key value proposition delivered included: 

  • Significant reduction of time to quote from weeks to hours on accounts with upto 100 locations
  • Improved coverage and deductible tailoring at the risk location level and location group levels
  • Enabled programs to be defined against the base LOBs to facilitate adherence to program guidelines and improved program reporting
  • Enabled real-time CAT modeling of the account to enhance the ability to view the average annual loss changes 
  • A single source of truth across products spanning between verticals like Property, General Liability, Inland Marine, and Crime Underwriters
  • Improved granularity of reporting to eliminate ISO non-compliance fines and reduced burden on financial operations in computing premium taxes

 

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