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.