success story

End-to-end underwriting process streamlined for an insurance giant

A leading provider of insurance and reinsurance solutions with a worldwide network of affiliated entities partnered with Virtusa to implement an intuitive platform to streamline its underwriting process. With no synergies between carrier and affiliate companies, the client’s existing underwriting process was inefficient for its affiliate network.

Virtusa leveraged the power of analytics to build an intuitive and holistic platform that could streamline the multi-dimensional underwriting process while establishing a seamless network for its affiliate companies in over twenty countries for its multinational policies. The intuitive platform by Virtusa provided a one-stop-shop for all underwriting needs streamlining the entire process for the client.


The Challenge

The existing underwriting process was complex, with siloed underwriters working across different geographies and lines of businesses (LOBs).  Moreover, the underwriting process demanded specialized skills. But the limited availability of resource persons and broken alignment due to siloed working led to inconsistent results and increased cycle time.

The Solution

As a strategic business partner, Virtusa leveraged the power of analytics to build an intuitive and holistic platform to streamline the client’s multi-dimensional underwriting process.

The platform included end-to-end collaboration across artifacts, forms, documents, local regulations, etc., enabling users to research coverage, regulatory considerations, competition, market intelligence for selected countries and products. We also facilitated a premium allocation based on exposures to ensure accurate prices are quoted to the broker.

While the validation of minimum premium remained with the local office, the data integration was conducted with third-party systems for precise tax rates. The platform could also generate a declaration page before a quote for review and acceptance by the local issuing office, capture bind-related information for master, and other local policies.

The platform also ensured users could research and estimate downloads, quote documents in the form of declaration pages for each country while uploading pre-issuance documents and local policies. 

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The Benefit

With a holistic platform redefining the underwriting process for the client, we brought the global underwriter community together, expanding the span of coverage from local to global while enabling local affiliates to now offer multinational policies. The key benefits included:

  • Accelerated intuitive underwriting for complex global policies by providing an estimation feature
  • Generated fair estimate of premium even with the minimum information
  • Enabled effective integration with a third-party data provider to provide intelligent information on regulatory policies about countries and LOBs
  • Provided seamless communication through Slack integration for all underwriters across the globe
  • Enabled users to interact with experts in a particular country and LOB to answer key questions
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