|
|
AURA Rules Provide Flexibility
The rules in AURA provide the risk analysis and decisions to automate new-business underwriting. They represent a key component to an effective implementation.
Insurers invest a great deal of time and effort in developing underwriting guidelines that differentiate their products in the marketplace. So, we produced a system that would effectively merge our standard sets of rules with theirs. The AURA rules set is proven, customizable, and extremely valuable to decision-making.
Automated Decisions
When AURA finishes underwriting an application, it produces a decision for each of the insureds and each of the products. Sample decisions are as follows:
- Approved, with no disclosure(s)
- Approved, with irrelevant disclosure(s)
- Approved with ratings
- Postponed for a period of time
- Declined due to disclosure
- Applications pending further underwriting requirements
- Referred to an underwriter for a manual decision
- Any of the above, with exclusions and ratings identified
AURA handles accumulated debits, credits, flat extras, percent extras, per mille, and durations, customized according to your underwriting guidelines.
Actions/Requirements
Based on responses entered into AURA during the underwriting interview, AURA prompts the user to request more information about the insured such as medical reports or blood tests. The underwriting requirements can be customized to the client’s products and market.
Multiple Products
AURA handles stand-alone products as well as riders, and AURA can underwrite multiple products during one underwriting session. There is no need to submit a separate application for each product. AURA generates independent decisions per product for each insured.
Limits/Tables
AURA checks answers against different tables to help reach an automated decision. It contains tables such as age/coverage, body-mass index, and cholesterol.
The Rules Team
In terms of underwriting, the Rules Team serves as a liaison between clients and AURA. They analyze and interpret underwriting guidelines and translate them into an automated process through the Administration Tool and Test Harness. They also coordinate with a client's other vendor teams to assure smooth integration with all systems upon the addition of AURA to their existing or newly developed software platform. Investigation, brainstorming, quality assurance, troubleshooting, rules design/entry, and providing exceptional customer service are key aspects of their daily work.
When clients decide to become self-sufficient in rules administration, it is the Rules Team that provides them with education and hands-on training. They strive to promote strong communication and effective knowledge transfer across all RGA teams.
|