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Capture Underwriting Business Intelligence
Finally, a way to capture the business intelligence of the underwriter’s thought process as they make decisions on complex cases. The AURA Underwriting Workbench from RGA provides one place to record all of the details related to the underwriting of a new business case. All case details are stored in a database and can be reported upon providing you access to demographics, trends, and statistics about your underwriting practices.
Automate Decisions
The Underwriting Workbench filters and makes instant decisions on “clean cases” based on the underwriting rules you defined in the Rules Engine. Underwriters can focus their time and attention on complex cases.
Streamline the Human Decision Process
There will always be some cases that require underwriter decisions. The Underwriting Workbench keeps the information on these cases organized and easily retrievable, while providing a complete case history. If you find a recurring trend in your human underwriting decisions, revise your rule set to incorporate it into your automated AURA decision process. This tool greatly increases your underwriting efficiency and productivity.
Assess Underwriting Risks & Make Decisions
All risks for a case, whether the source is electronic or paper, are presented in a single, flexible view allowing the ability to group and view risks by type, source, and benefit to which they are material. This view also displays the decisions associated with each risk. Having this information at an underwriter’s fingertips allows them to:
- Adjust individual risk flags such as non-disclosure, material, and severity
- Accept or override decisions suggested by the Rules Engine on each risk per benefit
- Add notes and rationale for actions performed or decisions set on a case
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Refer cases to others for Opinions and Decisions
Optimize Evidence Gathering and Assessment
Gathering evidence and keeping it with a case can be a burdensome, manual process. The Underwriting Workbench presents an efficient way to order, receive, and analyze evidence, keeping it with the case history. Simply set up Tasks in AURA to control each step — a process that can be integrated with your existing workflow systems. Reminders set on Tasks help keep underwriting requirements from falling through the cracks. The Rules Engine analyzes evidence that is received and presents it to underwriters for review, along with suggested decisions and additional requirements. The Underwriting Workbench helps you avoid unnecessary requests for evidence by controlling how and when evidence is ordered, according to your set guidelines. Used properly, it can drastically reduce your cost per application.
Improve Decision Quality & Consistency
Decision quality and consistency can be continuously improved to keep you competitive and reduce risk to your company. Let the Underwriting Workbench help control the decisions that humans make on complex cases, ensuring a consistent decision pattern every time. Consistency in decisions is reinforced through configurable rules.
Work Routing
The Underwriting Workbench can be configured to handle the routing of work according to your business processes. Tasks are routed based on variables such as underwriter experience level, assigned role, and individual user permissions. Progress on Tasks is monitored to ensure that expected turn-around times on Tasks are met. Highlights of Work Routing in AURA include:
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Complex Tasks configured with multiple steps, interfacing with your existing systems to route work
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Overdue Tasks flagged for follow-up
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Push and Pull of Tasks to the Work Queue
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Search and select cases
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Managers can use the Dashboard tool to plan, distribute, and refine work processes in their department. They can monitor work queues, reassign tasks for load balancing, evaluate task turn-around times, identify outstanding tasks, and more.
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Effectively managed work will reduce risk, lower costs per application, and increase productivity.
Underwriting Limits
Security & Control
Underwriters can retrieve and work cases based on their set of user permissions. Permissions can be set according to level of underwriting experience, benefit types, decision types, face amounts, ratings, and more.
Experience & Mentoring
Capturing details about underwriting complex cases creates a rich knowledge database for your company. Use the knowledge to tweak your underwriting strategy and to train less experienced underwriters on the intricacies of your underwriting process.
Integrate with Other Systems
The Underwriting Workbench is built with interfaces allowing it to integrate into your existing IT systems and business workflow process. AURA uses industry standard Web Services transactions to communicate with external systems such as illustration, policy administration, imaging, workflow, agent extranet, and others. AURA conforms to the ACORD standardized protocol for common insurance activities and can use TXLife transactions to communicate with existing systems.
Interfaces include connectors to third party underwriting data providers in areas such as medical records, lab results, and vehicle driving records.
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