Virtual Underwriter

Making different systems work together

Very often, processing a business transaction involves more than one system. An example is an insurance transaction where processing is initiated by the broker, continues with the insurer, and then comes back to the broker. The transaction is processed by two systems flowing from one system to another in real time. 

We have done a number of such integration projects so far. The following is the last one developed for an insurance underwriter.

For a big insurance broker from the Steadfast group we have developed a new system to automate insurance underwriters’ dealings with brokers. The system responds to brokers’ requests and provides instant and automatic quotations and policy binding.

The system is integrated with the existing broker’s system on one side and the underwriter’s systems on another. It processes requests from the broker’s system and provides responses from the underwriter’s system.

 

The following examples  explain processing of two typical requests from the broker.

Broker’s request for a quotation comes in a message containing their details, client details and policy details. The processing goes as follows:

  • All details are checked
  • Rating is automatically calculated
  • Quotation details are saved to the underwriter’s system
  • Quotation document is created as a PDF file
  • The quotation details and the PDF document are returned to the broker

When a binding request comes from the broker the following processing takes place:

  • Details are checked
  • Policy number is generated
  • If the client's record does not already exist, a new client record is created.
  • A new policy record is created.
  • All premium values are automatically posted in accounts to the accounting engine of the underwriter’s system.
  • Policy Schedule PDF document is created
  • All details together with the document are returned to the broker

The system always attempts to process requests automatically and without an operator’s intervention. A large percentage of requests are processed in that way. Some of the requests will be outside of the agreed limits and will be referred to the operator to check and process them manually.

The software gets requests for a quotation or binding via email. It monitors incoming emails on the system and detects the emails that are requesting its services. It opens such emails and processes them.

It accesses the database, calculates premium rating, creates a PDF quotation document and prepares data to be returned to the requester.

Once the quote is prepared the software logs in to the broker’s website and enters the result of the quotation. It does this by logging in like a user but it does it programmatically, behind the scenes. It navigates from page to page, finds the proper form, populates the data and presses the Submit button. All this is done via the program and without human aid.

The automated process provides two important benefits to the underwriter:

  • It can process a much larger number of quotes, as there is no real limit as to how many the system can do
  • It allows the Underwriter to offer service to many more brokers as providing a quote does not cost them anything

For more information about Virtual Underwriter visit  www.timemark-insurance.com.

The goal of system integration is to make separate and often very different systems work together and help you run your business. In earlier days integration was done by transferring data from one system to another. Today it is all done on-line and in real time.

 

 

 

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