Underwriting System

Underwriting System

Insurance underwriting is the process of evaluating a risk to determine whether the insurance company will insure it and, if so, how much it will cost.

Any insurance company that wants to maintain a healthy loss ratio needs to adhere to the underwriting process. It serves as the company's cornerstone and is the main factor influencing its financial success and investment returns. High loss ratios stem from poor underwriting decisions, which implies the insurance company will eventually have to pay out more claims than it receives in premiums.

Underwriting is a difficult process since every risk is unique. In the small and medium-sized enterprise (SME) market, prompt underwriting is essential because each account has a low premium. Having said that, each risk is distinct, making it difficult to categorize them and put in place a thorough underwriting plan for a whole sector.

Larger accounts require more rigorous underwriting and consideration in order to offer a tailored solution to the client.

In the realm of insurance underwriting, eOxegen's cutting-edge underwriting software systems play a pivotal role in transforming the process. Our Automated Insurance Underwriting Systems are renowned for their effectiveness, efficiency, and precision in assessing risks and situations. By leveraging our innovative insurance underwriting platforms, insurance companies can make informed decisions swiftly and accurately. eOxegen's solutions not only enhance operational efficiency but also elevate the overall customer experience. With our advanced underwriting software, insurers can navigate the complexities of underwriting with confidence, optimizing their financial success and ensuring healthy loss ratios. Whether it's addressing the unique challenges of the small and medium-sized enterprise (SME) market or managing larger accounts requiring rigorous consideration, eOxegen provides tailored solutions to meet the diverse needs of insurance companies.

eOxegen's underwriting software systems boast a comprehensive suite of features designed to streamline and optimize the insurance underwriting process:

Complete product configuration system

Our underwriting software empowers insurers to configure and customize insurance products according to their unique requirements. From defining coverage limits and exclusions to setting premium rates and deductibles, our product configuration system provides flexibility and control. By incorporating underwriting guidelines and rules into the product setup, insurers can ensure consistency and accuracy across their offerings, enhancing risk assessment and decision-making.

Underwriting guidelines, rules and workflows

With eOxegen's underwriting software, insurers can establish and enforce underwriting guidelines, rules, and workflows seamlessly. Our system allows for the creation and management of rule sets tailored to specific risk factors, ensuring standardized evaluation processes. By automating underwriting workflows, insurers can expedite the assessment of applications while maintaining compliance with regulatory requirements. Keyword integration: underwriting software systems, insurance underwriting software.

Document Management & Notification Management

Our underwriting platform includes robust document management and notification management capabilities. Insurers can efficiently manage and organize policy documents, application forms, and other relevant materials within a centralized repository. Additionally, our system facilitates automated notifications to stakeholders, keeping them informed about key underwriting decisions, policy updates, and regulatory changes. Keyword integration: insurance underwriting platforms.

Reporting & BI Analytics dashboard

eOxegen's underwriting software provides powerful reporting and business intelligence (BI) analytics tools to insurers. With customizable dashboards and intuitive reporting functionalities, insurers can gain valuable insights into underwriting performance, portfolio trends, and risk exposures. Our BI analytics dashboard enables data-driven decision-making, facilitating continuous improvement and strategic planning. Keyword integration: insurance underwriting systems.

One of the biggest challenges faced by the insurance companies is in the area of insurance underwriting systems. A streamlined underwriting software that adheres to all regulatory compliances helps the insurance company effectively process the large number of applications and data they receive.

Our advanced Automated Insurance Underwriting System generates a rating engine based on the detailed health questionnaire, generated by the front-end configurable health questionnaire. An Automated Insurance Underwriting Software is particularly helpful for corporates who are at the risk of facing industrial relation issues.

Our customised systems have a query management and customer communications feature which addresses the issue in case of an employee contacting the insurer/TPA directly, and the management is not informed. The Document and Notification Management enables the management to have first-hand information. The Reporting and BI Analytics dashboard also gives them access to real time information, which makes the system more effective.

Our software system is easily configurable with security access. It is designed to meet and adhere to all security parameters.