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Accelerating Life Insurance New Business with PSuite

Wiztek has built the most comprehensive new business platform for Life Insurance which enables seamless application entry, auto and manual underwriting and policy issuance of the insurers products.  The solution provisions templates and accelerators to rapidly deploy all associated business processes and realize true straight through processing of new applications from a variety of channels, uniformly apply validation, completeness and underwriting business rules, and manage all associated workflows related to case tracking, underwriting and policy issuance.

Policy Application Gateway

• Multi-channel application entry and in-flight validation
• Application completeness and validation checks
• Configurable default rules
• Produce accurate applications that conform to rules and regulations as appropriate for product, state and attributes of the customer.
• Standardized data and schema models based on ACORD
• ​ACORD based integration with MIB and other service partners

New Business and Application Workbench

• Workbench to manage and control new applications.
• Workflow task inbox, task and role based access control
• Integrated auto and manual correspondence generation 

Underwriting and Processor Task Management

• Workflow task inbox, task and role based access control
• ​Integration with major 
  

Correspondence Controller

• ​Auto correspondence rules
• Document completion and adequacy rules

​Product Center

• ​Specification rules and attributes
• Unified framework for modelling and managing life-cycle of Product specifications and configurations
• Underwriting rules
• Rating rules
• Premium, actuarial calculations
• ACORD based data models

Centralized authoring and life cycle management of Rules

• Browser based graphical rule editor with classification and nomenclature for all business and technical rules involved with application validity, flow control, regulatory, underwriting and document generation.
• Business user friendly rule authoring environment
• Context based guidance based on application and product data models.  
• Auto generation of documentation

Graphical Modelling, integration and execution of Business Process and Transaction Models

• Graphically model all application entry, underwriting and back office processes associated with the receiving and validation of applications, underwriting and payments, policy issuance and billing.
• Common modeling environment both business and technical users - helps to foster common understanding and accuracy of implementation.