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Jarus Automated Underwriting is an IBM SOA Connect certified product that eliminates process latency by automating routine decisions
that underwriters make every day. This results in improved efficiency, lower operating costs, improved customer and agent satisfaction
and retention and the ability for Insurers to implement new products or changes to existing products rapidly.
Challenges
- In spite of many technological advances, underwriting is still a manual process in many insurance companies. As a result
agents are not able to quote, bind and issue policy in a single session. This is a major issue for agents and leads to
agent dissatisfaction.
- Without automation underwriters workload remains high resulting in unnecessary delays and high operational cost
- Business rules are buried in program logic. This increases time and cost for insurers to bring new products or products
changes and to remain competitive
Solution
Jarus Automated Underwriting fulfills the end-to-end underwriting business processes by automating key underwriting decisions.
The system makes these decisions efficiently and in a manner consistent with underwriters using the knowledge supplied to it
in the form of business rules. It complements the work of underwriters by automating routine transactions while leaving the
complex and unique situations to the experts. The business rules are in a human readable format allowing business analysts and
SME to readily customize and extend the business rules to suit an Insurer’s needs.
Technology
Jarus Automated Underwriting is based on state-of-the-art Business Rule Management Systems (BRMS) technology. The system is
made up of 5 key components
- Underwriting Service Adapter, a component interface that is invoked by an Insurer’s new business/policy admin application
when an underwriting decision needs to be made
- Rule Repository, a central database of eligibility and underwriting rules
- Business Rule Engine that executes the rules to reach an underwriting decision
- Rule Management Application, a web-based application used by Business analysts and SME
to view and modify business rules.
- Rule regression testing framework to test and validate rule changes.
Underwriting Service Adapter
The adapter simplifies integration of the Automated Underwriting system with Insurer’s new business and admin systems
. Based on Web services and ACORD XML standards, it plugs easily into an existing Enterprise Service Bus (ESB) to enable
enterprise-wide access to the Underwriting service in a service oriented architecture.
Business Rule Engine
A commercially off-the-shelf business rule engine that executes the rules. We currently support Fair Isaac
Blaze Advisor and Yasu QuickRules.
Rule Repository
A central database of eligibility and underwriting rules. Rule repository is typically maintained in a relational
database. We currently support IBM DB2 and Oracle.
Rule Management Application (RMA)
A web-based application that is targeted at business analysts and SME, making it easier for them to view and modify
business rules. RMA uses "rule templates" to present the rules in an English-like format that can be edited by
non-technical users without introducing errors. The product includes a collection of generic rule templates that covers
most insurance eligibility and underwriting rules. These templates can be further extended if needed.
Rule Regression Testing Framework
One of the most time consuming activities in any project is testing. Rule regression testing framework simplifies and
automates rule testing. Using test data supplied in a formatted Microsoft Excel spreadsheet, the framework is able to
simulate tests, execute them, compare actual outcome with anticipated outcome and report discrepancies. Detailed information
on the results of the regression test is presented to enable Business analysts to identify, analyze and resolve discrepancies
found during testing. The tests can be run and re-run many times whenever a rule changes to validate the changes.
Business Benefits
- Enables Insurers to give binding authority to agents using automated underwriting.
- Improved agent satisfaction as they are able to quote, bind and issue in a single session.
- Reduces workload for Underwriters
- Automation improves consistency of underwriting decisions and reduces underwriting costs.
- Businesses can adapt faster as business rules are easily customizable and extensible.
Benifits to IT
- Jarus Automated Underwriting is SOA Ready. It offers a good, clean architecture
- It integrates easily with existing admin systems and packages
- Rules are externalized, centralized and kept as rules in a rule repository.
This provides a clean separation between business rules and data/user interface logic
- Rules can be reused across systems and business units
- It encourages use of an enterprise-wide, common Business Object Model
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