Mindtree implemented a comprehensive risk submission & analysis platform, enabling underwriters to effectively analyze risks, optimize pricing and ensure risk monitoring through visualization and reporting metrics, thereby reducing the submission to quote cycle time and improving profitability, translating into total savings of USD 50 million over a period of five years.
Commercial carriers have now started adopting digital technologies to enable and equip the underwriters with data to meet the competitive demand and increase underwriting efficiency. Quicker time in submitting quotes has now started playing a vital role in the market competition. To respond to the market quickly, the underwriter cannot source information scattered across multiple sources. Providing a holistic view of information is essential and mandatory.
Mindtree’s Digital Underwriting Workstation enables insurance companies to accelerate digital underwriting. Our offerings come with:
• Conceptual information model for underwriting
• Underwriting KPI repository and visualization dashboards
• Repository of rule and rating specifications
• Xactconnect - Accelerator to enable integration to third party data sources
• Knowledge of integration to third-party data sources and risk management tools
We have transformation experience with leading commercial, specialty, and personal lines carriers in implementing core underwriting platforms, rules, ratings, workflows, third party and internal integration points, and reporting and analytics solutions.
| Implementation of integrated platform for efficient underwriting of commercial property insurance | Enabling process efficiency through business process automation | Implemented visualization and reporting capabilities across underwriting processes | Improved data internal/external collection and management |
| Digital platform with 360 view of the account information enabling underwriter with decision making there by reducing the submission to quote time by 35% | Automated submission and assignment process through streamlined workflow process there by improving the process efficiency and increasing profitability by 40% per year translated into total saving of US$ 50 million for a period of 5 years | Built visualization and reporting capabilities across the new business process i.e, from submission to bind there by helping in tracking and generating key touch points and translating into reports needed for both internal and external stakeholders. It reduced non-compliance with regulatory reporting by 50% | Implemented automated data collection, cleansing, standardization, validation, and augmentation process there by improving underwriting efficiency and reducing reinsurance cost by over 5% |
Case Studies
1: Commercial Property Global Risk Exposure Solution for a Leading P&C Insurance Company
2: Implementation of Underwriting Workbench for Global P&C Insurer –Commercial Property