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Streamlining Workflows of General Insurance Businesses!





eRite

We offer ‘eRite,’ an internationally proven web-based underwriting workflow management software that automates quotation management, underwriting assessment and policy issuance for commercial lines of General Insurance Business. It is specifically designed to automate most of the critical tasks of your business.

Whether you are a large multinational general insurance company or a smaller niche specialist insurer you all share a common goal i.e. profitable growth. With eRite, you can be sure that you have efficient tools to help you meet the changing demands of your industry. Whichever customers you serve and however you choose to deploy your IT, eRite can fully digitalize your business end-to-end and can give you the edge to achieve your business goals faster.

Key Product Modules of eRite

  • Fire Insurance
  • General Accident / Miscellaneous
  • Engineering – Renewable risk (Annual Policy)
  • Engineering – Non-renewable risk (Project risk)
  • Marine Insurance
  • Liability – Casualty Lines
  • Group Health Insurance
  • Group Personal Accident Insurance

Features of eRite

  • Quotation registration, routing, approval
  • Survey requirements and management underwriting assessment
  • Quotation version management
  • Quotation printing
  • Conversion to policy
  • Risk accumulation by customer, location across business lines
  • Integrated document/imaging solution to retain all related documents
  • Support for different ratings such as tariff- based, self and industry-regulated
  • Identification and escalation of duplicate quotes
  • Quotation Copying
  • Categorization of levels of risks
  • Workload management for underwriters, surveyors
  • Custom dashboard
  • Configurable perils, clauses, warranty, exclusions
  • Support for co-in, co-out, re-in, re-out cases
  • Regional office approval
  • Configurable document checklist
  • Quotation versioning
  • Workflow management

Key Benefits of eRite

  • Reduced Quote-to-Policy cycle time
  • Standardised implementation and enforcement of underwriting guidelines
  • Improved risk assessment capabilities
  • Improved efficiency in quotation management and tracking
  • Seamless integration with back-office systems
  • Connection with all parties – intermediaries, marketeers, underwriters, reinsurers etc.

Benefits by Function

eRite can help you grow your business and satisfy your customer better by automating and simplifying the tasks that take up a large share of your valuable time. Let’s have a look on its benefits function wise.

Marketing/Corporate Sales/Channel Sales

Process improvement

  • Avoid repetitive data entry and human mistakes
  • Monitors conversion ratio of quote-to-policy
  • Provides standard document checklists
  • Maintains uniformity in quotes, its versions
  • Tracks quotation status, manages quotation expiry

Sales Pipeline Management

  • Accurate sales pipeline projections from quotation & status data
  • Retained organisational knowledge through historical quotes (more than a year old)
  • Monitoring of targets vs actuals

Turnaround Time Reduction

  • Monitor turnaround time for all workflow activities including quote-to-release & quote-to policy cycle times
  • Measures bottleneck processes as against standards

Conflict Resolution

  • Identify duplicates & escalate to appropriate technical authorities for similar pricing
  • Seamless transition when Servicing Officers change

Channels Empowerment

  • Anytime anywhere quotation
  • On-the-spot policy/cover note issuance
  • Availability of multiple payment systems at point-of-sale
  • Managing intermediary’s current account (for cash-before-cover policies)
  • Tablet-enabled, web-enabled architectures allow seamless access

Underwriting

Implementation of standardised underwriting guidelines

  • Enforce standard underwriting guidelines with built-in automated business rules
  • Systematic recording of deviations & respective approvals for those deviations
  • Automatic inclusion of Clauses & Warranties at the Quotation Level (not at policy)
  • Strict enforcement of underwriting authority limits

Process Improvement

  • Manage the workload of staff by work item assignments
  • Avoid repetitive data entry & human mistakes
  • Monitors conversion ratio of quote-to-policy
  • Provides standard document checklists
  • Maintains uniformity in quotes, its versions
  • Tracks quotation status, manages quotation expiry

Turnaround time reduction

  • Monitor turnaround Time for all workflow activities including quote-to-release & quote-to policy cycle times
  • Measures bottleneck processes as against standards

Rating amendment management

  • Easy configuration of rating factors, changes in rates, terms/conditions

Operational risk management

  • Automatic determination of the category of risks & pre-defined escalations for referred/declined risks
  • Enables prudent decision making at point-of-sale with history of quotes to that customer
  • Maintains risk accumulation

Operations

Turnaround time reduction

  • Monitor turnaround time for all workflow activities including quote-to-release & quote-to-policy cycle times
  • Measures bottleneck processes as against standards

Operational efficiency

  • Reduces paper consumption
  • Integrated document management for easy storage/retrieval of quotation-related documents
  • Increased volume handling capacity of existing staff

Process improvement

  • Enables straight through processing for low/medium risks
  • Avoids violation of authority limits
  • Avoid repetitive data entry & human mistakes
  • Monitors conversion ratio of quote-to-policy
  • Provides standard document checklists
  • Maintains uniformity in quotes, its versions
  • Tracks quotation status, manages quotation expiry

Case Studies

Strengthened Workflow Management System of Malaysian Insurance Giant

One of the largest Life and General Insurer in Malaysia tied up with us to improve its workflow management system in 2011. We automated the quotation process starting from the point of sale (agents/intermediaries) to the branches & HQ for the commercial lines of its General Insurance wing through our customized Workflow Management Software. eRite automated all commercial lines including the insurances for fire, marine, engineering, bond, liability, personal accident, medical etc.