Automated underwriting: Global technology and process transformation provider

Wanting to make a real impact in the field of underwriting automation in the US, this firm commissioned SelectX to provide an entire knowledge base for its underwriting engine. Working in collaboration with our strategic partner CumPane Solutions, we developed a comprehensive rule set covering all types of risk and including rules for external database information such as driving record and prescription history.

Automated underwriting: Leading reinsurer

We populated this reinsurer’s underwriting engine with primarily medical rules covering life insurance, critical illness, disability benefits and medical insurance. The firm was able to make a rapid deployment of its automated system in a number of markets in Asia.

RiskApps underwriting manual

A number of regional and niche reinsurers across four continents decided that a comprehensive underwriting manual should be part of its offering to clients and chose our RiskApps software-as-a-service (SaaS) manual. In all cases the manual was customised to give a user experience aligned with the firm’s brand. For some clients we took customisation further, for example bespoke ratings for some risk factors, and text and ratings in other languages.

Our clients have a manual that compares very favourably with those of the global reinsurers: comprehensive, sound ratings derived from an evidence base, and regular updating of text and ratings as appropriate. Moreover, implementation was simple and quick, and the SaaS approach guaranteed cost-effectiveness without budgetary strain.

Automated underwriting: Specialist disability income writer

This UK insurer’s goal was to streamline its new business process, and an underwriting engine was to be a key element of the new process. We worked with the company to create a detailed underwriting philosophy document and developed a large set of medical rules for this complicated line of business.

As a result this niche player was able to be ready for automated underwriting in far less time than would otherwise have been possible, and without disrupting its normal, customer-centric service that demands short turn-round times.

Automated underwriting: Leading Canadian insurer

This large Canadian carrier wanted an independent opinion on how its underwriting engine was performing in relation to best practice. Applying our Strategic Engine Review methodology, we examined the processes in operation and audited a sample of rules to gauge their efficiency and effectiveness.

We discovered a quality rule-set that was performing well. Nevertheless we were able to make a number of recommendations for improvement. Our client was very pleased with the outcome, having been reassured that its processes were essentially very sound – and ahead of its competitors. Implementing our recommendations, it was able to increase its straight-through processing rate.

Medical research: Global actuarial consulting firm

Needing input to an ongoing longevity forecasting project, the UK arm of this consultancy firm contracted SelectX to provide insights to trends in the incidence of and mortality associated with a group of medical conditions. We used our extensive medical knowledge and our long experience in medical research to produce a report that exceeded the quality that had previously been achieved by the client’s traditional resources.

Automated underwriting: Prominent underwriting engine provider

SelectX contributed significant resource to the creation of a brand-new comprehensive set of rules for this UK-based company. Over a period of about a year we provided medical, occupational and sports rules and helped carry out extensive testing.

Our client was able to launch a class-leading product in a shorter time than would otherwise have been possible. It is now a major player in the engine market.