CodeEast release support for 'Discretionary Endorsements' for Underwriting of 'Speciality P&C Lines'
Dublin, 23rd June 2021: CodeEast adds to their ONEview Digital Insurance Platform new facilities that automate the management of Forms and 'Discretionary Endorsements' for Speciality Lines in the US insurance market.
Underwriting of Speciality Lines is getting more complex. Higher levels of state regulation have to be adhered to, greater staff numbers are needed to process policy forms, and ever-increasing costs negatively impact profitability. CodeEast has added SMART automation capability to their ONEview Platform that significantly reduces these problems by streamlining the processes involved in managing Forms and Discretionary Endorsements. The result is faster Speciality Lines processing, improved productivity, and reduced operating costs.
ONEview is a Digital Insurance Platform built on the latest cloud-native, NoCode-LowCode, microservices technologies, and this newest release of the Platform adds:
Automated streamlined Processing: The new Forms and 'Discretionary Endorsements' capability streamlines the end-to-end processes involved in managing, distributing, and selling Speciality Lines such as Excess & Surplus, Public Entity Risk, Workers Compensation, Cyber Liability, Commercial Auto, Marine, Wedding, and other special event insurance. The new functionality includes a unique and innovative NoCode-LowCode risk capture design toolset that enables the insurer to self-design the data risk capture input screens. In addition, the 'Forms Controller' feature provides the Underwriter with ready access to forms and mandatory endorsements libraries and provides the facilities to select and automatically add discretionary endorsements to policy forms. When the Underwriter has completed their risk assessment, ONEview provides the automated end-to-end workflow required to efficiently complete policy documentation, policy fulfillment, and reconciliation of funds.
ONEview Underwriting Governance and Oversight Workflow: The Forms and 'Discretionary Endorsements' module also includes an automated referral management system that automatically selects the workflow for a specific program, thus facilitating the rapid delivery of risk data for analysis to the relevant Underwriter.
Workflow and policy stage-gate management: Another feature of this new addition to ONEview is 'Policy Status and Stage-gate Management'. For validation of speciality lines, the broker or customer may have to submit supporting documents. ONEview supports automated 'Stage-gate' processes that manage the capture, storage, and validation of support policy documentation. The system automatically matches the correct stage-gate process to the 'Speciality Lines' Program.
These new capabilities included in the latest release of ONEview aligned with ONEview's innovative DevOps capability, one-click deployments, and automated regression testing bring a new level of control and speed to the insurance systems market.
Aidan Brogan, Chief Commercial Officer CodeEast, adds, "Renewals, referrals, endorsements, and cancellation are expensive business processes. At CodeEast, we continue to invest in our ONEview platform to drive greater automation and operational efficiency, focusing on Underwriting governance and oversight. ONEview supports P&C products on an admitted and non-admitted basis and automates the complexities of referrals, cancellations, and renewals for Speciality Lines such as Workers Compensation and E&S.
SMART automation of the insurance business process means using technology to empower underwriters to focus on their core expertise and automate the surrounding business processes to drive greater efficiencies, lower costs, and regulatory compliance for audit purposes.
Please visit us at www.codeeast.com for more information on the ONEview Digital Insurance Platform or contact us at firstname.lastname@example.org to arrange a demo of the solution. We would be delighted to hear from you.