"A modern workstation automates and optimizes workflows, eliminates rekeying, provides easy access to tools and data, triggers appropriate, consistent actions, watches compliance, and provides automation for pricing decisions." - Deb Smallwood
South Plainfield, New Jersey (PRWEB) May 28, 2014
ValueMomentum, Inc., a provider of software and services to insurance carriers, today announced a major release of DealFoundry™ Underwriting and Portal, Version 2.4.0. With this release, underwriters and agents will benefit from the ability to upload complex risk information from an excel workbook, access a secure deal negotiation window, dynamic risk assessment checklists, among other benefits.
DealFoundry™ Underwriting & Portal is a next-generation solution that allows underwriters to optimally utilize their experience and time, ultimately driving profitable growth. The solution makes it easy for agents to submit and close business opportunities by collaborating in real-time with underwriters.
The highlights of this release Version 2.4.0 are:
- Enhanced collaboration with secure deal negotiation window and activity stream (DealWall)
- Upload of complex risks for large numbers of insurable risks
- Case by case guidance through Dynamic Checklists
- Enhanced reports operational monitoring, performance tracking, underwriting intelligence
- Integration with additional third party data sources
- Enhancement to work assignment capabilities including bulk reassignment
Collaboration features rolled out aim at improving communication between underwriters and agents, to collaboratively negotiate pricing and terms for their submissions using secure chat. Underwriters and agents now have access to a DealWall – a single entry point for all collaboration threads, to view collaboration threads for a deal, like tasks, notes and attachments. This results in quick review and adjustment of submission.
Upload of Complex Risks:
Complex risks, like those involving large number of locations and buildings within each location, can be efficiently uploaded from an Excel workbook, making life easier for producers dealing with the carrier. All the requisite validations are automatically performed in the background and exceptions are shown within the Agent Portal.
Case by Case Guidance:
Checklists are dynamically triggered based on deal characteristics, like risk information, coverages and underwriting questionnaire responses. These checklists can be rendered in a manner to reflect the carrier’s best practices on how underwriters should handle different risk profiles. This advanced capability also delivers the added advantages of helping to bring newly on-boarded underwriters up-to-speed faster and to bring greater consistency to the underwriting operations.
Deb Smallwood, founder of Strategy Meets Action (SMA), a leading industry insurance analyst consulting firm noted, “A modern workstation automates and optimizes workflows, eliminates rekeying, provides easy access to tools and data, triggers appropriate, consistent actions, watches compliance, and provides automation for pricing decisions. These capabilities do more than improve productivity. They automate and formalize workflows – helping with the rollout of new products, policies, and guidelines. A collaborative environment allows consistent and coordinated underwriting across multiple distribution channels.” Deb recently authored an SMA Perspective titled, "Underwriting Workstation Advantage… creating the edge in commercial lines" featuring DealFoundry.
You can learn more about DealFoundry™ at http://www.valuemomentum.com/dealfoundry.html.
ValueMomentum provides Software & Services to Insurance, Financial Services and Health Payer firms. Our Customers like working with us because we deliver value to their initiatives, thereby, driving their momentum. ValueMomentum does this by applying a time-tested formula of combining strong technology expertise with deep industry experience.
ValueMomentum’s Software for Insurance Carriers includes iFoundry™ Rating Engine, iFoundry™ Product Configurator and DealFoundry™ Underwriting and Portal.