Chicago, IL (PRWEB) March 14, 2015
STEP Solutions Group today announced the release of a fully configurable rules based underwriting engine as a stand-alone module for its SaaS based New Business processing platform. The new underwriting engine allows business analysts and underwriters at carriers of life, annuities and health insurance products to configure underwriting parameters and risk-assessment criteria for automating routine underwriting functions.
STEP’s underwriting engine is configured using STEP’s “Product Configurator” which is pre-packaged with product templates for life, annuities and health products such as long term care, Medicare supplement, critical care and much more. STEP’s product templates allow for rapid configuration and deployment of electronic application forms with built in functions for reflexive questioning.
Underwriting parameters and underwriting guidelines are evaluated by the e-application based on standardized lookups for Build, ICD-10’s, occupations and avocations during the new business process. Risk assessment scores along with mortality and morbidity factors are fine-tuned based on the reconciliation of the applicant admitted data with external data sources such as MIB, MVR, Identity, Rx and Credit data during the new business process. These risk assessment scores are returned by the underwriting engine in real-time to the agent or applicant during the application process. Scoring for these risk assessment criteria is configured using simple knock criteria, attribute based risk class assignments or by complex medical correlation using debit and credit scores of weighted medical and prescription attributes.
STEP has integrated its core new business e-application platforms with its underwriting engine. This capacity also allows underwriting requirements to be managed by the underwriters using a workbench. Underwriting requirements can be triggered automatically based on rules within the engine or manually ordered by the underwriter. STEP’s underwriting engine puts the underwriter fully in charge of managing the risk assessment criterion, rules and outcomes during the decision process.
About STEP Solutions Group LLC.
STEP (Straight-Thru-Enterprise-Processing) delivers a state-of-the-art new business acquisition, policy administration and claims processing solution for Life Annuities and Health (LAH) insurance products on a fully configurable rules-based web platform. Our Software-as-a-Service (SaaS) system for New Business Acquisition, Policy Administration, Agency, Provider and Claims management of ACORD LAH insurance products has integrated document and task management capabilities to provide an enterprise platform that the reduces cost and complexity of administration of LAH products. STEP Solutions provides a transformational capability to life, accident and health insurance businesses by controlling expenses, accelerating revenue growth, managing risk by providing end-to-end automation to manage the complete life cycle of LAH insurance products.
For more information , visit http://www.stepsolutions.com or call 312.263.6364 and follow us on Twitter, LinkedIn and Facebook.