INTRODUCING INSURANCE SMART QUOTE, POWERED BY PEGA AI

Increase your strike rate through data-driven analytics

This New solution brings in the objectivity needed to facilitate fact-based, predictable, and self-learning decisions for the new Insurance business. Underwriters are no longer just responsible for risk selection and pricing, they are now expected to support  sales function and increase new business, significantly decrease the loss ratio, and increase retention rates of existing customer base.

The information used by underwriters can vary widely. Also, underwriting actions are not always truly risk-based, but instead influenced by market dynamics, subjective decision making, and external competition.

 

Business Problem

It is widely acknowledged within the Insurance industry that data-driven analytics-based human judgment would help minimize the subjectivity in Underwriting decisions and significantly improve business efficiency.

Other Challenges

The uniqueness of the applicant’s data from a risk assessment standpoint. | Inefficiencies while handling huge datasets related to risk profiles. | Risk selection and competitive pricing to avoid under/overpricing. | Deciding between risk averseness and applicant’s propensity to buy.

SOLUTION OVERVIEW

Powered by Pega AI/ML-based decisioning models, Smart Quote will augment the Underwriting process by:

Providing real-time quote acceptance propensity

Underwriter decision feedback loops into the predictive model

Customer risk data from D&B and Pitney Bowes

Data driven Pega Predictive models

Case Study

Read the case study to know how we recently helped a major insurance client who writes more than U$1.2 billion of property and casualty insurance around the world and provides over 80 products through 18 lines of specialty insurance including most complex risks from Olympic athletes to offshore oil rigs.

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Why choose Incessant & RuleTek for Pega?

A Certified Pega Upgrade Partner and Platinum Partner

Total Pega Practice of 900+ Professionals

300+ successful Pega Implementations

120+ Certified Lead System Architects (CLSA)

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