UW Rules implementation
In this phase, Business rules, Tiering Rules, scorecard related information, Bind and unbound rules based on Line of Business, state, type and additional criteria (as required) is gathered. It is then followed by the process of implementation in the Rule-based user configured Prise Underwriter module.
Based on the need of the Carrier, the Rating algorithms are built in addition to the creation of the Rate tables and Rule-based Rate flows for each Line of Business. Instances, where specific Rate tables can be shared within the same Policy Line or in a different Policy line, are also taken into consideration. The tables are declared as Universal tables to avoid duplication, which in turn makes the rate revision maintenance an easy task for Business users.
In this step, all the Policy level forms, ACORD level forms, Auto ID cards and other supporting forms that are required to be attached to a policy, based on the condition, are captured. All the forms are then uploaded into the forms repository. It is followed by the process of building the condition for each form by defining the form trigger condition, based on state, LOB, policy data condition, effective and expiration dates and transaction. During configuration, the form is set as static or dynamic. If it’s a Dynamic form, the Tokens are defined (real-time data that is printed on the form) and placed on the form at the time of configuration as placeholders to print the real-time policy data.
Integrations with third-party services
Prise supports almost all Lines of Business and integrates with third-party services according to the needs of the business and tests them. The average time is four weeks for critical integrations with business rules for data capture from the vendor responses. This activity typically starts after completing 40% of the Product implementation where the screens, trigger points are defined and implemented.