The STEP Solutions Applications includes a New Business component that gathers and tracks information from an initial policy quote through the issuance of the actual policy. This component begins a seamless, straight-thru insurance processing solution.
The STEP Solution New Business component includes such features as: Needs Analysis, which determines a recommended face value for applicants; Product Suitability, which matches the product type to the applicant; Quick Quotes, which determines a risk class and displays premiums for this risk class and Reflexive Questioning, which prompts requirement ordering and subsequent processes to evaluate the applicant as an insurance risk.
An Underwriter Work Station is included in the New Business Application. This provides a place where the Underwriter can maintain and control applications that are being considered for issue along with managing Personal History Interviews and Outstanding Suitability requirements. Underwriting Guidelines are rules based, configurable and easily maintained by the user.
The STEP Solution New Business component accesses third party repositories such as MIB, MVR, Credit/Financial Reporting, Pharmaceutical Profiling, Identity and OFAC Checks and Family History and provides a mechanism for legally binding new policies through electronic signatures. The System includes an auto-fulfillment engine and determines if the application is in good order. Once the application is committed, the workflow process extends the application information to the Policy Administration component where it is maintained during the lifetime of the contract.
Agency and Compensation Management
The STEP Solutions Agency feature calculates and processes monies due to and from Agents, Agencies, MGA’s, BGA’s, TPA’s, reinsurers and any other monetarily invested party. The System provides for all processing as it relates to all of agents and agencies and their complex contractual arrangements. It has the flexibility to increase, decrease, split and recalculate commissions on any product or policy.
The System provides for managing commissions receivable and payable between the insurance carrier and the Producer. Commission statements are produced with online real-time application of funds. Commission settlement includes loan advances, garnishments, EFT and netting authority.
Agents and Agency records maintain commission structures and hierarchies for all levels of Producers and include monitoring of continuing education requirements, licensing schedules and fees for all lines of business and in all states.
Underwriting
STEP Solutions creates an automated streamlined underwriting process. It incorporates rules based risk assessment to enable smarter underwriting decisions. The automated, streamlined process cuts down on costs and errors and reduces manual efforts while increasing efficiencies and approving the underwriting cycle.
The requirements for underwriting Long Term Care products are quite unique and STEP Solutions provides for those very special needs. The underwriting platform includes a stylized, reflexive questionnaire completed via a telephonic interview of the applicant. Based on the answers to those reflexive questions and the established rules- driven underwriting guidelines the application is electronically processed and directed to the Underwriter’s Workbench.
The Underwriter’s Workbench provides for a consistent underwriting discipline and acts as a dashboard for the Underwriter to request, collect and review all requirements necessary to evaluate the applicant as an insurance risk