STEP Solutions Announces the Release of a Fully Configurable Underwriting Engine

March 11, 2015

Integration of a rules based underwriting engine with electronic applications, reflexive questionnaires and external data reconciliation enables streamlined in-process underwriting.

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 capabilities of the STEP “Product Configurator” which is pre-packaged with product templates for Life, Annuities and Health products such as Long Term Care, Medicare Supplement, Critical Care etc. These 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 and mortality / 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/credit scores of weighted medical / Rx attributes.

STEP has integrated its core new business e-application platform’s with it’s underwriting engine also allow 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.

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