Development underwriting software

Challenge: From Paperwork to Digital Velvetech, as an experienced healthcare software development company , was summoned to build the onboarding and underwriting apps.

Process: Front Line to Back-Office Automation Since automated onboarding and underwriting software was to replace 99 percent of the manual routine of collecting and inputting data from new customers, it was decided to build them as responsive web apps that would scale across a wide range of devices: from mobile to desktop.

Onboarding Application. A lot of thought went into securing customer data as well: The link to the application form is designed to expire with time No sensitive customer data is stored for incomplete applications All customer data is encrypted with asymmetric cryptography Data transfers happen exclusively via secure connections Underwriting Application. Apply For A Consultation Today! All Rights Reserved. Privacy Policy.

Based upon the populated data coverage, special conditions, etc. This eliminated a human-factor during the process and therefore increased efficiency. The communication between all involved parties during the insurance quote lifetime became very efficient after chat feature was introduced.

The embedded chat-bots notify responsible employees about important events throughout the underwriting process. Scalified offers software development outsourcing services and comprehensive solutions for traditional insurance and InsurTech companies. Home About Us Portfolio Blog. There are so many options that it is vital to maintain a focus on serving the bottom line. The underwriting department can determine whether it has the bench strength to handle voluntary products, which requires evaluating low-frequency claim products that are subject to adverse selection, such as critical illness.

Maybe your shop is more suited to a higher-frequency claim product with minimal adverse selection concerns and less underwriting rigor, like voluntary accident. Improving overall portfolio persistency will relieve new business production pressures. What better way to deepen existing relationships as well as broaden the client base than with multiple product lines?

Understand what commission structures are commonly quoted for the product. Heaped commission in the group marketplace may lead to increased churn and carrier hopping.

That said, to be competitive, you may need it. An underwriter can offer insight into what conditions can help mitigate the persistency or lapse concerns that come along with front-loaded commissions. Consider whether benefit amounts, waiting periods, pre-ex limitations and guaranteed-issue limits expected by the market are in accordance with that risk appetite. Building flexibility into the offerings is essential. Pressure to meet or beat the competition can add a compounding impact on adverse selection.

Understanding the commonly used enrollment methods and medical underwriting requirements is critical , especially for the aforementioned voluntary gap products. Most underwriters will have a finger on the pulse of the latest and most effective enrollment methods. P2P Lending Solutions. Loan Origination Software. Loan Management Modules. Loan Software Solutions We develop custom loan software solutions incorporating origination, servicing, and decision support features for banks, credit unions, and other financial institutions.

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