Automating Manual Rating for Commercial Insurance | Intelledox

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If you’re a commercial insurance carrier, you know how resource-intensive the manual rating process can be. The Intelledox Infiniti process makes it easy for you to automate the manual rating process across your commercial insurance lines. You can improve productivity, enhance the engagement process, and reduce the time to close on commercial insurance policies.

The Old Way of Manually Rating Commercial Insurance Policies

Traditionally, commercial insurers have used a combination of PDF forms and Excel spreadsheets to manage risk and provide underwriting for policies. Customers would enter data into PDF forms and brokers or insurers would then copy that information into a spreadsheet. The spreadsheet then applies complicated algorithms and formulae to create underwriting terms and premiums.

The old way of doing things takes a lot of time and manpower and is prone to human error, from both the customer entering the data and the information then being transposed into Excel. This can significantly increase “Not in Good Order” (NIGO) errors and cause incorrect calculations due to missing or incorrect details.

Commercial Insurance Manual Rating Can Be More Intuitive

Intelledox Infiniti automates manual rating, makes it much more intuitive, and allows for access across multiple platforms. Insurers can build customized applications and forms that collect all the required information from customers and brokers. The application applies underwriting and pricing algorithms to create comprehensive policies and premiums that take into account risk management and customer details to provide a comprehensive, well-priced policy.

How a Manual Rating Application Could Work

Our platform is extremely flexible, so you can build manual rating applications based on your typical workflows and policies. Here’s one way to implement manual rating with Intelledox Infiniti.

Provide Different Manual Rating Experiences Depending on Policy or Commercial Insurance Product

Your insurance agent or broker selects the type of product or policy that they would like to underwrite. Selecting a specific type of policy or product will then create a series of questions and entry fields that will prompt the person filling in the smart form, so you can capture the right details.

Gather Customer Details for Manual Rating

If you’re providing a policy or product for an existing company, the application can get their relevant details from your back office systems and pre-populate the form with relevant details. This allows the agent to simply verify the details with the customer. The application will prompt for any additional information it needs about the customer, creating questions and input fields as required.

Get Manual Rating Information from Internal and External Systems

Intelledox Infiniti connects to internal and external data sources to help you rate better. For example, if the location of a business covered by commercial insurance matters, you can link to a database of zip codes and geographic references. You can also link to your internal systems and pull up previous information unique to a specific customer or other reference points.

Apply Multiple Options for Policy Coverage

Your customer can choose to alter various aspects of their coverage, for example, the amount of a deductible, policy limits, or coinsurance amounts, and Intelledox Infiniti will adjust premiums an underwriting to match.

Provide Data Validation of Entries

Intelledox Infiniti lets you add validation to any field you wish. The platform also lets you create complex validations across multiple fields and criteria. This allows for comprehensive error checking and allows you to have confidence you’ve captured all of the right information.

Create Additional Questions Based On Policy Specifics

Our platform will create extra questions and entry fields based around your criteria and the applicant’s previous answers. Only information relevant to the application will be presented.

All Manual Rating Information is Written Back to Your Systems

As the agent or broker completes the application, all of the relevant details are written back to your systems and databases. This makes it easier to issue follow up communications, policies, and welcome packets, tailored to their exact needs.

Create Commercial Insurance Policy Documents Ready for Signing with DocuSign

Intelledox Infiniti is deeply integrated with the DocuSign service. It dynamically creates policy and other documents, then produces a PDF that can easily be reviewed and formally signed by the applicant.

Friction-Free Manual Rating for Commercial Insurance Applications

Intelledox Infiniti is great for applicants and brokers because:

  • It only ever asks the essential questions to provide complete underwriting, risk management, and policy creation.
  • The applicant or broker can save and stop progress at any time and refer back to the form later.
  • The form can follow a logical and intuitive flow from one section to another.
  • The applicant is prompted to upload any required documents.
  • The form will render well and be easy to fill in from any device.
  • DocuSign integration means a smooth experience for completing and signing the application.

Watch our video below to understand how Intelledox Infiniti can help you.

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