Integrated Life Underwriting Solutions
Resonant’s Life Insurance Underwriting Solutions streamline the origination of new life insurance business and its disruption to downstream functions. These solutions include:
- An underwriting and new business process application "developed by underwriters for underwriters"
- The Resonant Guideline Manager, customized for the Life Insurance industry, which controls all underwriting, operational, product, and regulatory guidelines
- Straight Through Processing and Guideline Modeling
- "Real Time" management reporting of all actions and decisions taken during the underwriting process
- Pre-packaged, automated connections to the primary industry paramedical and data services vendors, including MIB, APPS, LabOne and CRLSuite
The Integrated Life Underwriting Solutions are fully ACORD compliant.
Resonant’s Adaptive Process™ Platform is the basis upon which all Resonant applications are built, providing significant competitive differentiation and product development and cost effectiveness. It is at the heart of Resonant’s Integrated Life Underwriting Solutions, which addresses the complete lifecycle for continuous process improvement, starting with guideline definition, flexible management of all underwriting activities, and real time 100% monitoring of all business decisions and processes.
The Adaptive Process Platform aggregates needed information from users and third-party vendors, can straight-through automate compliant cases, whether they are medically underwritten or jet underwritten, facilitates underwriter decisions when needed, and manages all activity in the end-to-end underwriting process. All actions and decisions are driven entirely from the stated guidelines.
The guideline manager is a windows application that enables business experts to define and manage their own product, operational and regulatory guidelines in a familiar document form, without the need to overload support from their technology staff. It augments the document-driven practices already in place by managing versions and effective dates over time. It provides a singe definitive source for all guidelines, shared by employees, regulators, and the underwriting software. The Guideline Manager therefore allows Resonant’s system to be managed by the business unit, significantly reducing the dependency on IT support.
Guideline Manager Process
- Existing guidelines are authored in Word®-style documents by business
- One managed, definitive source document for the Corporation, employees, regulators and for process execution
- Includes all operational aspects – product definitions, underwriting requirements, risk indicators, authorization limits, state regulations, assignments and procedural and operational guidelines
- Changes can be made in minutes by authorized business unit personnel, freeing IT resources on enhancing and managing legacy systems and infrastructure
Straight-Through-Processing (STP) and Guideline Modeling Capabilities
Resonant’s Guideline Modeling Capabilities allows companies to see the full picture in advance, a critical element of any straight-through-process strategy. By its very nature, STP is a “trial and error” process. The guidelines and business requirements that are established prior to launch may prove inadequate afterward. Beyond that, process and guideline features that provided competitive advantages that seemed to last years or even decades just don’t have the same shelf-life anymore. In today’s rapidly changing environment, underwriting mangers need to constantly test the impact that any change can have on their business and STP throughput in advance. The Resonant Guideline Manager in concert with the Resonant Adaptive Process technology provides the tools for managers to plan, conduct modeling and testing on an on-going basis, allowing them to see the full picture in advance of going to market.
The ability to conduct guideline modeling – before, during and after the product launch – through the Resonant STP solution reduces costs substantially and reduces underwriting and organizational risk. The Resonant STP solution can deliver both quickly and at a fraction of the cost of any other technology solution in the marketplace today.
Because of Resonant’s fluid management of processes that fully incorporate both systems and people, we are able to capture the details of actual work practices at a level of detail that was previously unobtainable. The Reporting feature provides visibility into the details of day-to-day operations, enabling identification and analysis of decisions, guideline deviations, ad-hoc interactions, resource utilization, and opportunities for refinement. It provides 100% real-time audit of all aspects of the operation, including underwriting and regulatory compliance.
The Integrated Life Underwriting Solutions provide pre-packaged, automated connections to the industry paramedical and laboratory services, data services, including MIB, MVR and Pharma databases.