Pega RULES Vs Insurance

In a Leading Insurance Provider there was no automation for the following business processes to generate the insurance policy for a customer.1) Questionnaire Process: They did manually to get the questions and answers from the customer for his/her policy.2) Premium Calculation Process: It had done manually by using the spreadsheets. In that spreadsheet they put the business logic and generate the premium. It was a time consuming process for each premium calculation.3) Quote /Bind/ Book Process: Once the Premium got calculated then they were generating the Quote, Bind and Book documents manually. If any mistake in either of them then it was very painful for them to track it.A part from these it has the following common problems.1) Underwriting Rules: As insurance depends on underwriting and the underwriters, there are certain rules which have to be followed while issuing the policy. The common problem for it is if any changes occur in those rules then it would be complex to resolve it.2) Rating Rules: Rating is a method to use for generation of quick proposal, qualified proposal, and full proposals (New Business) which includes capture of the all relevant information to issue a valid proposal. It varies from country to country. For each country it is very complex for them to form the rating rules.Pega RULES best for Insurance solution:· Pega solution is aimed at bridging the gap between business goals and information systems. Pega process-based integration technology helps organizations model and automate business process workflows and integrate them with applications, systems and partners. This leads to reduction in manual steps, improvements in core processes and gain in competitive advantage.· Pega technology includes both process automation as well as data integration in one product in insurance. Pega designed its product to enable Service Oriented Architecture (SOA) approach to enterprise IT, to minimize coding for ease of use and to offer high degree of reusability. With this insurance has benefited in their new business and the renewals business also.· Enhancing insurance business revenue by dynamically configuring the components and features and pricing the products actually purchased at or near the point of sale. Pega offers centralizing the control but widely distributing the catalog of products offered for sale.· Pega uses the Product Configuration Solution Framework in insurance first time. It offers best-practice rule forms and administrative tools for maintaining product configurations in the context of business rule and business process management applications. It is used to the products Professional Indemnity (PI) and Casualty industry and it supports all personal and commercials lines of business. It includes both process automation as well as data integration in one product. Pega offers the capability to automatically build PDF file formats in documents generation, and graphically map information from any system, application.· Pega Product Configuration frame work provides purpose-based rule forms for configuring product groups, products and product components that help you organize and manage the rules associated with products. It provides you with activities, flows and flow-actions that help you access product rules managed with the Product Configuration framework from within your application.· In insurance the validations and the calculations are very complex there was no such system to take all effectively and easily. As Pega came up with rules-base concept, it uses declarative rules and the activities rules in simplifying the validations and the big calculations easily.· Pega provides the Rule resolution algorithm in identifying the right business rules in right places. With this feature insurance business get benefited to identify the product based and business rules as well.· Pega has provides a good security in insurance. By using the access roles, privileges, access groups to make secure at all levels.· Pega has provided insurance business in getting the weekly, monthly and yearly reports for their business growth. It provides an agent concept in generating the excel format reports and is very easy to updatable by business based on the situation.Pega also offers following Insurance- focused solutions:BPM for Insurance (BPMI) solution – Workflow automation and data integration for improving business processes.Agency-Carrier Alliance (ACA) solution – Automated upload & download of policy information in real-time.Insurance Systems Integration (ISI) solution – Seamless integration and data flows between policy management systems, rating packages, claims applications, accounting and other sub-systems