Submit, Quote, Bind for Insurance Brokers and Underwriters
Documentation and Policy Generation for Insurance Brokers and Underwriters
With increased scrutiny from the regulators, and growing pressure for cost savings, the time has come to streamline your broker or underwriter processes and automate your insurance documentation. Unfinished contracts leave everyone exposed to large, unmanageable risks. Manual drafting slows things down and keeps your costs high. Vague wordings lead to long, costly disputes. The rich vein of granular data held in your documents can’t be tapped to provide powerful analysis. The challenge is clear – improve the speed and quality of data gathering and document generation and do it fast. Read what Global Broker Magazine said.
Exari’s Submit, Quote, Bind Solution delivers an advanced solution for Commercial Policy Issuance
Exari’s Submit, Quote, Bind solution is enabling brokers and agents to quickly and accurately capture risk information to help generate the quote and policy documentation, dramatically reducing cost and risk.
Exari’s innovative interview process asks questions to generate documents and capture data that can be easily reported upon. The system moves documents between the Producer and the Carrier, re-using previous answers to create subsequent documents and gaining approval where required.
The underwriter can simply prepare a quote document and send it back to the producer to confirm acceptance. Once the request to bind is delivered, the underwriter can generate the client documentation and invoice reusing answers generated from the quote.
Producer Creates Submission:
- Capture high level risk details
- Upload supporting information as attachments
- Complete Intelligent, class-specific Exari Interview to generate Submission document
- Track changes by audit controls
Carrier Creates Quote or declines to quote:
- Review submission document and supporting Information
- Create Quote Document from pre-loaded submission answers and additional input
- Exari questions can refer to a rating engine to generate Premium
- Add Underwriter notes
- “Send” Quotation to the Producer
Producer Accepts Quote:
- Producer reviews the Quote and any notes
- Confirms Acceptance of Quote
- OR, replies with comments to request alternative Quote
Carrier Creates Policy and Invoice:
- Producer’s acceptance enables carrier to generate Policy and Invoice
- Risk is added to data and “Bordereau” report
By utilizing Exari’s advanced workflow, both brokers and underwriters streamline negotiation and efficiently reduce the quoting process turnaround time.
This new solution solves a number of market-wide problems, including:
- Collaboration between brokers and underwriters in a secure environment;
- 100% capture of key information based on all risk components;
- Elimination of manual errors through an on-board rating engine
- 99.99% uptime to anyone, anywhere, and
- A complete audit trail to quickly and easily settle any disputes.
“We are excited by Exari’s initiatives to bring quote and bind system solutions to the Lloyd’s market, and see this as an important aid in our efforts to make it easier to do business with London.” – Peter Montanaro, Head of Delegated Authorities at Lloyd’s of London