LAS VEGAS, NV--(Marketwired - May 6, 2013) - ACORD LOMA -- Pegasystems Inc. (NASDAQ: PEGA), the leader in Business Process Management (BPM) and a leading provider of Customer Relationship Management (CRM) solutions, today announced the latest version of Pega Underwriting for Insurance, which drives improved customer satisfaction, higher retention and increased visibility into all aspects of underwriting. Pega Underwriting delivers a reusable underwriting foundation that streamlines submissions, easily accommodates unique requirements by line of business, geography or any other business factor and delivers the agility needed to rapidly adapt business processes to changes in the market and regulatory conditions. With this solution, insurers can gain a consolidated view of the status of applications, quotes and policies in real time to help manage, underwrite and price applications with greater detail at the customer level to increase customer satisfaction and retention.
Pega will demonstrate the solution's capabilities at Booth #365 at the annual ACORD LOMA Conference being held in Las Vegas, NV, on May 6-8, 2013.
Built on top of Pega BPM, Pega's lifecycle approach to underwriting allows insurers to control and expedite the underwriting process across the organization. Dynamic case management and control capabilities guide underwriters, ensuring compliance and end-to-end visibility into all facets of the underwriting process. Insurers can store all underwriting rules in a single engine that can be leveraged across the organization -- Web-based sales, agent portals, underwriting desktops, policy administration systems -- anywhere underwriting decisions need to be made.
Pega Underwriting for Insurance includes:
- Risk Classification & Evaluation - Processes and underwriting rule evaluation tools to support risk classification.
- Dynamic Case Management - Captures and tracks the underwriting file and all associated work in one place. Dynamically manages work based on risk characteristics and process exceptions.
- Insurance Data Model - Out of the box library of insurance components, common objectives and data models based on industry standards.
- Reflexive Questioning Framework - Quickly author, collect and disseminate complex question networks to drive risk evaluation processes and ask the right questions at the right time.
- Insurance Customer Management - A complete view of your customer across products, geographies, service history and other business factors.
- ACORD Support - Working model for deploying services that consume and respond to ACORD XML and ACORD eForms.
- Product Configuration & Management - User-friendly tools simplify complex product definitions, fostering reuse and rapid change.
As a recognized industry leader, Pega enables insurers to create competitive advantages by improving operational efficiency. With Pega's flexible Build for Change® technology, insurers can maximize their return on investment for the underwriting process, by creating reusable components so that new products, underwriting rules, operational processes and regulations can be deployed with shorter delivery times, improved product quality and lower development costs. Pega Underwriting helps to eliminate error-prone manual processing with complete front-to-back-office work automation. By leveraging existing technology, insurers can extend the use of enterprise data in fully automated underwriting processes and reporting with fast, easy and secure integration to multiple enterprises and partner systems.
Quotes & Commentary:
Chris Blatchly, Global Insurance Business Line Leader for Pegasystems
"Insurers are constantly looking for ways to improve customer service, while simultaneously looking to increase profits wherever possible, including in underwriting. Whether it's speed to market, underwriting consistency, improving hit ratios or reducing expenses, insurers need a more flexible underwriting environment to support those efforts and Pegasystems is here to help them achieve their goal."
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Pegasystems revolutionizes how leading organizations optimize customer experience and automate operations. Our patented Build for Change® technology empowers business people to create and evolve their critical business systems. Pegasystems is the recognized leader in business process management and is also ranked as a leader in customer relationship management software by leading industry analysts. For more information, please visit us at www.pega.com.
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