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What is Insurance Underwriting Software?

Insurance underwriting software is designed to accelerate revenue growth and ensure profitability by providing the automated underwriting tools needed to quickly assess risk, make decisions, and help sales turn market opportunities into a profitable business.

Features of Insurance Underwriting Software

Define benefits and set rules for product availability

FINEOS Underwrite makes it easy to define benefits and establish rules to ensure compliance and quote accuracy. Included is a code-free, user-configurable rules engine to support unique permissions, workflows and authority levels.

Seamless transition from RFP intake to decision

FINEOS Underwrite is built on a unified platform which has all of the required information for underwriting stored in one place. Information is available and accessible in real time to make decisions and to enable straight-through processing from intake through enrollment.

Decline to Quote functionality

FINEOS Underwrite helps to reduce risk and drive profitability by preventing proposals and quotes from being accepted that do not meet underwriting standards. It helps to ensure underwriting decisions are consistently enforced.

“Soft Stop” alerts

FINEOS Underwrite contains a “Soft Stop” feature to alert sales executives and brokers that additional information or underwriting approval will be needed before a binding quote can be generated. This makes it possible to provide provisional quotes until the required information is available.

Automation to improve underwriter productivity

FINEOS Underwrite includes the ability to save frequently used documents for future use.  It also includes the ability to easily upload documents and it automates missing information requests.

Cloud-based, self-service solutions for brokers

FINEOS Underwrite is designed to help sales executives and brokers close sales faster by providing self-service capabilities that are available 24×7 through the cloud. Its modular design includes easily configurable interfaces to legacy systems, third party core systems and other ecosystem partners to reduce duplicate data entry and retrieve rates faster.

Benefits of Insurance Underwriting Software

Drive revenue growth by helping sales executives and brokers win and retain more business through real time collaboration with underwriting. Users get a clear picture of what information is required for approval before proposals and quotes are generated. This improves quote-to-bind ratios and reduces the need for follow ups.

Reduce costs by decreasing the time wasted on back-and-forth communications between sales and underwriting. Costs are also reduced by eliminating duplicate entry and systems.

Manage risk more effectively by leveraging automated workflows to consistently enforce underwriting rules and ensure compliance.

Respond faster to change with a cloud-based, unified platform and APIs to enable integration with 3rd party insurance core systems and other digital ecosystem components.

Improve productivity with an underwriting dashboard that provides real-time access to information needed for decision making. FINEOS Underwrite helps to streamline communications between underwriting and sales with integrated messaging, notes and assumptions that are linked to proposals and quotes. Functionality has been designed to speed up decision making by sharing documents and automating the process to request missing information.

Questions about FINEOS Underwrite?

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FINEOS AdminSuite

FINEOS Absence

  • Absence management software
  • Integrated with FINEOS Claims
  • Covered paid and unpaid leaves
  • Simplifies Compliance
Absence Management Software

FINEOS Billing

  • Billing management solution
  • Combined or separate bills
  • Reduced billing leakage
  • Automated cash application
Billing Management Solution

FINEOS Claims

  • Claims management software
  • Provides straight-through processing
  • Increases accuracy and compliance
  • Covers payments and return to work
Claims Management Software

FINEOS Payments

  • Payments management solution
  • Automated
  • Accurate
  • Payroll Continuity
Payments Management Solution

FINEOS Policy

  • Policy admin system
  • Set up cases quickly
  • Service all tiers and admin modes
  • Connect to digital ecosystem
Policy Administration System

FINEOS Provider

  • Provider management software
  • Drive outcome-orientated engagement
  • Manage service approvals
  • Accelerate rehabilitation and return to work
Provider Management Software

FINEOS Quote

  • Group insurance quoting software
  • Fast Life, Accident and Health quoting
  • Extend quoting to distribution
  • Comprehensive workflow
Insurance Quoting Software

FINEOS Rate

  • Group insurance rating software
  • Real-time data manipulation
  • Automated complex rating
  • Award-wining, patented technology
Insurance Rating Software

FINEOS Underwrite

  • Group insurance underwriting software
  • Integrated underwriting tools
  • Efficient collaboration
  • Comprehensive quote management
Insurance Underwriting Software

Group Insurance Underwriting Software – Frequently Asked Questions

What is insurance underwriting software?

An insurance underwriting software, such as FINEOS Underwrite, is an automated underwriting software designed to accelerate revenue growth and ensure profitability. It is a part of the FINEOS AdminSuite platform which includes absence management software, claims management software, policy administration systems, and more.

What are the key features of a group insurance underwriting platform?

With FINEOS Underwrite you can: Define benefits and rules for quote accuracy; Provide information on real time for easy decision making; Ensure decisions are consistently enforced and; Help brokers and executives close sales faster through the cloud.

What are the benefits of insurance underwriting software?

There are a number of benefits of an automated insurance underwriting software. The benefits of using the FINEOS Underwrite platform are that it drives revenue growth due to real time collaboration; it will reduce costs by eliminating time wasting and improving productivity from the real time dashboard which provides access to information for decision making.

How does the FINEOS underwriting software manage risk more effectively?

FINEOS Underwrite allows fewer data entry errors and handoffs by consolidating information in real time. It improves accuracy with rate revisions and increased compliance through automation.

How can a group insurance underwriting solution increase revenue?

With FINEOS underwriting solution you can generate more sales from having the ability to easily modify insurance proposals in real time, helping to close sales faster by producing multiple proposals at a time and realizing potential revenue sooner by implementing rate-revisions seamlessly.

How does an automated underwriting solution improve operational efficiency and effectiveness?

The FINEOS Underwrite interface provides faster, more accurate proposals and quotes. It provides automated workflows that increase productivity and reduce process times. Our actuarial tools make it easier to change, test and implement revisions to rates. This overall provides better operational efficiency.

How does FINEOS Underwrite enable an enhanced customer experience?

FINEOS Underwrite is a cloud-based software which works in real time, improving efficiency when closing sales for sales executives and brokers, and the real time dashboard provides easy access to information when making decisions.