Automating the Review Process

Automating the Review Process

Any insurance company invests huge amounts into getting their quotes out to the public as fast as possible while trying to filter out all of the unwanted high risk clients. This process can often be quite cumbersome. But what if we could remove a large portion of the unwanted quotes from the list before it even hits the reviewer? This is one of many things we are trying to achieve with the Aladdin Wizard quoting system.

The Aladdin Wizard quoting system allows you to gather just the bare minimum amount required for a quote and generate multiple quotes based on selected criteria. This allows quotes to be generated very quickly without wasting time gathering data unnecessarily and also allows an opportunity to filter out any immediately obvious unwanted risk such as a car which is a rebuild. Once the preliminary quote is generated the client can decide if they wish to proceed. Here the wizard can then gather further information, such as detailed security information and types of use. The Aladdin Wizard can then rerate the client based on the new information and provide a new quote, at this stage one could also gather further required information such as banking details however this could also be done later depending on the requirements of the business or product.

At any point during this process certain criteria can be flagged as unacceptable risks which can immediately inform the user that an unacceptable set of criteria has been selected with the option of informing the user what these criteria are and preventing the user from proceeding with the quote while the criteria remain true. There may also be a set of criteria which would require human interaction, this can be flagged for review and have the quote be sent to a reviewer to intervene with a message describing what needs to be reviewed. Although human intervention is exactly what we are trying to avoid.

Aladdin has a very versatile back end rule system which can manipulate values in the system based on pretty much any data available to it. For example, if an insurer is willing to insure a house that does not have an alarm system but wishes to load the premium or influence the maximum value of indemnity due to theft payments that can be made. Allowing these to run in the background allows all the required adjustments to be made without human intervention.