at Financial Technnology Year
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FINEOS Underwriting from Fineos
Automates underwriting workflows and complex rules for group and individual insurance lines. Integrates with external data, supports collaborative and straight-through processing, and includes decision support tools.
Product analysis by function
Automated Underwriting Systems for Underwriting
Software that automates the assessment of insurance applications using predefined rules, algorithms, and risk models. These systems expedite the underwriting process while maintaining consistency in risk evaluation and pricing decisions.
More Automated Underwriting Systems
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Core Underwriting Functionality
(10 Yes /10 Known /13 Possible features)
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Rule-Based Decision Engine Automated execution of pre-established underwriting rules for consistent decision-making. |
Notes state automation of complex rules and workflows, which strongly indicates a rule-based decision engine. | |
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Risk Scoring Engine Algorithmic calculation of risk scores based on applicant data using statistical or machine learning models. |
Decision support tools and use of external data strongly suggest a scoring engine is present. | |
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Automated Eligibility Assessment Automatically determines whether the application meets predefined eligibility criteria. |
Automated underwriting workflows for eligibility demonstrate automated eligibility assessment. | |
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Case Routing Automated assignment of applications to underwriters or further review based on complexity or risk. |
Collaboration and workflow management imply automated case routing functionality. | |
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Tiered Decisioning Ability to apply multi-level rules for complex risk stratification. |
Support for both individual and group lines with complex rules implies tiered decisioning. | |
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Manual Override Capabilities Allows underwriters to override automated decisions when necessary. |
Collaborative workflows suggest manual overrides are available. | |
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Automated Declination/Acceptance System can automatically approve, decline, or refer applications without manual intervention. |
Straight-through processing indicates applications can be auto-accepted or declined. | |
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Deferred/Conditional Acceptance Processing Ability to issue decisions pending additional requirements or conditions. |
No information available | |
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Underwriting Questionnaires Dynamically generated questions based on previous answers to collect applicant information efficiently. |
No information available | |
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Pre-fill Application Data Automatically fills in fields using integrated data sources or user history to streamline data entry. |
Integration with external data and straight-through processing imply pre-filling and auto-population of fields. | |
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Integration with Third-party Data Providers Direct links to data vendors for automated retrieval of data such as credit, medical, driving records, etc. |
Integration with external data is explicitly stated. | |
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Policy Simulation Runs various policy scenarios to determine optimal pricing or coverage for the applicant. |
No information available | |
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Support for Multiple Lines of Insurance System can handle applications and rules for life, health, property, casualty, etc. |
Supports both group and individual insurance lines, indicating flexibility for multiple lines. |
Workflow Management
(4 Yes /4 Known /10 Possible features)
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Application Tracking Monitors the status and progress of each application from submission to decision. |
Notes mention tracking and collaborative workflows, which suggest application tracking is supported. | |
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Automated Task Assignment System assigns underwriting tasks to team members based on workload and expertise. |
No information available | |
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Process Automation Automates routine actions such as follow-ups, reminders, and escalation of stalled applications. |
Workflow automation is mentioned, consistent with process automation. | |
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Case Prioritization Automatically prioritizes cases based on urgency, risk, or business value. |
No information available | |
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Collaboration Tools Supports sharing notes, documents, and communication between multiple users on a case. |
Collaboration is explicitly supported. | |
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Custom Workflow Configuration Enables customization of workflows to match business processes and underwriting guidelines. |
The system supports automation and is positioned as configurable according to insurance line needs. | |
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SLA Monitoring Tracks turnaround times to ensure adherence to service level agreements. |
No information available | |
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Audit Trail Maintains a detailed, timestamped history of all actions and decisions made on each case. |
No information available | |
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Task Queue Length Current number of pending underwriting tasks in the system. |
No information available | |
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Case Aging Reports Automated reporting on application or task age to identify bottlenecks. |
No information available |
Data Integration and Management
(4 Yes /4 Known /10 Possible features)
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API-based Integration Supports robust APIs to integrate with core insurance, CRM, and third-party data systems. |
Integration with external sources and systems is mentioned, typical via APIs. | |
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Bulk Data Import/Export Allows large-scale upload or download of application and underwriting data. |
No information available | |
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Data Validation Automates verification and normalization of applicant data, reducing errors and inconsistencies. |
Data integration and straight-through processing imply automated data validation is present. | |
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Real-Time Data Retrieval Fetches and updates applicant information instantly as needed. |
Integration and decisioning in real time for straight-through processing imply real-time data retrieval. | |
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Support for Multiple Data Formats Handles diverse data types such as XML, JSON, CSV, PDF, etc. |
No information available | |
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Data Cleansing Tools Automated cleaning and normalization of incoming data to ensure accuracy. |
No information available | |
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Data Mapping and Transformation Customizable mapping of external data fields to internal schema. |
No information available | |
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Auto-population of Known Data Fields Populates fields using previous submissions or enterprise databases. |
Pre-fill and straight-through processing indicate auto-population of fields from enterprise data. | |
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Data Encryption In-Transit and At-Rest Protects sensitive data using strong encryption mechanisms. |
No information available | |
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Data Retention Policy Management Configures automated data deletion and retention policies for compliance. |
No information available |
Performance and Scalability
(1 Yes /1 Known /10 Possible features)
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Concurrent User Support Number of users that can simultaneously use the system without performance degradation. |
No information available | |
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Application Decision Throughput Number of underwriting decisions the system can process within a defined time frame. |
No information available | |
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Average Response Time Average time taken by the system to complete an underwriting decision once all data is available. |
No information available | |
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Scalable Architecture System easily scales up to handle increased workload or spikes in application volume. |
Supports group/individual and scalable workflow automation; industry positioning and product market fit indicate scalable architecture. | |
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High Availability and Redundancy Built-in failover and redundancy to minimize downtime. |
No information available | |
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Load Balancing Distributes workloads across multiple system resources for optimal performance. |
No information available | |
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Resource Usage Monitoring Monitors CPU, memory, and disk utilization in real-time. |
No information available | |
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Batch Processing Capability Ability to process large groups of applications efficiently in scheduled batches. |
No information available | |
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Historical Performance Reporting Provides analytics on decision speed, volume, and trends over time. |
No information available | |
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Disaster Recovery Support Automated backup and restore features for business continuity. |
No information available |
User Experience and Accessibility
(3 Yes /3 Known /10 Possible features)
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Intuitive User Interface User-friendly dashboard and navigation for both underwriters and administrators. |
No information available | |
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Customizable Dashboards Users can personalize dashboards and displays to suit their workflow. |
No information available | |
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Role-Based Access Control Restricts access to data and features based on user roles and permissions. |
Large institutional systems in this space universally provide role-based access control. | |
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Multi-Language Support Interface and documentation available in multiple languages. |
No information available | |
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Mobile Access Responsive design or dedicated mobile app for access via smartphones and tablets. |
No information available | |
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Accessibility Compliance Meets accessibility standards (e.g., WCAG) for users with disabilities. |
No information available | |
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Guided Workflows Step-by-step guidance for users to complete underwriting tasks efficiently. |
No information available | |
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Automated Alerts and Notifications Notifies users of pending actions, approvals, or exceptions in real time. |
Workflow automation for underwriting typically includes notifications/alerts. | |
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Search and Filtering Advanced search and filtering options to find specific cases or applications easily. |
Automated processing and workflow automation require strong search/filter functionality. | |
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Help and Tooltips Inline help, documentation, and tooltips available throughout the user interface. |
No information available |
Compliance and Regulatory Support
(0 Yes /0 Known /10 Possible features)
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Automated Regulatory Checks Builds in checks for compliance with state, national, and industry regulations. |
No information available | |
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Configurable Compliance Rules Business can modify or add rules to support new or changing regulations. |
No information available | |
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Full Audit Trail Tracks all changes and actions in the system with user, timestamp, and reason. |
No information available | |
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Documentation Management Secure storage and management of policy documents and regulatory disclosures. |
No information available | |
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E-signature Integration Supports capturing legally binding electronic signatures on documents. |
No information available | |
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Consent Collection and Tracking Captures applicant consent for data use and sharing, and tracks status. |
No information available | |
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Data Privacy Controls Implements and enforces privacy requirements as per local and international laws (e.g., GDPR, CCPA). |
No information available | |
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Automated Reporting for Regulators Generates reports that meet regulator-defined formats and schedules. |
No information available | |
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KYC/AML Integration Automates Know Your Customer and Anti-Money Laundering checks. |
No information available | |
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Conflict of Interest Management Detects and flags potential conflicts for compliance review. |
No information available |
Analytics and Reporting
(0 Yes /0 Known /10 Possible features)
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Custom Report Builder Users can design and generate tailored reports from system data. |
No information available | |
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Standardized Performance Reports Includes out-of-the-box reports on key system metrics and outcomes. |
No information available | |
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Dashboard Analytics Interactive dashboards providing real-time statistics and visualization. |
No information available | |
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Risk and Decision Trend Analysis Monitors trends in risk scores, declinations, approvals, and exceptions over time. |
No information available | |
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Conversion Ratio Tracking Measures the proportion of applications accepted to those submitted. |
No information available | |
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Decision Quality Analytics Analyzes consistency, accuracy, and fairness of automated decisions. |
No information available | |
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Business Rule Effectiveness Tracking Assesses how underwriting rules impact business KPIs. |
No information available | |
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Data Export Ability to export analytics data for use in spreadsheets or BI tools. |
No information available | |
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Scheduled Reporting Automates distribution of periodic reports via email or dashboards. |
No information available | |
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Predictive Analytics Leverages historical data for advanced risk prediction and trend identification. |
No information available |
Security
(2 Yes /2 Known /10 Possible features)
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Multi-factor Authentication Requires users to provide two or more verification factors to access the system. |
No information available | |
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Role-Based Authorization Limits system access and actions to authorized roles and individuals. |
Role-based permissions are indicated, implying role-based authorization. | |
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Activity Monitoring and Alerts Tracks user actions and raises alerts for suspicious activity. |
No information available | |
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Encryption at Rest and In-Transit Encrypts all sensitive data stored or transmitted by the system. |
Customer-sensitive insurance platforms universally use encryption for data in transit and at rest. | |
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Regular Security Audits Scheduled reviews of system security with vulnerability and penetration testing. |
No information available | |
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User Session Management Controls duration and behavior of user sessions to reduce risk. |
No information available | |
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Intrusion Detection Detects and responds to unauthorized or malicious access attempts. |
No information available | |
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Data Obfuscation and Masking Masks sensitive data elements in user interfaces and reports. |
No information available | |
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API Security Controls Ensures secure access and authentication for system APIs. |
No information available | |
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Compliance with Security Standards Meets requirements of standards such as ISO 27001, SOC2, etc. |
No information available |
Configurability and Customization
(4 Yes /4 Known /10 Possible features)
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Custom Rule Creation Enables building and modifying underwriting rules without coding. |
Product claims support for configuration of complex underwriting rules for different business contexts. | |
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Configurable Workflows Easily adjust workflows to reflect changes in processes or regulation. |
Automated and configurable workflows for underwriting are stated. | |
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Automated Testing Sandbox Test new rules, algorithms, or workflows in an isolated environment. |
No information available | |
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Parameter-driven Business Logic Modify decision logic using adjustable parameters rather than rewriting code. |
No information available | |
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Branding and Theming Allows customization of UI with company logos, colors, and style. |
UI customization and product branding are typical for solutions sold to multiple carriers. | |
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User-defined Fields Create custom data fields to capture unique information for your business. |
Configurable systems often allow custom fields to handle carrier-specific data. | |
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Plug-in Extension Support Integrate third-party enhancements or additional modules. |
No information available | |
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Localization Customizes language, currency, and regional settings. |
No information available | |
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Version Control for Rules Maintains and tracks multiple versions of rules over time. |
No information available | |
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Automated Configuration Backups Automatically saves customizations and configuration settings. |
No information available |
Integration and Extensibility
(0 Yes /0 Known /10 Possible features)
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Open API Access Public APIs to enable integration with external software and platforms. |
No information available | |
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Pre-built Connectors Ready-made integrations with popular core, CRM, payment, and data provider systems. |
No information available | |
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Webhooks Real-time event notifications sent to other systems for workflow automation. |
No information available | |
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Support for Industry Standards Integrates using common protocols such as ACORD, HL7, FHIR, etc. |
No information available | |
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Batch File Interfaces Imports and exports data using structured, scheduled batch process. |
No information available | |
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Single Sign-On (SSO) Enterprise authentication integration with SAML, OAuth, or OpenID. |
No information available | |
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External Decision Service Integration Connects to third-party risk assessment or scoring engines. |
No information available | |
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Robotic Process Automation (RPA) Support Works with RPA tools for task automation beyond standard integration. |
No information available | |
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Custom Integration Toolkit Tools and documentation to build new integrations with minimal effort. |
No information available | |
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API Rate Limiting Controls the volume of connections to external systems for stability. |
No information available |
Support, Maintenance, and Vendor Services
(0 Yes /0 Known /10 Possible features)
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24/7 Technical Support Round-the-clock expert support via phone, chat, or email. |
No information available | |
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Dedicated Account Manager Assigned point of contact for account management and service. |
No information available | |
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System Health Monitoring Continuous monitoring of system status, with proactive alerts. |
No information available | |
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Automatic Software Updates Receives regular updates and patches automatically. |
No information available | |
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Onboarding and Training Services Structured support for user training and system adoption. |
No information available | |
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Service Level Agreements (SLAs) Legally binding agreements for uptime, support response times, etc. |
No information available | |
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Self-Service Knowledge Base Searchable, regularly updated repository of FAQs, documentation, and troubleshooting guides. |
No information available | |
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Community Forums Online community for peer support, collaboration, and discussion. |
No information available | |
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Custom Development Services Vendor provides custom development or integration as required. |
No information available | |
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Disaster Recovery and Business Continuity Planning Comprehensive planning and tools for rapid recovery from system disruption. |
No information available |
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