The STEP platform provides a straight-through solution for origination, underwriting, and issue of life insurance and annuity policies. The platform can quote and recommend products and suitable coverages based on the customer’s lifestyle, financial state, and unique requirements, and is a customizable, multi-product, new business and underwriting platform.
The platform is equipped with customizable digital e-solution portals for customers and agents who drive business through a personalized experience. The highly intuitive ‘Direct-to-Consumer’ and ‘e-app through agents’ channels offer new customers hassle-free and fast new business application process. The API-enabled case management and underwriting workbenches are integrated with policy administration system, producer management system, underwriting decision engine, and user portals (agents, policyholders, etc.). The STEP e-apps and Application Workbench user interfaces bring customer delight with its ease of use and accessibility.
The STEP platform’s e-apps and workbenches can be customized to work with the in-house STEP Underwriting Decision Engine or carrier-chosen Re-Insurer’s Decision Engine, which drives the ‘Straight-through Processing’ capabilities.
The state-of-the-art STEP platform is a gateway to McCamish’s industry-leading life and annuity products and policy and producer management platforms. The platform provides companies with the tools to achieve:
The STEP New Business Platform will enable companies to launch new, individual, or group life insurance products, as well as update existing products to keep pace with rapid changes in the market. Our STEP New Business platform delivers a straight-through solution for origination, issue, underwriting, claims, and policy administration of insurance products.
The STEP New Business Platform enables carriers to fast-track product launches through its highly configurable low-code/no-code architecture.
The New Business Acquisition component collects and tracks information from an initial policy quote through the issuance of the actual policy. It enables companies to achieve their strategic objectives by delivering:
It also delivers full support for new business origination such as:
It is a powerful straight-through processing engine for underwriting and includes:
The STEP platform offers customized portals for external and internal roles with configurable e-apps that feature editable Q&A building with branching logic. Our system also provides an easy-to-use, friendly interface for direct-to-consumer e-forms.
Our Product Configurator facilitates rapid design of e-forms, such as:
In addition, our system offers reflexive questionnaires for medical underwriting such as:
The STEP platform creates an automated, streamlined underwriting process. It incorporates rule-based risk assessment that enables smarter and faster underwriting decisions. Our automated process improves the overall underwriting cycle efficiency by lowering underwriting overhead, reducing costly errors, and eliminating manual efforts.
The requirements for underwriting life insurance products are unique. STEP’s powerful underwriting platform fully handles the complexity of L&A products. Our web-based system includes a stylized, reflexive applicant questionnaire that is conducted and completed via OMNI Channel Customer Support. Based on the applicant’s answers and the established rules-driven underwriting guidelines, the application is electronically processed and directed to the Underwriter’s Workbench.
The Underwriter’s Workbench provides for a consistent underwriting discipline and acts as a dashboard for the underwriter to request, collect, and review all the requirements necessary to evaluate the applicant’s insurance risk.
The STEP Engine Framework offers services such as:
These requirements templates are available for life insurance products with associated standard riders.
The STEP New Business e-app portal features enable applicants and policyholders and allow the applicants to review and e-sign documents and policies within the system, prior to issuance. The policy can be bound instantly, and policy pages and policy language can be assembled based on product structure and policy provisions. The entire policy can then be dispatched to the applicant for review and acceptance within minutes of the final action occurring on the policy.
The STEP platform can reduce the ‘apply-to-issue’ cycle time for simplified issue or instant issue life insurance products from days to simply hours, resulting in greater efficiency, improved customer satisfaction, and lowered costs.
The STEP platform utilises BPMN 3.0 as part of the technology stack. This allows the workflow routing and task management to be configured as an integral part of the product configuration. The routing and task queues for a specific organizational unit are defined first and then workflow rules based on certain attribute/conditions are designed to route the tasks to specific roles during the workflow.Each individual’s roles and the associated tasks can be managed using the same set of product rules. These rules can be configured to automatically manage task loads as well as for monitoring and measuring productivity metrics during the processing of insurance policies.
Our new business and underwriting services and solutions span the entire life and annuities value chain, delivering quickly and reliably for lower cost. These enable companies to reduce time to market for new products, expand globally, streamline management of complex distribution channels, and penetrate new markets. The Infosys McCamish STEP platform enhances business competitiveness by optimizing and transforming new business and underwriting processes and delivering accountability for high-quality service to the customers, agents, and case management/underwriting office.
Plug-and-play with carrier software
Plan setup and enrollment
New Business Underwriting and In-Force Underwriting