Electronic underwriting systems and interactive underwriting rule engines have existed for a number of years and each has its own strengths and limitations. Building on our experience and knowledge of other worldwide markets and systems in use, we were convinced that there was a different approach that could be taken to such systems; an approach that would provide significantly enhanced flexibility and would enable each client to develop a tailor-made system that would fit their own individual requirements.

We believed that this would have significant appeal to users of such systems and hence we embarked on a project to develop an underwriting system that would cater for the very specific needs of our clients in South Africa and beyond.

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System concept and features

In developing a different approach, our primary objectives were to create a system that:

  • is truly flexible,
  • caters for every potential underwriting situation,
  • has the ability to be seamlessly integrated into clients’ existing systems environments and
  • provides a comprehensive reporting platform covering all aspects of the underwriting process.

The over-riding principle when developing the system was to ensure that it was completely flexible, easy to maintain and easy to use. With that in mind, the system’s key features include:

  • a dynamic underwriting question set that can be customised based on the specific area of use, product features and the relevant sales channel.
  • tailor-made answers and outcomes to questions that can be created to suit your clients’ specific needs.
  • an inexpensive maintenance and quick implementation of any changes to questions and outcomes, as well as the inclusion of additional functionality, by virtue of hr | QUIRC being developed and maintained by Hannover Re.

hr | QUIRC can be used in various ways within a client’s business and the approach that can be adopted can vary:

Traditional underwriting

  • Questions are designed so that the decisions reached by underwriting staff, of all levels, are based on internal guidelines and authorities.
  • The decisions, as specified by the agreed underwriting manual, can be reflected in the outcomes to each question.
  • hr | QUIRC can be calibrated to act as a training platform for staff performing underwriting functions.

Point-of-sale (PoS) system

  • hr | QUIRC can function as a fully standalone PoS system in a broker, agent, bancassurance, tele-underwriting or online sales environment.
  • hr | QUIRC has the ability to be integrated into existing quotation, work-flow and policy administration systems.
  • Different question sets with appropriate decisions can be developed depending on the sales channel employed and the product sold.

Second-stage underwriting

  • Specific and in-depth questions can be created to deal with cases that were “referred” during the primary underwriting process.
  • Different user-types enable senior underwriters and managers to review cases and the decisions reached process.

This combination of full flexibility, customisation and the ease with which any changes are implemented, gives hr | QUIRC a distinct advantage over other underwriting systems that exist.

Additional features and functionality of the system

  • Management Information (MI) tool
  • Custom reports
  • Full log and auditing information is stored
  • Automatic question-set versioning
  • Tables and lists, with automatic decisions attached, can be managed in Excel
  • Full set of user guides
  • All changes to questions, outcomes and decisions is managed by a desk-top user with no requirement to make changes to the system code

Contact us

Should you have any questions or require further information, please do not hesitate to contact us:

quirc@hannover-re.co.za