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GUARD - Global Underwriting Automated Risk Defender

To improve profitability, managing underwriting exposure effectively is essential. With a rise in frequency and severity of natural disasters, insurers are forced to reexamine their risk selection and underwriting processes. Catastrophic exposure assessment is becoming a focus area for many insurers and an integral part of the front office underwriting process.

Mindtree’s GUARD framework offers a near real-time exposure measurement for insurers, helping them optimize and automate exposure management during underwriting. It empowers underwriters to make informed decisions during the risk selection process.

Limited information about property and exposure poses a threat to risk assessment during underwriting. Without these details insurers face challenges such as inaccurate pricing, poor risk selection and higher reinsurance costs.

Guard

Improved insights during underwriting

  • CAT exposure information is readily available to underwriters.
  • Portfolio / account level risk assessment and reporting.

Minimize exposure

  • Near real-time information on exposure.
  • Improved risk selection and assessment during underwriting

Optimal pricing

  • Effectively price a quote based on exposure and valuation details.
  • Improved pricing discipline and underwriting process.

Ease and speed of underwriting

  • Simple tools and templates for exposure management and reporting.
  • Offers automated gateway for location verification, property valuation and CAT results.

GUARD provides accurate and better assessment of catastrophic risks at a specific property or location. It supports processing of partial property data received from brokers or prospects available at the underwriting stage.

It augments data with the details necessary for generating exposure insights. It offers real time integration for address verification, property valuation and catastrophe modeling. Predefined templates and intuitive reports ease interpretation by underwriters and risk managers.

GUARD offers an efficient workbench for exposure management. It enables insurers to make informed pricing decisions and streamline portfolio level risk analysis. It reduces the likelihood of unanticipated loss in catastrophe prone areas and minimizes cost of reinsurance significantly.

Mindtree offers flexible approaches to implement GUARD.

GUARD in premise: This traditional in-premise hosting provides insurers better control over their data and resources.

GUARD in Cloud: This is a highly secured SaaS model which assists insurers to take advantage of Cloud.

Key features

  • Comprehensive workbench for underwriters
  • Real-time integration for address verification, property valuation and CAT modeling tools
  • Simple tools and templates to assess location level exposures
  • Intuitive reports and dashboards for effective pricing and underwriting
  • Ease of integration with underwriting and policy administration systems

To know more about GUARD and other insurance services, contact Insurance_CoE@mindtree.com or visit us at http://www.mindtree.com