In addition to providing knowledge base development tools, SyntelSoft has created standard underwriting knowledge bases for three commercial lines of insurance in the United States and in the United Kingdom. The U.S. knowledge bases provide you with the following features and benefits.
Multi-line / Package Underwriting
- Shares common data (such as legal structure, effective date, years in business and premises information) across multiple lines of business
- Displays available historical information on a producer's experience, by year and line of business
- Calculates an overview of preliminary account acceptability, including authority levels and loss ratios
- Supports financial analysis based on D&B, DUG, and financial statements, mapping to D&B industry ratios where appropriate
- Performs historical loss ratios, and frequency and severity calculations
- Summarizes by line of business, assisting with final risk assessment, pricing, loss ratios, and authorities
- Assists with summary documentation of underwriting action, effective dates and endorsement history for the entire account
Workers' Compensation Knowledge Base
- Helps the underwriter to identify risks that are better or worse than the average in their class
- Supports the Workers' Compensation codes in all states for underwriting multiple classes and locations
- Includes an alphabetical search for all the code and subcode legal phraseologies and classification-by-analogy texts
- Displays related NCCI classifications
- Generates an Initial Assessment from ACORD application (or equivalent) information
- Recommends specific actions needed to best focus each underwriting evaluation
- Identifies the critical factors to consider for each class code and assesses them against the average for the class
- Assists with the quantitative and qualitative analysis of up to four years of loss history
- Analyzes the adequacy of an insured's experience modifications and the details of the experience rating worksheet for each state, if available
- Brings unusual coverage limit requests (such as high employer's liability limits, inclusion or exclusion of partners and officers, or USL&H) to the underwriter's attention
- Helps underwriters evaluate all characteristics of the risk, including the consolidation of all individual areas of analysis
- Supports analysis of the factors that influence the profitability of writing the risk, including risk quality and considerations such as rate adequacy, handling expense, and company-filed deviations, if any
- Recommends discretionary pricing and dividend plans for consistent application of company pricing programs
Fire and Allied Lines Knowledge Base
- Assists with analysis of multiple premises, multiple buildings within a premises, and multiple occupancies within a building, as required to handle varying complexities of risk
- Supports ISO CSP codes for all states including Texas, plus Canada
- Generates an Initial Assessment based on ACORD application (or equivalent) information, to support a quick first look at the acceptability of an account
- Covers the perils of fire, wind, water, crime, and earthquake
- Includes coastal state strategies to help analyze windstorm, hurricane, and wave wash hazards
- Provides earthquake information at the three digit ZIP code level, based on the USGS seismic tables
- Includes Specific Occupancy Analysis on approximately 90 CSP codes
- Supports detailed analysis for over 90% of all standard Fire and Allied Lines monoline or package business
- Time Element Analysis and Business Income Worksheets help the underwriter calculate exposures and revenues
- Automatically handles Insurance to Value calculations
- Provides the underwriter with the ability to perform "what if" adjustments to the loss history, to determine possible changes to existing coverage or deductibles
- Helps achieve consistency in the application of pricing programs and the documentation of schedule debits and credits
- Calculates key peril, key location, PML, and treaty or facultative reinsurance allocations
General Liability Knowledge Base
- Helps underwriters identify the exposures to loss presented by each risk's operations
- Assists in determining the appropriate classifications for the risk's operations
- Includes an alphabetical search of all General Liability codes
- Identifies related or commonly confused codes
- Brings to the underwriter's attention any requests for low deductibles, unusual coverages, or high limits
- Displays and records endorsement information for the policy
- Flags endorsements required or conditionally required for given classifications
- Assists with qualitative and quantitative analysis of frequency and severity of losses
- Allows the underwriter to perform "what-if" adjustment to the loss history, to determine possible changes to existing coverage or deductibles
- Helps to analyze critical exposures for each class of business listed
- Helps underwriters come to a conclusion about the operations, exposures and locations involved by helping to weigh and combine all individual areas of analysis
- Assists in the determination and application of schedule credits and debits for consistent application of company pricing plans
- Displays information on rate adequacy and on company and state filing plans