Policy Administration

Until UDA, there have been few decent alternatives to evaluate all of the policy terms and conditions that exist for a book of business. The vast majority of all policy information is unstructured data. Very little information fits into structured data. Having the UDA capability means the risk entities can quickly and efficiently identify and understand each and every exclusion, sub-limit, limit, endorsement, and unique modifications.

The capability of analyzing a portfolio of policy contracts create two significant opportunities. First, it creates the ability to be far more proactive in managing risks at an entity level. For example, on any one issue, a company can in a few hours identify its coverage strategy on every policy it has ever issued. Previously, such an effort would have taken several hundred, if not thousands, of hours to complete.

The second opportunity is the ability for the claims department to more quickly and efficiently understand items that are or are not covered, excluded, sub-limited, etc by the policy. An effort that might take hours, can now be completed in a matter of minutes. Better, more accurate information faster and cheaper will result in lower loss costs and claims expenses.

 

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