PLEASANTON, Calif., Jan. 15, 2019 /PRNewswire-PRWeb/ -- RapidValue, a leader in digital transformation solutions, partners with MSI Assurances & Réassurances, an underwriting agency based out of France, to build an underwriting system which integrates with their broker systems. MSI has various insurance products which they sell on a B2B basis, through retailers, insurance intermediaries, agents and brokers. MSI was looking for a partner who could build a rule-based underwriting decision engine or an underwriting system which enabled integration with their broker systems to validate the insurance policies before they are sold.
MSI did not have an IT System in place where they can track and manage the products sold by the brokers/retailers on a real time basis. MSI wanted their underwriting system to generate a PDF policy to brokers in order to ensure that the insurance policy is issued by MSI and brokers would not be able to do it independently without their consent. The client was keen on off-the-shelf underwriting but they partnered with RapidValue for the flexibility that they offered in building the application as per MSI's specific requirement. RapidValue is designing and developing the automated underwriting system and will host it on AWS Cloud.
"RapidValue is helping implement MSI's underwriting system. With this solution, MSI is expected to gain a significant improvement in process efficiencies which will eventually, lead to the increase in productivity. We also, expect considerable improvement in compliance. We appreciate the flexibility that the RapidValue team is showing while developing our solution. I sincerely thank RapidValue for providing us with the kind of product that would hopefully, take our business to a different level." says James Wiseman, Chief Underwriting Officer, MSI.
The underwriting system, which is being built by RapidValue, aims to help MSI create a streamlined workflow. This would enable MSI to track and manage the policies issued in real time and access a dashboard view of statistical data.
"We are pleased to get this opportunity to partner with MSI to deliver valuable services to its customers. The underwriting application that is being developed by RapidValue facilitates a profiling system for quicker and reliable decisions. There will be a reduction of cost and an increase in productivity and it will significantly reduce the risk through 'Intelligent' system. The commitment and challenges are pretty much evident in how we are designing the underwriting system." says Rajesh Padinjaremadam, President & CEO, RapidValue.
The application highlights the use of 'drools' engine and 'quote' engine to build the rules and execute the applications which are going to be hosted in AWS. The underwriting system will help MSI immensely, in streamlining the workflow and reducing turnaround time. It also promises to facilitate real-time tracking and faster processing of applications.
MSI was established in 1996 and has developed into a reputable underwriting agency or "MGA" for Insurance companies passporting in Europe under the Freedom of Services Act. It has been a "Coverholder" for Lloyd's from its very beginning. MSI provides services to affinity groups targeting private lines business, SME, middle market and major corporations. MSI distributes products on a B2B basis, through retailers, insurance intermediaries, agents and brokers. It provides added value in the transactional chain as an Underwriting Agency specialising in bespoke products. MSI offers the ideal solution through binding authorities, service level agreements and customised risk placement programmes.
RapidValue is a global leader in digital transformation solutions including mobility, omni-channel, IoT, AI, RPA and cloud to enterprises worldwide. RapidValue offers its digital services to the world's top brands, Fortune 1000 companies and innovative emerging start-ups. With offices in the United States, the United Kingdom, Germany and India and operations spread across Middle-East, Europe and Canada, RapidValue delivers enterprise services and solutions across various industry verticals.
To learn more, visit http://www.rapidvaluesolutions.com
For more information, kindly get in touch with:
Roshmin Nair, Regional Manager - Business Development, RapidValue
M: +44-2083966648, E-mail: roshmin.nair(at)rapidvaluesolutions.com
Supratim Chakraborty, Marketing Manager, RapidValue
M: +91-9940426996, E-mail: supratimc(at)rapidvaluesolutions.com