Digital. Dynamic. Dependable.
Simplify Policy Booking and Binding for Property and Casualty Insurance
Digitize and streamline the policy binding process to fast-track policy generation and servicing with configurable rules-driven templates.
“With automated workflows, Newgen’s Policy Booking and Binding Solution for P&C insurance has reduced manual errors and helped us generate over 250,000 types of multilingual communication. The built-in compliance checks took care of regulations and industry standards in the region-specific templates.”
Vice President, Operations, P&C Insurance Company
Learn What Newgen’s Policy Booking and Binding For P&C Insurance Can Do For You
Comprehensive Clause Library
Update wordings, clauses, and definitions with complete version control and apply rules – including show, hide, and replace – on wordings to handle multiple products and endorsements. Easily search from the central wording and clause library and use maker-checker workflows to review and approve modifications to the library. Enable end-to-end monitoring, controlling, and audit of changes to wordings, definitions, and clauses.
Integration with Core Policy Administration System
Leverage integration with the core policy administration system for fetching details related to the customer/coverage/endorsement. Select the corresponding template and apply the relevant wording rules based on the selected coverages. Support API and batch-based integration with existing systems to get the metadata required for policy generation and ensure data flow between the underwriting and the policy issuance system.
Extensive Template Library
Create new templates, upload existing templates into the system, and automatically add words associated with endorsement/product type in policies by using the built-in dynamic text editor. Use the centralized document management capability to get relevant documents from underwriting and sales to complete booking and generate policies. Capture data from the co-insurance and distribution channels seamlessly. Support treaty and facultative reinsurance via the reinsurance module.
On-demand Policy Creation
Generate policy contracts and endorsements with a click, auto-populate clauses, warranties, deductibles and specific wordings, and direct referral to underwriting/sales department. Create tailored contracts for brokers/customers/channels. Allow rules-based editing of policy/wording/clause by designated users, while auto-ingesting and processing wordings from brokers & customers. Use a system-based discrepancy resolution mechanism and pre-defined checks for premium validation.
Comprehensive Clause Library
Update wordings, clauses, and definitions with complete version control and apply rules – including show, hide, and replace – on wordings to handle multiple products and endorsements. Easily search from the central wording and clause library and use maker-checker workflows to review and approve modifications to the library. Enable end-to-end monitoring, controlling, and audit of changes to wordings, definitions, and clauses.
Integration with Core Policy Administration System
Leverage integration with the core policy administration system for fetching details related to the customer/coverage/endorsement. Select the corresponding template and apply the relevant wording rules based on the selected coverages. Support API and batch-based integration with existing systems to get the metadata required for policy generation and ensure data flow between the underwriting and the policy issuance system.
Extensive Template Library
Create new templates, upload existing templates into the system, and automatically add words associated with endorsement/product type in policies by using the built-in dynamic text editor. Use the centralized document management capability to get relevant documents from underwriting and sales to complete booking and generate policies. Capture data from the co-insurance and distribution channels seamlessly. Support treaty and facultative reinsurance via the reinsurance module.
On-demand Policy Creation
Generate policy contracts and endorsements with a click, auto-populate clauses, warranties, deductibles and specific wordings, and direct referral to underwriting/sales department. Create tailored contracts for brokers/customers/channels. Allow rules-based editing of policy/wording/clause by designated users, while auto-ingesting and processing wordings from brokers & customers. Use a system-based discrepancy resolution mechanism and pre-defined checks for premium validation.
Explore Newgen’s other P&C Insurance Solutions
Brands using Newgen Platform
Success Stories
Find Your Winning Strategy with Newgen
Request a demo to explore our solutions for faster claims processing, policy management, and automated underwriting for general insurance journey automation.
Request a demoGot Questions?
Enter your information, and a Newgen representative will be in touch shortly.