Streamline the policy wording, binding, and generation process to minimize losses and penalties by deftly managing complex policies and clause updates. Enable back office and underwriting teams with self-service access to the wording library. Improve process efficiency with features such as template libraries, clause libraries, rule definition, and strong integration capabilities with core systems.
Features of Newgen Policy Wording and Clause Management Software
Comprehensive Clause Library
Ability to update wordings, clauses, and definitions with complete version control
Options to apply different rules, including show, hide, and replace, on wordings to handle multiple products and endorsements
Easy search from central wordings and clause library
Maker-checker workflows to review and approve modifications to the library
End-to-end monitoring, control, and auditability of changes to wordings, definitions, and clauses
Dynamic Template Library
In-built dynamic text editor for creating new templates
Support for uploading existing templates into the system
Ability to automatically add words associated with endorsement/product type in policies
Low code approval workflows
Central document template library for simplified production of customers’ documents while following corporate guidelines
Seamless Policy Creation
Detailed view of the rules applied at the time of policy generation
Rule-based policy/wording/clause editing by designated users
Seamless integration with the core policy administration system for fetching the client/coverage/endorsement details, selecting the corresponding template, and applying the relevant wording rules based on the selected coverages
Support for API and batch-based integration to get the metadata required for policy generation
Brands using Newgen Platform
