Aspire handles policy management from the point of sale of a policy through to its conclusion. Every stage in the life-cycle of a policy is managed by Aspire. Being a true data-driven application, Aspire incorporates a level of “artificial” underwriting intelligence and profiling.
Rates and basic underwriting rules are stored in tables that feed the front-end elements of the system. This gives Aspire the ability to perform data validation and the initial layer of underwriting on a risk at the time of application.
Aspire can process electronic applications and quotes, while applying the appropriate rates, rules, pro-rata and surcharge factors. The point-of-sale user, by accessing Aspire and completing an application electronically, initiates the process.
Once the application process is complete, Aspire adds the record to a queue of applications pending underwriting review. Or, for agent-driven platforms, agents with binding authority (that have otherwise satisfied Aspire’s underwriting validation process) may immediately bind risks.
However, for platforms where there is no (or limited) binding authority (or direct written business), an authorized user at the home office, such as an underwriter, will have the opportunity to review these applications prior to binding.
During the review process, the underwriter verifies and qualifies the risk for proper placement. If approved, a quote is developed, and the point-of-sale user is notified electronically.
The risk is placed into a queue of records, pending review by the point-of-sale user. Limited documentation is available to the point-of-sale user for printing (i.e. the application, premium finance agreements, etc.). If approved, the point-of-sale user may bind the policy (if so permitted), or may further edit the application record. If edits or modifications are made to application, the application status would be downgraded negating the initial quote and initiating the underwriting review process again.
If an application has been edited one or more times, Aspire will track each version of that application, allowing the user to retrieve the desired version of the application.
Once a risk has been quoted, it is capable of being bound by an authorized user. When bound, all information pertaining to the new risk immediately populates the relevant areas of the Aspire database to ensure real-time integration. This permits immediate underwriting management of the risk.