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The Gen Re COMPASS Suite is a comprehensive and powerful tool for underwriting. It consists of several components, applied according to your needs.
One of these components is our COMPASS Engine.
The COMPASS Engine is the heart of our COMPASS Suite. This component consists of a program and assessment data. The program includes the underwriting principles; the data includes which assessments and rules will be applied. The COMPASS Engine is always delivered with Gen Re assessments reflecting your particular market practice. With the COMPASS RuleManager, the initial rule set can be easily modified by the company to reflect its own underwriting philosophy and application forms. The COMPASS Engine can be used in the head office to process paper applications. For this we have developed a standard rule set.
For use at the point of sale, we have developed reflexive question sets covering those risks that need more specific details. The goal is to come to an immediate assessment whenever possible. With the reflexive questions you avoid requesting further questionnaires or doctor reports and you accelerate the new business process. The reflexive question sets are easy to understand and can be answered directly by the applicant.
Depending on the market area, COMPASS can underwrite the following benefits:
COMPASS covers the entirety of underwriting. It checks the following areas separately and in combination:
COMPASS includes numerous specific rules designed to simulate the work of a human underwriter. It focuses on the underwriting and is delivered with comprehensive rules for more than 15,000 medical disorder terms, more than 9,000 occupation terms, about 400 pursuits and all known countries.
Our rules are based on our underwriting manual CLUE, but take into account that the details are provided by the applicant and not by a doctor. Consequently a “translation” of some CLUE assessment criteria has been required. COMPASS assesses as much as possible based on this information to achieve a high Straight-Through Process Rate (STP Rate).
The assessment can be displayed by COMPASS or your own programs. When used at the point of sale, the assessment result should be processed by your application, and you are in full control over what to show the customer. Percent loadings need to be converted to your country-specific currency, and exclusion clause texts need to be available in your detailed wording.
The assessments vary from standard, loading and exclusion clause to reduction of annual benefit and decline.
For further information please contact Klaus Künzel.
