INSURANCE UNDERWRITING DECISION PROCESS

Created by ChecklistGuro (https://checklistguro.com)

[ ] Fetch Applicant Data: Retrieve the primary application details from the Policy Application data model.
[ ] Retrieve Risk Profile: Fetch historical claims and risk assessment data associated with the applicant.
[ ] Calculate Risk Score: Execute a formula combining age, health metrics, and historical claim frequency to produce a unified risk score.
[ ] Aggregate Total Premium Value: Sum the values of all identified assets/items within the application to determine total insured value.
[ ] Determine Premium Quote: Calculate the final premium price based on the Risk Score and Total Insured Value.
[ ] Assign Manual Underwriting Review: Create a task for a Senior Underwriter if the Risk Score exceeds the automated threshold.
[ ] Generate Underwriting Decision Record: Create a new entry in the Underwriting Decisions data model containing the final verdict.
[ ] Update Application Status: Update the status of the original Application entry to 'Decided' (Approved/Declined/Pending).
[ ] Create Document Verification Task: Create a task for the Operations team to verify uploaded identity and medical documents.
[ ] Notify Applicant of Decision: Send an email to the applicant's email address with the decision outcome and next steps.
[ ] Send Urgent Premium Payment Alert: Send an SMS to the applicant if the decision is 'Approved' and requires immediate premium payment.
[ ] Generate Monthly Underwriting Audit Report: Create a report summarizing all decisions made within the current period for compliance auditing.
[ ] Update Policy Ledger: Update the Financial Ledger data model with the finalized premium amount and effective date.
[ ] Clean Up Temporary Drafts: Delete temporary calculation entries or transient data scraps created during the assessment process.

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