What is the value proposition of an MGU?

#artificialintelligence

A managing general underwriter (MGU) is a specialized type of insurance intermediary that has been granted underwriting authority by an insurer. It can administer programs and negotiate contracts on behalf of a carrier, while also conducting core functions like binding coverage, underwriting and pricing, settling claims, sales, marketing and distribution. However, if they're so similar to insurance carriers, what value do MGUs bring to the marketplace? It's all to do with capacity and specialization. Insurance carriers are under constant pressure to control their expenses.


What is the value proposition of an MGU?

#artificialintelligence

A managing general underwriter (MGU) is a specialized type of insurance intermediary that has been granted underwriting authority by an insurer. It can administer programs and negotiate contracts on behalf of a carrier, while also conducting core functions like binding coverage, underwriting and pricing, settling claims, sales, marketing and distribution. However, if they're so similar to insurance carriers, what value do MGUs bring to the marketplace? It's all to do with capacity and specialization. Insurance carriers are under constant pressure to control their expenses.


Custom DU--A Web-Based Business User-Driven Automated Underwriting System

AI Magazine

Custom DU is an automated underwriting system that enables mortgage lenders to build their own business rules that facilitate assessing borrower eligibility for different mortgage products. Developed by Fannie Mae, Custom DU has been used since 2004 by several lenders to automate the underwriting of numerous mortgage products. Custom DU uses rule specification language techniques and a web-based, user-friendly interface for implementing business rules that represent business policy. By means of the user interface, lenders can also customize their underwriting findings reports, test the rules that they have defined, and publish changes to business rules on a real-time basis, all without any software modifications. The user interface enforces structure and consistency, enabling business users to focus on their underwriting guidelines when converting their business policy to rules.


Custom DU - A Web Based Business User Driven Automated Underwriting System

AAAI Conferences

Custom DU is an automated underwriting system that enables mortgage lenders to build their own business rules that facilitate assessing borrower eligibility for different mortgage products. Developed by Fannie Mae, Custom DU has been used since 2004 by several lenders to automate the underwriting of numerous mortgage products. Custom DU uses rule specification language techniques and a web-based, user-friendly interface for implementing business rules that represent business policy. Via the user interface, lenders can also customize their underwriting findings reports, test the rules that they have defined and publish changes to business rules on a real-time basis, all without any software modifications. The user interface enforces structure and consistency, enabling business users to focus on their underwriting guidelines when converting their business policy to rules. Once a lender has created their rules, loans are routed to the appropriate rulesets and customized, but consistent results are always returned to the lender. Using Custom DU, lenders can create different rulesets for their products and assign them to different channels of the business, allowing for centralized control of underwriting policies and procedures - even if lenders have decentralized operations.


Custom DU: A Web-Based Business User-Driven Automated Underwriting System

AI Magazine

Custom DU is an automated underwriting system that enables mortgage lenders to build their own business rules that facilitate assessing borrower eligibility for different mortgage products. Developed by Fannie Mae, Custom DU has been used since 2004 by several lenders to automate the underwriting of numerous mortgage products. Custom DU uses rule specification language techniques and a web-based, user-friendly interface for implementing business rules that represent business policy. By means of the user interface, lenders can also customize their underwriting findings reports, test the rules that they have defined, and publish changes to business rules on a real-time basis, all without any software modifications. The user interface enforces structure and consistency, enabling business users to focus on their underwriting guidelines when converting their business policy to rules. Once lenders have created their rules, loans are routed to the appropriate rule sets, and customized, but consistent, results are always returned to the lender. Using Custom DU, lenders can create different rule sets for their products and assign them to different channels of the business, allowing for centralized control of underwriting policies and procedures—even if lenders have decentralized operations.