Accelerator enables insurance underwriters to automate decisions with a comprehensive integrated workbench, providing a faster and more responsive stakeholder experience throughout the underwriting process
Innoveo, a global technology firm and a pioneer in enterprise no-code platform announced the rollout of their newly enhanced Digital Underwriting Workbench solution for property and casualty (P&C) insurance carriers.
Innoveo developed the Digital Underwriting Workbench solution to help solve key challenges within the insurance underwriting process, including poor transparency in the underwriting process, lengthy cycle times based on manual engagements, and lack of integrations and coordination across multiple platforms & stakeholders. In the past year, two innovative US-based insurance carriers have leveraged this Innoveo accelerator to streamline and empower their underwriters toward better and faster decision-making.
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With the workbench solution, underwriting teams get a singular view across multiple systems along with automated data intake so less time is spent on mundane tasks as well as data consolidation or data correlation. The underwriters will have more capacity to process new business, enabled to automate and make informed decisions based on real-time data and analytics, benefiting all stakeholders involved.
“The solution provides a single pane of glass experience to underwriting teams, optimizes the underwriting processes, automates repetitive manual tasks, and enables straight-through-processing,” said Thiru Sivasubramanian, Chief Solutions Officer at Innoveo. “Using Innoveo’s digital underwriting workbench, insurers have a pre-configured solution to jumpstart digitization, leverage product templates, improve productivity throughout the underwriting process, reduce turnaround times and drive collaboration across teams.”
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Capabilities of the solution include:
- Case Management with rules-based decision management, execution, automation and routing
- Insurance product templates with options for Rate/ Quote / Bind / Issue or integration with existing rating engines
- Persona-based user journeys for personalized experiences
- Provide the Underwriting team with real-time data, filters, and view/edit options for analysis & decisioning
- Customizable business rules to support quick declines and underwriting triage
- API enabled for ingestion of third-party data sources improving efficiency and data integrity
- Extraction of structured and unstructured data including broker emails, apps, loss runs and driver/vehicle or integration with existing Intelligent Document Processing platforms
