There is a commonly held view that underwriting processes are slow, outdated and inefficient. This is in part due to the lack of modern technology enabling underwriters to spend more time doing their jobs rather than undertaking repetitive administration tasks.
A survey conducted by Accenture in 2021, uncovered that only 46% of underwriters found that their current tech set-up had a positive impact on reducing their time spent on non-core tasks.
This is where we introduce the Underwriting Workbench. A workbench provides underwriters with the appropriate tools to automate non-core, administrative tasks, such as opening and populating submissions. It can also be used by managers to monitor their team’s performance and ensure regulatory compliance.
Underwriting workbenches have helped underwriters to reduce processing time by around 50% by eliminating rekeying and removing manual processes.
Our own Underwriting Workbench supports and facilitates the underwriting process and provides a single customer view of data, which empowers users to make the right decisions at the right time.
We partnered with InsTech, and our implementation partner, Sollers Consulting, to create an underwriting workbench guide which explores why it is the right digital solution for the insurance industry.