Technology and insurance have continued to evolve over the past few months, and it’s becoming increasingly difficult to consider one without the other.
The impact of AI is hard to ignore, as many insurers are moving from process-driven to data-driven underwriting.
This transition is reshaping the entire underwriting lifecycle, whether it’s the ability to ingest and organise larger volumes of submissions, reducing manual checks, assessing risks, or portfolio management.
The Underwriting Workbench as a one-stop platform for underwriters to help write better business faster, is becoming increasingly pivotal for how insurers operate.
60 percent of performance is driven by how it operates. This dynamic applies across both soft- and hard-cycle years.
This insight underscores the importance of tools like our Underwriting Workbench, which streamline workflows and enhance decision-making to help insurers operate more effectively. These new capabilities provide underwriters with the opportunities to really examine their risks and ultimately enhance the decision-making abilities of their teams.
With this in mind, we’ve been busy working to enhance our Underwriting Workbench. Here’s the latest summary of our Q3 and Q4 2024 product highlights:
Integrated pricing with hyperexponential
For insurers who prefer to use a third-party rating solution, we are building out our integrated pricing options and have recently integrated with hyperexponential. This enables underwriters to seamlessly connect and access their pricing platform from within our Underwriting Workbench.
This integration allows underwriters to create various instances or quote options, which can all be pulled into the workbench and used within the underwriting process.
Send Connect
Send Connect helps insurers embrace a low-code approach to configuration and admin within your Underwriting Workbench. This feature accelerates the deployment of new products and services, paving the way for advanced underwriting with an expanded business rules engine.
More updates to follow soon.
Smart(er) Submissions
Our Smart Submission product has been helping insurers ingest and manage larger volumes of submissions over the past year. This is getting a major upgrade with enhanced AI extraction and OCR processing – so you can extract valuable information without needing to manually sift through documents.
This improvement extends to both Microsoft and Gmail accounts, ensuring broader compatibility and improved security.
Book a discovery call to learn more.
Better workflows
We’re refining the user experience with new task-creation capabilities that come with predefined workflows. This means you can engage in parallel activities more efficiently.
In addition to improved dashboard navigation and configuration flexibility, our new search architecture will allow for faster access to vital information, helping you stay on top of your tasks.
Delegated Underwriting Authority
To further optimise your DUA workflow, we’re streamlining delegated contract construction.
A key part of this is our enhanced AI logic for bordereaux ingestion, which ensures greater efficiency in data mappings. This reduces the amount of manual intervention and improves bordereaux accuracy.
We have also improved our due diligence functionalities, with more control for underwriters when validating and processing your bordereaux.
More OOTB Reporting
While we encourage teams to create personalised management information (MI) reports, we see our out-of-the-box (OOTB) reports as the way to get started quicker and see your data sooner.
We have enhanced our OOTB reporting and self-service capabilities, enabling teams to visualise and query operational and portfolio data. These OOTB reports cover the entire underwriting lifecycle, from submission types and volumes to account summaries and GWP breakdowns. This provides insurers with insights that are ready from day one, without the need for creating reports from scratch.
We’re also continuing to add data from third-party integrations like D&B and Companies House to further enrich the insights available from within our Underwriting Workbench.
Looking to 2025 and beyond
As we move into 2025, our focus remains on driving innovation within the platform while delivering effective solutions that work for underwriters.
This means listening to the needs of our customers while keeping a close eye on the latest technology and market initiatives (such as Blueprint Two).
What’s next? We remain committed to enhancing the data available within the workbench and interacting and responding to risks placed on electronic trading platforms without leaving your Underwriting Workbench.
We are improving our rating capabilities with the integration of O365, allowing underwriters to seamlessly use spreadsheets as part of their process within the Underwriting Workbench. This feature is currently in the final testing phase and will be available soon.
Additional features will include task templates and underwriting authorities and improvements in dashboards, search functionality, and Delegated Underwriting Authority capabilities.
Stay tuned for more updates as we continue to innovate and enhance your experience with Workbench!