As we pass the half-way point in 2024, the insurance landscape has continued to evolve with accelerated demands for AI in underwriting and insurers looking to move from process-driven to data-driven underwriting.
Building on momentum from our last update, we’ve been enhancing our products to meet these evolving needs.
We’ve since expanded capabilities within our Smart Submission and Delegated Underwriting Authority products, and made it easier for insurers to configure and optimise their workbench with Send Connect. We’ve also launched a line of business for the London Market to help insurers manage these complex risks.
Here’s the latest summary of our Q1 and Q2 2024 product highlights:
Smart Submission:
Linking submissions to multiple risks
Since we launched Smart Submission, one consistent piece of feedback from teams is that they often receive one email related to many risks or several emails related to a single risk. This highlighted the need for better connectivity and context in managing submissions.
Our latest update addresses this by allowing submissions to be linked to multiple risks. This provides insurers with valuable context, particularly for managing MTAs and renewals. This change simplifies the process and enhances how insurers manage and view submission data, ultimately improving decision-making and providing a comprehensive view of risks over time.
Previously, the manual process involved using email, saving attachments, finding those attachments to upload to your system, and endless ‘Ctrl+C’ and ‘Ctrl+V’ to get information from the email. With Smart Submission, you simply connect the email to your risks to streamline your submission process.
Submission insights
We have been reviewing the task management functionality we introduced and working closely with clients to improve the user experience. Our enhanced dashboards now make it easier and quicker for users to identify their relevant tasks, providing deeper submission insights directly from within our workbench.
This covers all key metrics such as submission volumes, processing time, priority statuses, conversion rates, and other key SLA metrics for a comprehensive view of your submission to quote ratio.
These can be filtered and analysed to provide a clear picture of processing times for operations teams or impact on conversion rates for underwriting teams – without needing external reporting tools.
Available within the workbench or as a feed to your own reporting tools, this provides insurers with actionable insights that can be used to inform your submission strategy.
Delegated Underwriting Authority:
We’ve made two main enhancements in our Delegated Underwriting Authority product:
Adding multiple Coverholders to your binder
We have given insurers the ability to set up a binder and designate a principal Coverholder while adding multiple sub-Coverholders to accommodate more complex organisational structures.
Coverholder relationships
Additionally, you can capture the hierarchy of a Coverholder to reflect their group and organisational structure, such as linking offices under the same parent company or designating subsidiaries within a group.
These improvements allow insurers to view and manage organisational structures at the Coverholder level more effectively and handle multiple related or unrelated entities within the binder view.
Send Connect
Send Connect has always been at the heart of our workbench as an insurance-focused integration platform and has been the base for our pre-built connectors and Underwriting Workbench connectivity.
We have been working to evolve these capabilities into a self-service, low-code platform – providing insurers with even greater control and flexibility.
Send Connect will provide insurers with a user-friendly platform that makes it easy to configure and optimise their workbench.
- A user-friendly low-code interface to intuitively configure and manage your Underwriting Workbench
- Can accelerate technology to deliver value to the business sooner
- Pre-built components, workflows and LOBs ready for rapid product delivery and business growth
- The ability to manage integrations and APIs directly from the platform
Our updated Send Connect platform will help insurers quickly build and deploy new workflows, manage changes within your existing Send Underwriting Workbench, and integrate with existing systems or data services via APIs for a more connected workbench.
Watch this space.
London Market workflow templates
We’ve also launched a new workflow specifically built for the London Market.
This has been developed to meet the unique requirements of Lloyd’s and London Market underwriters, enabling them to manage complex commercial and specialty risks with greater efficiency and accuracy.
This supports both open-market and delegated underwriting, handling multi-section programs, risk codes, and subscription markets.
This new template is pre-configured for immediate operational readiness, ensuring insurers can quickly adapt and scale their operations to meet the demands of the evolving market.
Learn more about our London Market capabilities here: send.technology/london-market/
Looking ahead
As we continue to evolve our Underwriting Workbench, we expect to see increased demand for deep (functionally rich) workbenches as insurers shift towards data-driven underwriting.
We encourage you to speak to us about your requirements and connect with our team to learn more.
#underwritingevolution