7 ways an underwriting workbench makes your job more interesting

From start-ups to enterprise corporations, underwriters around the world are waking up to the value of an Underwriting Workbench.

It’s quietly gaining traction as the must-have system for modern underwriters, and quite rightly so. Not only does it solve real business problems and boost performance, but a workbench also overcomes the thorny challenges of bringing together siloed, inaccessible data and streamlining slow, manual workflows.

And, it actually makes an underwriter’s job far more interesting. Here we take a look at seven ways a workbench helps underwriters get back to doing the work they love.

But first, what exactly is an Underwriting Workbench?

From woodworking to watchmaking, a traditional workbench has provided a comfortable place for artisans to design their creations, with all the tools in easy reach. An Underwriting Workbench is essentially the digital equivalent of a real workbench – one place where tools, data and work align.

It is a commercial insurance platform that supports and facilitates the underwriting process, from submission to bind. Think of it as a one-stop desktop for underwriters where data intelligence, decision points and documentation all reside within the same platform. So regardless of legacy systems, the Underwriting Workbench can provide a single place for managing new business, renewals and endorsements.

An Underwriting Workbench is a digital control panel and collaboration tool that offers a one-stop-shop which streamlines processes, distributes work, accesses digitalised documents or emails, and brings in data streams and analysis. The best of them interact with underlying systems to present an integrated “single pane of glass”, which gives the user an integrated experience across multiple devices - Endava

So how can an underwriting workbench make the job more interesting for underwriters?

1. With a focus on data optimisation, a modern workbench fuses advanced automation technologies with leading data providers. This means the platform distils, harmonises and organises huge amounts of structured and unstructured data, from any source, even legacy systems.
2. In real-time, the AI-powered platform turns complex data from across the business into a single customer view, meaning underwriters can lead with forward visibility.
3. Advanced intelligence and data processing toolsets automate the receipt and upload of risk and asset schedules and bordereaux, saving time and improving accuracy.
4. Customer information is keyed once, providing a single-entry point for data entry, data cleansing and data enrichment.
5. Underwriters can standardise underwriting journeys, get a clear understanding of risk with automated workflows and focus on core work that drives growth.
6. Work is easily tracked through the entire lifecycle providing a consolidated view of all tasks at individual, team and risk level. This real-time intelligence enables a better handle on productivity.
7. Advanced reporting and a full audit trail enable more effective governance and for underwriters to lead with commercial confidence.

Ready to reimagine a new way of working? If you want to work faster, and smarter, get in touch to request your Underwriting Workbench demo today.