Accelerating Innovation in Automated Underwriting

P&C represents about a third of all insurance premiums overall, however growth has remained stagnant relative to GDP. In order to remain competitive in a volatile and uncertain marketplace, P&C firms must rapidly develop innovative business models and products, build new operational efficiencies, and remain productive through market disruptions.

 

To achieve this necessary operational flexibility, the industry has prioritized the digital transformation of core operations, from enhanced customer-facing services to optimized back-office processes. These major digital trends are starting to take priority for underwriting, a traditionally manual and complex process, particularly for “no-touch” and data analytics solutions. In order to be more nimble and become the provider of choice, insurers need to become more straight-through and provide coverages for specific risks in real time.

The Joint Solution

Together, Carpe Data and Unqork joined forces to create the Digital Underwriting Workbench to effectively automate the client onboarding and risk management workflows while reducing costs. The Workbench combines Unqork’s industry-first, no-code enterprise application platform with Carpe Data’s insight-driven datasets for insurance. The solution empowers P&C insurers to rapidly build workflows in Unqork’s platform while leveraging Carpe Data’s insights to better understand their customers and drive more confident business decisions. This enables them to compete more effectively with robust underwriting capabilities that are fast, secure, and flexible. Insurers can now get to market faster— in weeks, not months—thanks to automated workflows and unmitigated access to better data.

 

Capabilities

  • Straight-Through Processing: Automate validation rules, eligibility checks, knockout questions, and necessary integrations to accelerate time-to-value
  • End-to-End UW Case Management: Track and manage cases, request information, notify decisions, and manage capacity; includes robust NIGO rule and workflow designs
  • Agile Operations: Allow carriers to create a joint solution that
    fits the specific look, feel, and functional capabilities needed for all roles in an organization with modular workflows
  • Automated Quote & Bind: Leverage end-to-end quote generation, form selection, eSignature, and Bind
  • KPIs and On-Demand Reporting: Full auditability of system transactions and flexible KPIs; integration with 3rd-party BI providers (e.g. Tableau, Power BI)

 

Key Benefits

  • Accelerated Time-to-Market: Launch new products in 8-to-12 weeks and reduce underwriting cycles, improving the ability to compete for new business
  • Increased Visibility: Provide instant insight into previously labor-intensive risk factors without questionnaires or multiple phone calls, using data to enrich underwriting assessments and risk modeling
  • Enhanced Data Analysis: Deliver relevant, accurate, and predictive data to carriers, that continuously updates and enables risk-proof classification and evaluation of commercial businesses
  • Centralized Processes: Replace multiple manual steps that span across several disparate systems with one unified application to improve business transparency
  • Improved Customer Satisfaction: Enhance client, agent/broker, and carrier experiences through modern UI and self-service capabilities

About Unqork
Unqork is the first enterprise no-code development platform. With Unqork, enterprises can rapidly develop and effectively manage sophisticated applications without writing a single line of code. The cloud-based platform comes “out-of-the- box” (or out-of-the-virtual-SaaS-box) with industry-specific toolsets and elements (e.g. UX, compliance engines, APIs & integrations), which work together in instant harmony— this means organizations can focus all their resources on addressing business challenges instead of technical ones.

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