Appian, a software company that automates business processes, in collaboration with Swiss Re, announced the expansion of the Connected Underwriting Life Workbench to select countries in Asia Pacific, Europe, the Middle East, and Africa (EMEA) following its successful launch in North America last year.
The Appian Connected Underwriting Life Workbench, integrated with Swiss Re’s automated underwriting solution, Magnum, streamlines the life insurance underwriting process, enhancing underwriters’ productivity and user experience on a unified system.
This partnership aims to improve operational efficiency and enhance the underwriter and customer experience for life insurers.
The solution assists insurance companies in streamlining underwriting processes, ensuring risk management and policy consistency across various markets while adapting to local regulations flexibly and swiftly.
Traditional underwriting workbenches have often struggled with integration across different internal, partner, and third-party systems, whether on-premises or in the cloud.
Underwriters often find themselves juggling information scattered across email inboxes, outdated systems, and lengthy documents
Jacob Sloan, Industry Vice President, Global Insurance, Appian
This is especially true for life underwriters, for whom administrative burden can significantly slow down their ability to accurately assess risk in a timely manner.
Typically, underwriters must navigate multiple systems to access information, perform risk analysis and assessments, and manage case updates, complicating the underwriting process for a single policy.
Integrating Swiss Re Reinsurance Solution’s Magnum and Appian Connected Underwriting enables insurers to experience an intelligent and comprehensive underwriting automation and workload management platform
Dylan Rowe, Head of Global Life and Health Automated Solutions, Swiss Re
“After a successful launch in North America last autumn, we are excited to make this life insurance solution available in selected countries of APAC and Europe this year so that even more customers who want to improve the efficiency and quality of underwriting with innovative technology can benefit from it.”
Modern underwriters seek a single login and unified system to manage their workload across multiple cases and clients.
They require a robust, secure workbench to connect data, unify workflows, and automate processes seamlessly, facilitating effortless management of activities, tasks, transactions, and updates.
Key benefits of the Appian Connected Underwriting Life Workbench include its ability to:
- Automate workload assignment to provide underwriters with comprehensive case data from multiple systems, enabling them to make more informed decisions more efficiently.
- Expedite policy issuance with intelligent automation, embedded underwriting and risk management rules, and integrated third-party data sources on a single system.
- Issue policies faster by automating underwriting workflows, minimising unnecessary wait time, reducing manual errors, and simplifying communications to increase client satisfaction, attract digital–first customers and new talent, and retain employees.
- Connect data from any source to provide 360-degree analysis of individual and portfolio policies with different risks profiles and tolerance levels, determine policy effectiveness with AI-assistance to improve business performance, and meet service-level agreements (SLAs) with insurance partners and clients to manage costs and increase profits.
The Appian AI Process Platform includes everything you need to design, automate, and optimise even the most complex processes, from start to finish.
