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Innoveo (Princeton, N.J.), a global technology firm and a provider of enterprise no-code solutions, has announced the rollout of its newly enhanced Digital Underwriting Workbench solution for property/casualty insurance carriers.
Innoveo’s Digital Underwriting Workbench solution was developed to help solve key challenges within the insurance underwriting process, including poor transparency in the underwriting process, lengthy cycle times based on manual engagements, and lack of integrations and coordination across multiple platforms & stakeholders, according to the vendor. Innoveo reports that, during the past year, two U.S.-based insurance carriers have leveraged the accelerator to streamline and empower their underwriters toward better and faster decision-making.
With the workbench solution, underwriting teams get a singular view across multiple systems along with automated data intake so less time is spent on mundane tasks as well as data consolidation or data correlation, the vendor says. The underwriters will have more capacity to process new business, enabled to automate and make informed decisions based on real-time data and analytics, benefiting all stakeholders involved, Innoveo asserts.
“The solution provides a single pane of glass experience to underwriting teams, optimizes the underwriting processes, automates repetitive manual tasks, and enables straight-through-processing,” comments Thiru Sivasubramanian, Chief Solutions Officer, Innoveo. “Using Innoveo’s digital underwriting workbench, insurers have a pre-configured solution to jumpstart digitization, leverage product templates, improve productivity throughout the underwriting process, reduce turnaround times and drive collaboration across teams.”
Innoveo lists the capabilities of the solution as follows:
- Case Management with rules-based decision management, execution, automation and routing
- Insurance product templates with options for Rate/ Quote / Bind / Issue or integration with existing rating engines
- Persona-based user journeys for personalized experiences
- Provide the Underwriting team with real-time data, filters, and view/edit options for analysis & decisioning
- Customizable business rules to support quick declines and underwriting triage
- API enabled for ingestion of third-party data sources improving efficiency and data integrity
- Extraction of structured and unstructured data including broker emails, apps, loss runs and driver/vehicle or integration with existing Intelligent Document Processing platforms