(Detail from Alexandre III Bridge, Paris. Photo credit: Moonik.)
Pegasystems (Cambridge, Mass.) has released Pega Commercial Lines Underwriting, which the vendor describes as an underwriting workstation that combines business process rules and workflow functionality with decision-based technology. The solution’s capabilities are designed to help underwriters improve risk evaluation, comply with underwriting guidelines and collaborate more effectively, according to a vendor statement.
Pega Commercial Lines Underwriting has been released at a time of increasing demand for automated underwriting solutions that address the full scope of underwriting needs and can increase the ease and effectiveness of the underwriting process, according to Deb Smallwood, founder of research and advisory firm Strategy Meets Action. “Our research continues to illustrate that underwriting investment is increasing as a percentage of overall IT spending by commercial lines carriers, as insurers realize the value of a complete end-to-end solution for underwriting that delivers a competitive advantage,” Smallwood comments.
Pega Commercial Lines Underwriting application uses predictive and adaptive analytics to align underwriting outcomes with profitability and risk objectives, according to the vendor statement. The end-to-end structure of the solution simplifies complex operating environments by accelerating the deployment of enhanced underwriting functionality across geographies, lines of business and distribution channels, the vendor asserts. Pegasystems says that the application can also help carriers to reduce expense ratios with intelligent underwriting processes and easy integration of legacy systems that enables the automation of key underwriting tasks in accordance with service level agreements.
Carriers can achieve the following benefits from Pega Commercial Lines Underwriting, according to the vendor:
Optimize risk selection, pricing and portfolio management: Pega Next-Best-Action enables carriers to execute data-driven strategies in line with profitability measures and long-term growth plans; operationalize data and analytics directly within the underwriting process; and use analytics to power risk evaluation, risk selection and underwriting decisions.
Ensure underwriting discipline across operations: Pega’s software enables carriers to rapidly configure, deploy and reuse underwriting best practices to easily create items including underwriting guidelines, letters of authority, and appetite rules with shorter delivery times, improved quality and lower development costs.
Scale efficiently by improving underwriter productivity and collaboration: The new application supports dynamic case management, which automates underwriting processes, improves underwriter collaboration and bridges technical silos. Carriers can leverage existing technology and eliminate redundancy with fast, easy and secure integration with multiple enterprise and partner systems.
Pega Commercial Lines Underwriting is built on the vendor’s Pega 7 platform. With the platform’s visual tools, businesses can easily extend and change the application to meet their strategic business needs, the vendor asserts.