(TCS’s new Underwriting Workbench stresses location as a key risk factor. Photo credit: Danimir Ljepava.)
Tata Consultancy Services (TCS, Mumbai) has released Underwriting Workbench, which the global IT services, consulting and solutions provider describes as a multi-faceted platform that combines dynamic case management, intelligent workflow, and decision support systems with robust geospatial functions, such as mapping and visualization capabilities, to form a solution that augments the efficiency and effectiveness of the entire underwriting process. The solution automates the ability to capture, analyze and make use of data in order to determine risk exposure and risk aggregation.
“Rapidly accelerating changes in information technology capabilities are driving change in insurance underwriting across property and casualty,” comments Matt Josefowicz, president and CEO of Boston-based research and advisory firm Novarica. “State-of-the-art underwriting today means fully electronic workflow and extensive use of a wide range of third-party data. Insurers whose systems don’t support all available capabilities will be at a serious disadvantage in pricing risk effectively and serving their distributors competitively.”
Emphasizing location as a key source of risk and liability, the Underwriting Workbench enables underwriters to use location-based technology and data in order to inform risk selection, information gathering, scoring and pricing, according to the vendor.
“Within the insurance industry, there are extensive opportunities for location-based data and geospatial technologies, and while the volume of data is overwhelming, it is also of extraordinary value to underwriters,” comments Suresh Muthuswami, President, Insurance and Healthcare, TCS. “At TCS, we’re working with our partners and investing in our innovation labs to capitalize on these advances in digital technologies to develop solutions that our customers need to digitally re-imagine their business and be successful in this new environment.”
Simplifying and Supporting Underwriting Needs
TCS’ Underwriting Workbench incorporates Pitney Bowes’ Software Spectrum Spatial solution for locating and visualizing potential risks across multiple assets and properties and Pegasystems’ Commercial Underwriting application with workflow functionality and business process rules that simplify and support all underwriting needs, the vendor reports. Additionally, the Underwriting Workbench offers underwriters a single platform upon which they can quickly and effectively analyze data, communicate with colleagues and customers, comply with underwriting guidelines and track risk exposure in real time, TCS asserts.
Accuracy and precision are absolutely crucial in the insurance world, opines James Buckley, Senior Vice President, Location Intelligence, Pitney Bowes. “Seeing a single view of risk, across actuaries, cost management, underwriting, claims—it all will affect their customer’s experience, and the insurers’ top line,” he says. “Location intelligence technologies are finally making this possible.”
Chris Blatchly, VP, Global Insurance Leader for Pegasystems remarks, “We are pleased that TCS decided to incorporate our new Commercial Underwriting Application into their Underwriting Workbench. It is great to see our partners leverage Pega to bring innovation to the market.”