Appian today announced the launch of Appian Connected Underwriting. Based on the Appian Platform, Connected Underwriting enables insurers to accelerate the underwriting process and improve the customer experience. The new solution uses Appian’s process automation, data fabric and low-code fabric to quickly unify data from disparate sources, streamline workflow and reduce time to budget for new policies.
“Leveraging data and technology in detail helps subscribers make better, more intuitive decisions. Appian Connected Underwriting provides insurers with an integrated solution that improves agility and accuracy. We are thrilled to collaborate with Appian to bring Connected Underwriting and its automation technology to the firm’s insurance clients,” said Michael Cook, Partner at PwC. “For those entering digital distribution, striking a careful balance between speed and accuracy is vital. The process of receiving an enquiry, assigning it to an insurer, assessing risk and delivering a quote back to the prospect is based on a wide range of data and technology.”
Through more than a decade of working with leading insurers, Connected Underwriting enables insurers to streamline underwriting processes with automated, connected workflows.
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According to a recent study by Accenture, insurers currently spend 40% of their time on non-essential activities, representing a loss of efficiency of between 85,000 and 160,000 million dollars (between 78,000 – 147,000 million euros) in the next five years. With Appian Connected Underwriting, insurers can eliminate manual data entry and improve procedural efficiency through robotic process automation (RPA), intelligent document processing (IDP), and artificial intelligence (AI). This allows insurers to focus on higher-impact tasks, while improving customer and intermediary agent service, increasing the speed of quoting preparation – to win and retain more customers – and boosting seamless processing with a holistic view.
“Improving underwriting efficiency and data-driven risk assessment is especially important in today’s economic climate. Inflation is increasing our customers’ loss costs in most markets, making streamlined and connected underwriting processes more important,” said Sanat Joshi, senior vice president of industry products and solutions. “We are thrilled to be able to offer a solution that enables insurers to budget and build policies faster with the same number of resources, deliver a better customer experience and improve their budget ratio.”
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