Appian, a software company that automates business processes, has announced the launch of the Connected Underwriting Life Workbench.
The new workbench enables holistic underwriting automation and workload management to improve operational efficiency and underwriter experience as they would now have access to a single interface to evaluate and classify risk, handle exceptions, and make case decisions.
Jacob Sloan, Industry Vice President, Global Insurance, Appian, said: “Today’s customers demand seamless digital experiences, and insurers can’t afford to be held back by sluggish underwriting processes and data silos.
“Appian Connected Underwriting Life Workbench is a game-changer. It combines automation, data fabric, and plug-and-play integrations to accelerate underwriting, helping insurers avoid unprofitable risks and ensuring a superior experience for both customers and underwriters.”
Prebuilt on the Appian Platform – an AI-powered process platform that helps design, automate, and optimise complex processes -, the workbench is a streamlined underwriting solution designed to drive speed to market with reduced IT effort for implementation.
Its data fabric capabilities enable quick data and integration connectivity, coupled with AI-led automation that supports change management and optimised processes. Appian’s AI architecture, which includes generative AI capabilities, allows insurers to process content at scale and automate repetitive tasks, such as classifying emails and extracting data from documents.
Life Workbench, Appian states, improves the quality, consistency and procedural adherence of cases. Additionally, the system allows 24/7 real-time monitoring and data extraction from various sources, seamless integration with third-party tools, and augmented decision-making with a complete audit trail.
Additionally, it also offers a pre-built integration with Swiss Re’s Magnum Pure, an influential automated underwriting solution powered by Swiss Re’s Life Guide. This integration empowers underwriters to overcome the complexities of multiple systems used to underwrite a case by bringing together all the relevant data, images, and human system interactions.
This partnership combines Appian’s expertise in AI, automation, data fabric, and case management with Swiss Re’s industry-leading automated underwriting engine, Magnum Pure, to simplify the underwriting process.
The Swiss Re Magnum Pure solution must be purchased separately from the Appian Platform to enable the integration, the firm noted.
“This offering is powered by Magnum, Swiss Re’s automated underwriting solution and allows business users to render point of sale underwriting decisions faster and more seamlessly, ultimately improving the experience for the end consumer. We are delighted to utilise our product innovation expertise to help bring this offering to market,” said Jason Render, Head Magnum Americas, Life & Health Solutions, Swiss Re.
