New workbench enables holistic underwriting
automation and workload management to improve operational
efficiency and underwriter experience.
LONDON, Oct. 26,
2023 /PRNewswire/ -- Appian (Nasdaq: APPN) today
announced the availability of the Connected Underwriting Life
Workbench to help insurers unify workflows and data in an
automated, end-to-end process. The solution makes underwriters'
lives easier by giving them a single interface to evaluate and
classify risk, handle exceptions, and make case decisions.
The Connected Underwriting Life Workbench is a streamlined
underwriting solution that is prebuilt on the Appian Platform. It
is 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. This
allows Appian customers to facilitate faster benefit realisation
and enhance their competitiveness with a better underwriting
experience. Life Workbench 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.
Life Workbench offers a prebuilt 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. Underwriters can better
evaluate and classify risk, handle exceptions, and make critical
case decisions rather than focusing on the procedural and
administrative steps, transactions, and keystrokes. 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.
Key Benefits of Appian Connected Underwriting Life Workbench
include:
- Easier, more complete access to data. With Appian and
Swiss Re's Magnum Pure, underwriters have access to a best-in-class
underwriting experience that provides a comprehensive,
single-pane-of-glass view by surfacing relevant data from dispersed
systems.
- More efficient exception handling. Case management
capabilities allow underwriters to spend less time collecting
information and reduce the time it takes to handle exceptions,
minimising and in some cases eliminating manual processes and
paperwork.
- Process monitoring and optimisation. Dashboards and KPIs
help individuals, teams, and managers monitor underwriting
processes and provide valuable insights about performance that can
be used to optimise and improve case workflow, including initial
review, case priority, and logic-based auto-assignment.
"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," said Jacob Sloan, Industry Vice President, Global
Insurance, Appian.
"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
utilize our product innovation expertise to help bring this
offering to market," said Jason
Render, Head Magnum Americas, Life & Health Solutions,
Swiss Re.
The Appian Platform modernises underwriting with generative AI
to minimise risk, increase efficiency, improve auditability, and
ensure a positive customer experience. Key architectural components
make it easy to leverage AI, including Appian's data fabric
architecture, Automated APS draft, Open AI natural language
correspondence through AI Copilot, and private AI strategy for
faster delivery of powerful and secure end-to-end process
automation solutions.
Appian is trusted by leading insurance organisations such as
Aon, Aviva, and Pacific Life to connect and automate data,
equipping insurers to make informed, data-backed decisions. To
learn more, visit https://appian.com/insurance.
About Appian
Appian is a software company that automates business processes.
The Appian AI Process Platform includes everything you need to
design, automate, and optimize even the most complex processes,
from start to finish. The world's most innovative organizations
trust Appian to improve their workflows, unify data, and optimise
operations—resulting in better growth and superior customer
experiences. For more information, visit appian.com. [Nasdaq:
APPN]
Follow Appian: Twitter, LinkedIn.
Follow Appian UK: Twitter, LinkedIn.
About Swiss Re
The Swiss Re Group is one of the world's leading providers of
reinsurance, insurance and other forms of insurance-based risk
transfer, working to make the world more resilient. It anticipates
and manages risk – from natural catastrophes to climate change,
from ageing populations to cyber crime. The aim of the Swiss Re
Group is to enable society to thrive and progress, creating new
opportunities and solutions for its clients. Headquartered in
Zurich, Switzerland, where it was
founded in 1863, the Swiss Re Group operates through a network of
around 80 offices globally.
Photo -
https://mma.prnewswire.com/media/2256494/Appian_Connected_Underwriting_Life_Workbench.jpg
Logo - https://mma.prnewswire.com/media/1488235/Appian_Logo.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/appian-launches-connected-underwriting-for-life-insurance-in-partnership-with-swiss-re-301967468.html