An underwriting workbench is a tool that underwriters can use to streamline workflows and manage their operations more efficiently.
Underwriting workbenches integrate existing technologies with the latest in AI automation and data-driven decision-making. This increases underwriting quality, improves productivity, and transforms the way teams work together.
This article will run through the essential components that make up a digital underwriting workbench and how they can help your firm thrive.
Accessible data intelligence
Insurers can use underwriting workbench software to inform decision-making by processing data and presenting key takeaways in an easily digestible format. From rating engines and database integrations to spreadsheets, you can customise your workbench to incorporate the tools and data sets you’re most interested in as a business.
The data used can extend into compliance information such as Know Your Customer (KYC) checks and live sources such as Google Maps.
Automated underwriting workbench software
Insurance underwriting workbench tools use rule-based, low-code software to handle repetitive tasks, such as collecting customer information, generating quotes, and more.
These automated features free up over three hours of work per case. Your employees can use that time to focus on higher-value activities, such as customer support or creating personalised policies for your valued clients.
Automated underwriting workbench tools also provide an easy and effective way of ensuring compliance within your firm. For example, Insly’s platform follows all standard security practices, such as sanctions checks, allowing you to administer fully compliant business processes.
Reporting features
Underwriting workbench software also includes reporting features that enable you to update your accounts team to assure financial compliance and data governance. As a result, you can create a flawless audit trail that helps your brand avoid costly compliance mistakes.
In addition, your senior underwriters can use a workbench to manage their teams more effectively, allocating cases and tracking individual underwriters’ performance. Managers can use the data to optimise workflows, improve performance, and boost satisfaction among staff.
Document management
An underwriting platform also allows you to generate professional-looking documents with one click and make changes to templates easily. Since workbenches are cloud-based, document generation, uploading, and storing this information is easy.
A platform like Insly also lets your workers change any aspect of the insurance product on the fly, including forms, workflows, and documents.
Flexible microservice architecture
One of the main perks of an underwriting workbench is that you can tailor the design of your platform to suit your preferences and business needs. Where underwriters previously had to switch between different systems and screens to retrieve and analyse even the most basic information, workbenches present it all in one place.
Insly’s modular API-first platform is designed to work seamlessly with your existing tech stack. This means that underwriters can switch between systems and bring up relevant information about a case, broker, or client within seconds. Your staff can navigate deeper into these views as and when they need to.
Moreover, employees can start their work on an office laptop, continue on their phone or tablet on the way home, and seamlessly pick it up on the laptop again.
New product development tools
Keeping ahead of your competitors involves creating unique products that appeal to your customers’ needs. Insly makes it easy to create new insurance solutions with fully-automated workflows from scratch, even if you have no prior experience with coding.
In this previous case study example, First Insurance approached Insly looking for help in creating a new income protection product for their customers. With Insly’s platform, the firm was able to set up an automated income protection solution quickly using our no/low-code tools. Thanks to Insly’s modular setup, First Insurance found it easy to share their new IP product with partnering firms via API integration.
Scalability
Well-built workbenches are not only designed to streamline your back-office processes, but they are also well-equipped to scale and evolve with your company.
Workbenches are no longer a nice-to-have feature but are becoming a necessary tool for insurers to stay competitive in today’s ever-changing marketplace. To prepare your firm for new challenges and opportunities, embracing the latest technologies is essential.
Transform Your Underwriting Processes with INSLY
Insly helps insurance companies streamline admin processes, gather data from multiple sources, and drive better business decisions in seconds. Our fully extensible, customisable suite of software solutions enables you to completely automate many of the tasks required to run a successful insurance business.
We have over 20 years of experience in the insurtech industry and collaborate with leading experts in insurance automation. Our expertise enables our team to help build future-proof solutions for all insurance providers and MGAs, including you.
To find out more, check out our Case Studies and get in touch with the team.
