From data to decision: how insurers are using underwriter workbenches in 2024
The experience of early adopters has proven that underwriter workbenches can make insurance companies more productive
We are delighted to announce that we are featured in InsTech’s latest report - From data to decision: how insurers are using underwriter workbenches in 2024
Underwriters need better technology
The information and tools underwriters need to make risk decisions are often scattered across email inboxes, legacy systems and lengthy documents. Particularly in commercial and speciality insurance and reinsurance, underwriters struggle to do their job quickly and efficiently, spending large portions of their time on administrative tasks.
The underwriter workbench is intended to put this right – containing all the tools an underwriter needs to do their job in one place and creating a consistent, efficient workflow for underwriting teams. Insurers and MGAs are increasingly telling us they want to adopt a workbench. However, with such varied choices in the market, where do you start?
InsTech’s new report is a guide to partner selection and implementation, with insights and case studies from those who have adopted workbenches and a directory of 11 InsTech members that provide a workbench.
This report will help you to:
- Distinguish between underwriter workbenches offered by technology companies
- Understand how workbenches connect to other technologies including submissions ingestion and policy administration
- Learn implementation best practices from early adopters
Key takeaways:
- The information underwriters need to make underwriting decisions today often sits in various locations, from email inboxes and attachments to spreadsheets and online platforms. Underwriters spend lots of their time on manual, repetitive tasks, looking for information and rekeying it.
- Commercial and speciality insurers and reinsurers are increasingly looking to adopt an underwriting workbench: a single place that manages the complete underwriting workflow, where underwriters can access all the tools, data and insights they need from submission to bind.
- The distinctions between underwriting workbenches offered by technology providers are not well understood. Insurers can learn from the experiences of others when weighing up which company to work with, the role of in-house development teams and whether to build on top of legacy systems or replace them.
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