Innoveo Digital Underwriting Workbench Solution
Innoveo Announces Rollout of Digital Underwriting Workbench Solution
Accelerator enables insurance underwriters to automate decisions with a comprehensive integrated workbench, providing a faster and more responsive stakeholder experience throughout the underwriting process
Princeton, NJ, October 29, 2022 – Innoveo, a global technology firm and a pioneer in enterprise no-code platform today announced the rollout of their newly enhanced Digital Underwriting Workbench solution for property and casualty (P&C) insurance carriers.
Innoveo developed the Digital Underwriting Workbench solution to help solve key challenges within the insurance underwriting process, including poor transparency in the underwriting process, lengthy cycle times based on manual engagements, and lack of integrations and coordination across multiple platforms & stakeholders. In the past year, two innovative US-based insurance carriers have leveraged this Innoveo accelerator to streamline and empower their underwriters toward better and faster decision-making.
With the workbench solution, underwriting teams get a singular view across multiple systems along with automated data intake so less time is spent on mundane tasks as well as data consolidation or data correlation. The underwriters will have more capacity to process new business, enabled to automate and make informed decisions based on real-time data and analytics, benefiting all stakeholders involved.
“The solution provides a single pane of glass experience to underwriting teams, optimizes the underwriting processes, automates repetitive manual tasks, and enables straight-through-processing,” said Thiru Sivasubramanian, Chief Solutions Officer at Innoveo. “Using Innoveo’s digital underwriting workbench, insurers have a pre-configured solution to jumpstart digitization, leverage product templates, improve productivity throughout the underwriting process, reduce turnaround times and drive collaboration across teams.”
Capabilities of the solution include:
-Case Management with rules-based decision management, execution, automation and routing
-Insurance product templates with options for Rate/ Quote / Bind / Issue or integration with existing rating engines
-Persona based user journeys for personalized experiences
-Provide the Underwriting team with real-time data, filters and view/edit options for analysis & decisioning
-Customizable business rules to support quick declines and underwriting triage
-API enabled for ingestion of third-party data sources improving efficiency and data integrity
-Extraction of structured and unstructured data including broker emails, apps, loss runs and driver/vehicle or integration with existing Intelligent Document Processing platforms
We believe you can build modern applications that deliver digital experiences and drive business growth without having to write any custom code. That’s why it’s our mission to empower enterprises in complex and regulated industries to re-imagine application development by enabling them to be connected, innovative, quick, and nimble. Backed by leading investors including Everstone Capital and Paulson & Co, Innoveo’s cloud based, AI enabled no-code platform is currently in production globally at over 30 industry leaders across insurance, financial services, healthcare and real estate. With Innoveo, you’ll get the solutions and industry expertise you want, plus a little extra: a thoughtful, no-nonsense experience delivered with a refreshing dose of honesty. For more information, visit: https://www.innoveo.com/.