Global reinsurer Swiss Re has announced the extension of its collaboration with business automation specialist Appian to introduce the expansion of its Connected Underwriting Life Workbench solution in designated regions across Asia-Pacific and Europe, the Middle East, and Africa (EMEA).
Originally launched in North America last year, the Connected Underwriting Life Workbench integrates seamlessly with Swiss Re’s Magnum, an automated life insurance underwriting solution. The aim is to expedite the life insurance underwriting process, fostering heightened productivity, and enhancing the overall experience for underwriters within a unified platform.
Highlighting the existing challenges within traditional underwriting workbenches, Swiss Re emphasized the lack of integration across diverse systems. Typically, a life underwriter is compelled to navigate through multiple systems to access pertinent information, conduct risk analysis, and manage case details.
In contrast, contemporary underwriters are inclined towards a unified login and system that facilitates the management of their workload spanning various cases and clientele.
Jacob Sloan, Appian’s global insurance industry vice president, articulated, “Underwriters often grapple with scattered information dispersed across email inboxes, antiquated systems, and extensive documents. This scenario is particularly pertinent for life underwriters, where administrative overheads can significantly impede their ability to assess risks accurately and promptly.”
Sloan further emphasized, “This solution is especially advantageous for insurance firms seeking to streamline underwriting processes, ensuring robust risk management and policy coherence across diverse markets, while simultaneously allowing for adaptable and agile compliance with local regulations.”
Expressing enthusiasm about the expansion, Dylan Rowe, Swiss Re’s head of global life and health automated solutions, remarked, “Following a successful debut in North America last autumn, we are thrilled to extend the availability of this life insurance solution to selected countries in APAC and Europe this year. This expansion aims to empower even more customers seeking to enhance the efficiency and quality of underwriting through innovative technological interventions.”
The collaborative effort between Swiss Re and Appian signifies a strategic step towards leveraging advanced automation solutions to optimize underwriting processes, ultimately enriching the operational landscape of the insurance sector in targeted regions.
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