SINGAPORE, June 4, 2024 /PRNewswire/ — Following the launch of Connected Underwriting Life Workbench in North America last year, Appian (Nasdaq: APPN) today announced that in partnership with Swiss Re (SWX: SREN), the solution will now be available in select countries in Asia Pacific, Europe, Middle East and Africa (EMEA). Integrated with Swiss Re’s automated life insurance underwriting solution, Magnum, the Appian Connected Underwriting Life Workbench accelerates the life insurance underwriting process and improves underwriters’ productivity and experience on one system.
“Underwriters often find themselves juggling information scattered across email inboxes, outdated systems, and lengthy documents. This is especially true for life underwriters, for whom administrative burden can significantly slow down their ability to accurately assess risk in a timely manner,” said Jacob Sloan, Industry Vice President, Global Insurance, Appian.
“That’s why Appian has partnered with Swiss Re Reinsurance Solutions to introduce Connected Underwriting Life Workbench to improve operational efficiency and the underwriter and customer experience for life insurers. This solution is especially helpful for insurance companies that want to streamline underwriting processes with risk management and policy consistency across multiple markets while allowing flexible and agile adaptation to local regulations.”
Traditional underwriting workbenches have lacked integration across various internal, partner, and third-party systems, on-premises or in the cloud. A typical life insurance underwriter would have to log in to multiple systems to access information, conduct risk analysis and assessment with complex calculations, and manage and update case information, all to underwrite just one life insurance policy.
Modern underwriters want one login and one system to orchestrate their entire workload for multiple cases and clients, allowing them to manage activities, tasks, transactions, and updates seamlessly and effortlessly. They need a powerful, reliable, and secure workbench to connect their data, unify their workflows, and seamlessly automate processes.
“Integrating Swiss Re Reinsurance Solution’s Magnum and Appian Connected Underwriting enables insurers to experience an intelligent and comprehensive underwriting automation and workload management platform,” according to Dylan Rowe, Head of Global Life and Health Automated Solutions, Swiss Re. “After a successful launch in North America last autumn, we are excited to make this life insurance solution available in selected countries of APAC and Europe this year so that even more customers who want to improve the efficiency and quality of underwriting with innovative technology can benefit from it.”
Key benefits of the Appian Connected Underwriting Life Workbench include its ability to:
Enable intelligent case and workload management: Automate workload assignment to provide underwriters with comprehensive case data from multiple systems, enabling them to make more informed decisions more efficiently.Automate underwriting processes and increase straight-through processing: Expedite policy issuance with intelligent automation, embedded underwriting and risk management rules, and integrated third-party data sources on a single system.Elevate customers and underwriters experience: Issue policies faster by automating underwriting workflows, minimising unnecessary wait time, reducing manual errors, and simplifying communications to increase client satisfaction, attract digital‑first customers and new talent, and retain employees.Minimise risk and improve profitability: Connect data from any source to provide 360-degree analysis of individual and portfolio policies with different risks profiles and tolerance levels, determine policy effectiveness with AI-assistance to improve business performance, and meet service-level agreements (SLAs) with insurance partners and clients to manage costs and increase profits.
For more information, please visit Appian’s booth and attend our sessions at these upcoming events:
InsureTech Connect (ITC) Asia, Singapore, 4–6 JuneAppian booth 211Session information: Exploring the Emerging Collaborative Landscape Between Brokers and Insurers (5 June, 11:30 a.m. to 12:00 p.m. SGT)ITC DIA Europe, Amsterdam, 12–13 JuneAppian Stand 11Session information: Leveraging Gen AI in Complex Insurance Processing: DAS and Appian (12 June, 9:30 a.m. to 9:50 a.m. CEST)
Find out why Aon, Aviva, CNA Insurance, and other leading insurance organisations trust Appian to increase workforce productivity, minimise wait time, and elevate user and customer experience to drive measurable business results. To learn more and accelerate your insurance underwriting process, visit 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 optimise even the most complex processes, from start to finish. The world’s most innovative organisations 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/insurance and see how Appian could help your organisation.
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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.
View original content:https://www.prnewswire.com/apac/news-releases/appian-and-swiss-re-extend-partnership-to-introduce-connected-underwriting-for-life-insurance-in-asia-pacific-and-emea-302162603.html
SOURCE Appian
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