This Direction Advisory focuses on the current trends, drivers and challenges around the adoption of an underwriting workbench. Additionally it briefly looks at how the underwriting workbench solutions have developed and how they are likely to look in the future.
The insurance underwriting landscape is undergoing a profound transformation, driven by technological innovation, changing market conditions and evolving customer expectations. Underwriting workbenches, once simple and fragmented digital tools, have evolved into sophisticated AI-powered platforms that integrate data, analytics, and automation to provide a single pane of glass for underwriters. It enhances their decision-making and operational efficiency. A modern underwriting workbench provides a central workspace (platform) that facilitates access to all the tools, data, documentation and insights that an underwriter needs throughout the entire process (from submission to bind). They are maturing and becoming strong alternatives to the underwriting components of Policy Administration Systems (PAS).
- Table of Content:
- In A Nutshell
- Verdict
- Introduction
- Definition
- Current situation
- From Past to Present
- Current Solutions
- Features and Functionalities
- Technology Stack
- Current Trends
- Current Drivers
- Current Challenges
- ViewPoint
- Future Directions – Going Forward
- Action Points
List of Tables:
Table 1: Key technologies leveraged by underwriting workbenches.
