What is Underwriting Workbench?

An intelligent underwriting workbench is a powerful tool that offers an automated underwriting process with speed and efficiency. It unifies several functions, such as submissions, risk prioritization, triaging, clearance, policy generation, etc., on a single platform. By leveraging artificial intelligence (AI), the solution enhances informed decision-making and secures the P&C insurance underwriting process.

Benefits of Underwriting Workbench in Insurance

Transform a wide range of underwriting functions rapidly, and get seamless access to all tools, data and insights on a single platform. Empower underwriters to manage new businesses, renewals and endorsements. The user-friendly interface gives a simpler overview of risk factors and documentation. Create streamlined workflows, enhance the accuracy of underwriting decisions, and leverage pre-built templates to simplify the P&C insurance underwriting.

Features of an Underwriting Workbench

Automate Communication

Raise additional document/information requests or generate counter offers with system-triggered personalized communications to customers. Manage communications with various stakeholders with template-based policy issuance.

Configurable Rule-engine

Provide adaptable definitions of rule applicability, priority, and expiry. The rule engine supports straight-through processing and controlled access to data.

AI/ML Capability

Ensure better underwriting decisions and improved risk management with AI/ML models. Speed up response time to customers and reduce excess operation costs.

Intelligent Analytics and Insights

Utilize analytics across the value chain to reduce high-cost cases and enable interactive and customized underwriting. Optimize fraud detection in insurance with predictive analytics for effective risk profiling.

Newgen Solution for AI-powered Underwriting Workbench

Newgen’s customizable workbench, built on the low-code platform, is a comprehensive solution that elevates underwriting efficiency. As a part of Newgen’s Insurance Automation solutions, the intelligent workbench reduces the turnaround time and increases business volume with real-time integration.

Maximize underwriting guideline adherence with advanced data analytics and risk assessment, and gain a competitive edge. This solution brings together the power of AI, robotic process automation (RPA), and intelligent document processing (IDP) for end-to-end digital transformation.