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Appian has announced its new Connected Underwriting Life Workbench for the life insurance industry in partnership with Swiss Re. The solution is designed to help insurers streamline and automate workflows, improving operational efficiency and underwriter experience.
The Connected Underwriting Life Workbench reportedly allows insurers to unify workflows and data through an automated, end-to-end process. It aims to simplify life for underwriters by offering a single interface for evaluating and classifying risk, handling exceptions, and making case decisions. The solution, prebuilt on the Appian Platform, seeks to deliver speed to market with reduced IT implementation effort.
Additionally, it offers quick data and integration connectivity facilitated by its data fabric capabilities and AI-led automation. Appian's AI architecture enables insurers to process vast amounts of content and automate repetitive tasks such as classifying emails and extracting data from documents visibly. This is expected to accelerate benefit realisation, improve the underwriting experience and the insurers' competitiveness. The system further offers 24/7 real-time monitoring and data extraction from multiple sources, easy integration with third-party tools, increased decision-making with a complete audit trail and consistent procedural adherence to cases.
The Life Workbench includes prebuilt integration with Swiss Re's Magnum Pure, a highly regarded automated underwriting solution. This integration allows underwriters to navigate the complexities of multiple systems when underwriting a case by providing access to all relevant data, images, and human-system interactions. Consequently, underwriters can focus on evaluating and classifying risk and making critical case decisions as opposed to performing administrative tasks.
Key benefits of Appian Connected Underwriting Life Workbench include easier and more comprehensive access to data, more efficient exception handling, and process monitoring and optimisation. Jacob Sloan, Industry Vice President, Global Insurance, Appian, said, "Appian Connected Underwriting Life Workbench is a game-changer. It combines automation, data fabric, and plug-and-play integrations to accelerate underwriting, helping insurers avoid unprofitable risks and ensuring a superior experience for both customers and underwriters".
Jason Render, Head Magnum Americas, Life & Health Solutions, Swiss Re, commented, "This offering is powered by Magnum, Swiss Re's automated underwriting solution that allows business users to render point of sale underwriting decisions faster and more seamlessly, ultimately improving the experience for the end consumer".
