The insurance industry, conventionally a slow adopter of new tools and technologies, is now taking early strides to technological advances to reimagine their rigid processes and enhance the customer experience. Underwriting, considered as the heart of the insurance process, has undergone significant transformation with the adoption of these disruptive technologies. By deploying them across the value chain, underwriters are automating manual processes and performing a flexible risk assessment for providing customized policy programs to the customers.
Artificial intelligence, with its ability to improve claims turnaround cycles and reduce human intervention, continues to be the prominent technology utilized. Besides, data analytics is revolutionizing underwriting by availing real-time customer data for risk analysis. This real-time data that is obtained from numerous connected devices, particularly smart wearable devices, assist underwriters for analyzing trends and patterns. The analysis brings in the capability of risk assessment as well as prevention of some risks by notifying the policyholders of potential threats. Further, social media mining enables the insurers to understand customer’s behavior and risk profile bolstering customized offerings and modeling various aspects of the policies such as appropriately ascertain the price of insurance. This also facilitates the devising of offers and discounts matching their data-sharing preferences.
In light of the significant technology advancements today, Insurance CIO Outlook has compiled a list of top 10 underwriting solution providers/top 10 underwriting service providers to guide insurers in harnessing the power of technology to boost customer experience, increase efficiency, and mitigate risk assessments.
With exceptional technological acumen and numerous success stories up their sleeves, many of these companies have consistently proven their expertise in robust technology solutions/services for the insurance industry. We hope this issue of the Insurance CIO Outlook helps you build the partnership you and your firm need to technologically-transform your insurance underwriting process.
We present to you Insurance CIO Outlook’s Top 10 Underwriting Solution Providers — 2019.
eSURETY is the industry-leading surety underwriting, management, and issuance platform. The company enables carriers, brokers, and MGAs to distribute surety bonds directly and via their production partners in real time via the internet. eSURETY’s solution can be fully white labeled or integrated with your branding and messaging. The eSURETY Enterprise application is architecturally designed to operate by pre-set rules that can rate every life cycle event including, application, quote, re-quote, issuance, riders, renewals, cancellation initiation, final cancel, and reinstatement. The app also provides secure two-way connectivity to internal and external data sources
Check This Out : eSURETY®
Omniscience is a fast-growing, venture-backed, early-stage AI startup in the heart of Silicon Valley currently operating in stealth mode. Omniscience is commercializing distributed data-mining systems that came out of U.S. government intelligence and military research projects to help companies with brand perception, product safety and reliability, risk management, sales targeting and regulatory affairs. The company combines internal and external data sources to extract insights using its proprietary algorithms. Omniscience’s software solutions enable leading financial services firms and insurers to increase revenues, lower costs, reduce risk, and improve return on equity
Check This Out : Omniscience
Velogica is an automated mortality risk assessment service that uses electronic data in conjunction with application data to underwrite life insurance applications in real time. Velogica has underwritten nearly 5 million applications, making it an industry leader in automated life underwriting. SCOR is the 4th largest reinsurer in the world, recognized for commitment to client partnerships and financial strength. SCOR Global Life ranks #1 in the US individual life reinsurance market based on new business and in force volume and has a strong and growing presence in the group life and accident reinsurance markets
Check This Out : SCOR Global Life
WaterStreet is a Montana-based company, which offers a cloud-based insurance management software suite along with policy management services for insurance companies. The company offers a property and casualty (P&C) insurance software suite that allows insurance carriers to effectively manage multiple processes such as policy administration, claims administration, reporting and analytics, billing and accounting, document management, and others. The insurance software suite is built on modern, standards-based languages and an open and highly scalable architecture that provides customization and extensibility for insurance companies. Besides, the company also offers a fully documented API and developer toolkit, allowing them to gain holistic access to all the third-party data in real time from WaterStreet’s platform
Check This Out : WaterStreet
PCIS is an innovative technology company that specializes in Insurance Processing Solutions. The company’s comprehensive policy administration and claims solutions, CompVision and ClaimsVision, are designed based on 30+ years of industry expertise. The PCIS Vision suite is easy to administer and use, and scales to meet the requirements of carriers, self insureds, and third-party administrators. PCIS is a recognized industry leader in Insurance Technology specializing in risk management, claims administration and policy management for insurance carriers, TPAs, government entities, and self-insureds
Check This Out : AD3I Systems
Aliaswire is leading the payment processing industry in the development and operation of highly convenient, reliable, and secure systems for transacting payments. Aliaswire’s highly scalable payment processing platform processes payment transactions originated by consumers or businesses. Aliaswire platform’s web services-based design allows consumers and businesses to use web, voice, or wireless channels to initiate and track payments. The platform’s flexible gateway architecture allows integration to a financial institution’s own processing environment or to payment processing networks, including ACH, NYCE, STAR, and MasterCard RPPS
Check This Out : Aliaswire
CHSI Technologies is the leading developer of cloud-based enterprise practice management systems for small insurance companies, Self-Insured Groups, Joint Powers Authorities, Municipal Pools, Captives, Individual Self-Insured companies and various types of Risk Retention Groups. CHSI has developed the only affordable SaaS-based enterprise management software specifically for small insurance operations and government pools. It allows small insurance operations to look, operate and compete with their big rivals for a fraction of the cost of rival products. The company’ product and approach ensures that small insurers can stick to their core competencies while enjoying the benefits of having a robust back-end system that delivers higher output at a lower cost of operating
Check This Out : CHSI Technologies
Pegasystems [NASDAQ: PEGA]
Pegasystems is a company developing customer engagement and digital process automation software. The company offers a platform that comprises CRM applications, low-code app development environment, client onboarding, lifecycle management, and KYC applications and provides AI-powered decisioning, BPM (business process management) and case management, cloud services, robotic process automation, and other capabilities. The company serves financial services, insurance, healthcare and life sciences, government, manufacturing and high technology, energy and utilities, media and entertainment, automotive, and other industries. Pega’s low-code application development platform allows enterprises to quickly build and evolve apps to meet their customer and employee needs and drive digital transformation on a global scale
Check This Out : Pegasystems [NASDAQ: PEGA]
Sureify offers a SaaS platform for Life and Annuity companies around the globe. Sureify’s sales, customer self-service engagement solution, and their up-sell cross-sell solutions enable life insurers to connect, service, and sell to their new and existing customers. The Sureify solution encompasses the consumer-facing web and mobile applications, automated messaging and self-service platform, agent engagement console, marketing dashboard, underwriters data platform with analytics and reporting for executive overview. Sureify also can be implemented right on top of existing core systems and CRM systems while integrating with existing contact center platforms, customer apps, and most life insurance emerging and traditional 3rd party applications
Check This Out : Sureify
VeracityID provides real-time fraud detection and intervention services to the financial services industry, enabling companies to predict, detect, and mitigate at fraud risk during the application process and before making a product offer to new and existing customers. The VeracityID’s idFusion platform offers a revolutionary approach to the continuing global war on fraud, and is based on the simple idea that can measure fraud risk by viewing a prospective customer’s digital footprint from multiple perspectives using cutting edge ‘big data’ tools. idFusion enables customers to discern hidden relationships between people and data that traditional methods and other software tools often miss
Check This Out : VeracityID