IT services provider Tata Consultancy Services (TCS) has introduced a new platform which will improve underwriting solutions for insurers.
TCS said its Underwriting Workbench platform combines dynamic case management, intelligent workflow and decision support systems with geospatial functions such as mapping and visualization capabilities to augment the efficiency and effectiveness of the underwriter process.
The solution automates the ability to capture, analyze and make use of data in order to determine risk exposure and risk aggregation, TCS said.
TCS designed the Underwriting Workbench to give underwrites full use of location based technology and data to inform risk selection, the information gathering process, scoring, decision making and pricing.
The solution will refine an insurer’s underwriting process enabling accurate risk evaluation and identifying complex location based risks, resulting in faster underwriting decisions, more competitive product pricing, increased profitability and customer satisfaction.
The Underwriter Workbench offers one platform upon which underwriters can analyze data, communicate with customers, comply with underwriting guidelines and track risk exposure in real time.
TCS’ Underwriter Workbench incorporates Pitney Bowes’ Software Spectrum Spatial solution for locating and visualizing potential risks across multiple assets and properties and Pegasystems’ commercial Underwriting application with workflow functionality and business process rules that simplify and support all underwriting needs.
The Underwriter Workbench was developed in TCS’ Insurance Innovation Lab. The Lab has focused on capturing the latest technologies and challenging those into viable services that will help to accelerate profitability, maximize efficiencies and build stronger relationships between the insurer and the insured.