Connected Underwriting, Appian’s new prebuilt solution, helps insurers accelerate their underwriting process by eliminating redundant manual data entry using artificial intelligence, Intelligent Document Processing and Robotic Process Automation.
Appian, a unified platform for end-to-end process automation, announced January 30 that it has released Connected Underwriting. This prebuilt solution enables insurers to reduce time to quote, minimize risk, improve profitability and increase customer satisfaction.
Insurance companies are looking to balance the speed of writing new business with managing risk. Appian’s Connected Underwriting helps streamline collaboration between internal and external stakeholders in the underwriting process and automates processes using AI, Intelligent Document Processing (IDP), Robotic Process Automation (RPA), and workflow automation. This enables insurers to eliminate unnecessary manual data entry and improve process efficiency. Instead, they can focus on more important tasks while improving customer and broker service and increasing the speed of quoting to attract and retain more customers.
Sanat Joshi, SVP of Industry Products and Solutions at Appian, said: “Improving underwriting efficiency and data-driven risk assessment is especially important in today’s economic climate. Inflation is driving loss costs higher and faster in most markets for our customers, making streamlined and connected underwriting processes more important. We are excited to deliver a solution that allows insurers to quote and write policies faster with the same number of resources, deliver a better customer experience, and improve their quote to bind ratio.”
Headquartered in McLean, Virginia, Appian provides end-to-end process automation through its unified platform that combines data fabric, Process Mining, Intelligent Document Processing (IDP), Robotic Process Automation (RPA), artificial intelligence (AI) and workflow automation.
The full press release can be found here.
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