Swiss Re’s underwriting workbench rolls into Asia-Pacific
Swiss Re will bring its Connected Underwriting Life Workbench to the Asia-Pacific region after a successful trial in the US last year.
Under an extended partnership with software group Appian, the workbench is integrated with Swiss Re’s automated life insurance underwriting tool Magnum, speeding the underwriting process.
“We are excited to make this life insurance solution available in selected countries of APAC and Europe this year so that even more customers who want to improve the efficiency and quality of underwriting with innovative technology can benefit,” Swiss Re’s head of global life and health automated solutions Dylan Rowe said.
Appian says most life insurance underwriters must log in to multiple systems to access information, use complex calculations for risk analysis, and manage case information for each policy written. Its VP insurance Jacob Sloan says the workbench offers consistency across markets while allowing adaptation to local regulations.
“Modern underwriters want one login and one system to orchestrate their entire workload for multiple cases and clients, allowing them to manage activities, tasks, transactions and updates seamlessly and effortlessly,” he said.
The workbench uses intelligent automation, embedded underwriting and risk management rules, and integrated third-party data sources on a single system.
It can “connect data from any source to provide 360-degree analysis of individual and portfolio policies with different risk profiles and tolerance levels, and determine policy effectiveness with AI assistance”, Appian says.