the platform of Appian has incorporated a series of improvements to ensure that the experience of both its insurance clients and end users is optimal, minimizing risks and waiting timesbut in turn, increasing profitability.
With Appian Connected Underwriting A tool capable of unifying the entire database with which insurers work, coming from very different sources, is devised in a very fast way, optimizing work flows. In this way, the underwriting and budgeting process for new policies is accelerated by automate and interconnect the entire operation.
Based on a recent market study published by Accenture, it is concluded that insurers spend 40% of their daily time on non-essential activities, which in retrospect translates into a loss of efficiency of between 85,000 and 160,000 million dollarsor what is the same, from 78,000-147,000 million euros for the next five years.
Appian Connected Underwriting is a effective solution Faced with this problem, it will allow eliminating the tedious process of manually entering redundant data and robotically automating all processes, incorporating intelligent document processing (IDP) and artificial intelligence (AI). By removing these robust tasks, insurers will be able to focus on those with the greatest impact and improve both customer and broker service. Only then will it be achieved increase loyalty, profitability and internal processes.
Its main advantages
The incorporation of Appian Connected Underwriting into the daily line of work of insurers means make the most of data and technology to make better decisions, more profitable and intuitive. In addition, it will improve both the agility as the precision in the processes, minimizing the margins of error, something that is appreciated in operations of an economic nature.
Similarly, the fact that insurance companies can receive a query, assign it to an insurer, assess the risk and deliver the quote back to the client in such a quick and easy way, just by using efficient technology and a wide range of data, will mean a notable improvement and an increase in the productivity. And all this without translating into an increase in the number of resources used.
The fact of improving the efficiency of underwriting and risk assessment is essential in view of the current recessionary economic climate and deep crisis which is seriously affecting all business sectors. And it is that inflation is assuming a notorious increase in the costs of claims for insurer clients, which shows that Appian Connected Underwriting is taking on more prominence in terms of process optimization.
This innovative product is part of a suite of solutions that helps insurers streamline their insurance management and quoting process. It must be taken into account that, since its creation, this company has worked to design and automate the most important economic processes through the platform Appian LowCodewhich is public for all sectors.