The prebuilt solution empowers insurers to
reduce time to quote, minimize risk, improve profitability, and
elevate the customer experience
MCLEAN,
Va., Jan. 30, 2023 /PRNewswire/ -- Appian
(Nasdaq: APPN) today announced the availability of Appian Connected
Underwriting. Built on the Appian Platform, Connected Underwriting
empowers insurers to accelerate the underwriting process and
improve customer experience. The solution uses Appian's process
automation, data fabric, and low-code architecture to rapidly unify
data from disparate sources, optimize workflow, and reduce the time
to quote new policies.
Appian releases Connected Underwriting
solution to accelerate the underwriting process and improve
customer experience.
"Carefully leveraging data and technology supports underwriters
in making better, more intuitive decisions. Appian Connected
Underwriting provides insurers with a cohesive solution that
enhances speed and precision. We're excited to be working with
Appian to bring Connected Underwriting and its automation
technology to the firm's insurance clients," said Michael Cook, Partner, PwC UK. "For those moving
into digital distribution, establishing a careful balance between
speed and accuracy is vital. The process of receiving an inquiry,
assigning it to an underwriter, assessing the risk, and delivering
a quote back to the potential customer relies on a wide array of
data and technology."
Informed by more than a decade of working with leading insurers,
Connected Underwriting enables insurers to optimize underwriting
processes with automated, connected workflows.
According to a recent study by Accenture, today's underwriters
spend 40% of their time on non-core activities, representing an
efficiency loss of 85 to 160 billion
dollars over the next five years. With Appian Connected
Underwriting, insurers can eliminate redundant manual data entry
and improve process efficiency using robotic process automation
(RPA), intelligent document processing (IDP), and artificial
intelligence (AI). This allows underwriters to instead focus on
more high-impact tasks while also improving customer and broker
service, increasing speed to quote—to win and retain more
customers—and increasing frictionless processing with a holistic
view.
"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," said Sanat
Joshi, SVP of Industry Products and Solutions. "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."
Appian Connected Underwriting is part of a suite of solutions
that work together to help insurers rapidly modernize their
insurance process. To learn more, visit appian.com/insurance.
About Appian
Appian is the unified platform for
change. We accelerate customers' businesses by discovering,
designing, and automating their most important processes. The
Appian Low-Code Platform combines the key capabilities needed to
get work done faster, Process Mining + Workflow + Automation, in a
unified low-code platform. Appian is open, enterprise-grade and
trusted by industry leaders. For more information, visit
www.appian.com.
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SOURCE Appian