Appian for Life Underwriting
Today’s life insurance customer demands a faster and more convenient quoting and buying experience. But for many insurers, legacy systems and manual work, slow the process. The inability to easily incorporate external services, such as life expectancy data, or innovate with Artificial Intelligence (AI) and other emerging technologies – which would increase both the speed and accuracy of quoting – makes improving underwriting performance a challenge. In order to maintain a competitive advantage, insurers need a platform with robust case management and workflow capabilities that will enable them to manage a wide array of insurance and business processes, and also improve the overall customer experience. Appian enables insurers to optimize and speed life insurance underwriting – digitizing the process to improve straight through processing (STP) and increase sales.
- Build and change with low code automation
- Ability to combine all internal and external data in the business flow
- Enables workflow between humans and digital workers, e.g. bots and AI
- Case management capabilities
- Intelligent Document Processing (IDP) capabilities
- Open platform: easy integration into internal and external systems and services
- Streamline the underwriting process from application to classification by creating insight in the decision making process, centralising the key data elements and combining tools and services to facilitate automation.
- Support complex underwriting decision making by providing case management capabilities combining defined business rules, AI, ML, internal or external services and internal and third-party data.
- Provide agility to the underwriting process, enabling flexibility to change the process where needed going forward, and include or change automation tools where required, thus creating an intelligent automated process.
- Provide a single view of the required underwriting information from all sources by creating a 360 view of the applicant, customer and the risk.
- Enable collaboration through rich workflow capabilities with internal colleagues, and external partners
- Complete tracking of the decisioning process, including workload management, dashboard and reporting capabilities to facilitate the search for operations excellence and audit or compliance needs.
- Ability to handle and process various structured or unstructured documents, such as medical records and forms, using the IDP functionalities