The end is nigh for manual, laborious underwriting processes. Telefónica Tech’s Underwriter Workbench uses AI, automation and cutting-edge Microsoft technology to streamline the document-to-data process in underwriting and beyond.
What is Telefónica Tech’s Underwriter Workbench?
Incremental’s Underwriter Workbench is a digital control panel that automates touchpoints across the insurance policy lifecycle, freeing underwriters from performing repetitive administrative tasks.
The tool integrates multiple data sources to present a 360-degree view of the customer, including:
- Applicant data
- Historical claims data
- Market trends data
- Other relevant factors to determine insurability and risk pricing.
The Underwriter Workbench is a flexible and adaptable tool that holds multiple use cases. Here are some common problems in underwriting that adopting Telefónica Tech’s Underwriter Workbench would solve…
Inefficient workflows
Underwriting processes typically involve multiple steps and interactions with various stakeholders, such as agents, brokers and risk engineers. This creates a complex, time-consuming process for businesses, with an increased risk of manual error.
Incremental’s Underwriter Workbench uses the artificial intelligence (AI) model, OpenAI, to extract data from policy applications and any supporting documentation, and automation to push the policy along the workflow process, recognising if and when human interaction is required. Incremental’s automation tool of choice is Power Automate: a Microsoft-powered versatile automation platform that enables process, task and approval request automation across multiple applications.
For more simple applications, the tool can process the policy from start to finish, as well as notify underwriters of any upcoming renewals, when underwriting limits are going to be overshot, or when outstanding quotes must be rationalised.
Disparate data
Data is crucial to providing underwriters with accurate risk analyses, allowing them to price accordingly. However, one common challenge faced by underwriters is disparate data sources spread across multiple documents and systems. To prevent data loss and misreporting, Telefónica Tech’s Underwriter Workbench can be integrated with third-party data sources to present all relevant data on one easy-to-read dashboard, where inbound data submissions are automatically structured and ingested without manual intervention. With access to real-time data, optimal risk evaluation and decision-making can be achieved.
Disjointed teams
Move away from disjointed collaboration in the underwriting process – the transparency of this underwriting tool improves team collaboration, displaying where in the process the policy is sitting and how long it takes to quote and bind policies. Broker interrogate information can also be displayed and presents a visualisation of any gaps in the information available to underwriters.
Compliance, risk and regulatory data can be created and stored, including corporate policy controls. In an environment with regulations as strict as the insurance sector, devices that can offer additional assurances are welcomed. To support with regulatory demands, Incremental’s Underwriter Workbench can show timestamps to assist auditory purposes.
Revolutionise your underwriting process!
Incremental’s Underwriter Workbench is a flexible and adaptable framework that can be used for different use cases and business types, for example, specialist insurance, banking and wealth management.
Get in touch with our team of Financial Services experts today to receive a demo of Telefónica Tech’s Underwriter Workbench in action.