Vendors
日本語
search
  2. //
  3. Reports & insights
  4. //
  5. Unlocking Underwriting Success, North American Edition

Unlocking Underwriting Success, North American Edition

Create a vendor selection project
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
We are waiting for the vendor to publish their solution profile. Contact us or request the RFX.
Projects allow you to export Registered Vendor details and survey responses for analysis outside of Marsh CND. Please refer to the Marsh CND User Guide for detailed instructions.
Download Registered Vendor Survey responses as PDF
Contact vendor directly with specific questions (ie. pricing, capacity, etc)
17 September 2024
Karlyn Carnahan
Fabio Sarrico

The Rise of Underwriting Workbenches

Abstract

Policy administration systems are effective at generating policies by capturing demographic information, tracking policy terms and conditions, and calculating rates. However, they often fall short in assisting underwriters with their tasks. Underwriters need to analyze prior losses, financial conditions, exposures, and controls, as well as determine reinsurance needs and assess data. These tasks are typically performed outside of the policy administration system, leading to delays and potential errors.

Insurers are increasingly interested in underwriting workbenches to address these challenges. These workbenches provide better decision tools, improve operational efficiency, and support underwriting tasks that are not typically supported by core systems. They offer a range of capabilities focused on efficiencies and decision-making. Insurers are turning to these workbenches to address margin pressure, market conditions, data demands, competition, and platform consolidation.

But these products are still relatively new and have not landed on a ‘standardized’ definition of what they are. In this report, we define what an underwriting workbench is, including a glossary of features, and identify some of the variations that are available in the marketplace. Additionally, we provide profiles of 21 workbenches, offering an overview of their functionality, customer base, and technology.

Features of an Underwriting Workbench

Client Access

Related Research

Commercial Lines Underwriting: Data, AI, and Automation
June 2024 

GenAI-oneers in Insurance
May 2024

Gen AI in Underwriting and Claims – Nearmap Betterview Copilot
May 2024  

Gen AI in PC Underwriting and Claims – Cloverleaf Analytics
May 2024 

Gen AI in PC Underwriting—Insurance Quantified – Groundspeed
May 2024 

Gen AI in Policy, Billing & UW – Majesco Copilot for P&C Intelligent Policy and Billing
May 2024  

LWCC: Digital Transformation of Underwriting, Distribution, Submissions
March 2024 

The Algorithmic Advantage: How Underwriting Is Being Transformed in the Insurance Industry
January 2024 

Gen AI – Lens on Use Cases in P&C Insurance
December 2023