Overview
The Pega Underwriting Workbench was created for the P&C insurer that relies on an ecosystem of channels, back office administration systems, and third party data and services to analyze risk and process submissions at scale within underwriting. Our solution provides a single pane of glass for every underwriting persona to use that unites enterprise rules, experience, and data with flexibility that allows for line of business and geographic differentiation within the carrier.
Key Features
Pega's Underwriting Workbench comes pre-configured with several assets. First, is a consolidated dashboard that provides each personas with a central location to see personal/team metrics as well as access urgent work. Second, is a consolidated inbox that brings together submissions of all types from all channels into a standardized view for every persona owning submissions or tasks within the underwriting process. Third, is a Submission 360 screen that aggregates policy, claims, submissions, and partner data from integrated sources across the enterprise. This same screen allows users to collaborate internally and externally on the submission. Fourth, the workbench comes with key submission processes and tasks pre-configured for carriers including intake, risk review, manager approval, and quoting. And lastly, the Pega Underwriting Workbench supercharges this solution with AI and automation powered accelerates to provide the underwriting team with a virtual assistant. These include natural language processing, a rules engine, automatic duplicate checking, automated communications, genAI for summarizing data and querying underwriting guidelines, and process AI for real-time analytics and underwriting next best action recommendations.
Key Benefits
Key benefits to insuers include reduced swivel chair, faster time to market with new processes, reduced turnaround time, reduced errors, reduction in cost, increase in capacity, reduced risk, increases in submission hit ratios, and increases in cross-sell/upsell opportunities.