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Elevateunderwritingaccuracyandefficiency
TheUnderwritingWorkbenchadvantage
2
TheUnderwritingWorkbench
enablesmorebusinesstobe
handledbyunderwritersasit
increasesspeedandefficiency
andimprovesoutcomes.
Keyinsights
•Legacysystemsaffecttheaccuracyofdataandthespeedatwhichriskassessments
canbeconducted—bothkeyunderwritingfunctions.
•TheUnderwritingWorkbenchisaholistic
ecosystemwheretherightsoftwareworkstogethertopropelyourbusinessintothe
nextgenerationofunderwriting,defined
byefficiency,accuracyandtalentattraction.
•ImplementinganUnderwritingWorkbenchinvolvesaphasedapproach,addressing
challengeslikedatasilos.Keycapabilitiesincludeadata-drivenenterprise,open
ecosystemandfutureoperatingmodels.
3
Today’sunderwritersgrapplewithanarrayofchallengesthatundermineboththeir
efficiencyandexpertise—daily.Globalinstability,climatechange,andemerging
technologieshaveledtocomplexrisksthatdemandagilityinassessmentandprecise
dataforanalytics.Atthesametime,manualprocessesconstrainedbysiloedand
potentiallyinaccuratedataimpactspeedanddecisionaccuracy.
Accordingto
Capgemini’sWorldPropertyandCasualtyInsuranceReport2024,
41%ofunderwriters’timeiscurrentlyfocusedonadministrativeandoperational
activities,constrainingtheircapacityandtriggeringvaluechainchallengesinpricing
andbroker/customerexperience.Underwritersnotedthatrelevantthird-partydata
insightsandpredictivemodelsareessentialtoaccuratelyassessandpricerisk,yetless
than37%ofinsurershaveadvancedthirdpartydatacapabilitiesandonly27%have
advancedpredictivemodelingcapabilities.
ACIOstruggles
withimplementing
technologytosupportunderwriters.Howareyoudealingwithlegacyandtechnicaldebt
indeliveringquotes
inatimelymanner?
Thechiefunderwriting
officermustimprovetheriskassessmentprocesswhilesimultaneously
approvingrequestsfor
quotes.Howcanyou
ensurepricingaccuracy?Howareyouhelping
yourexpertunderwriterswritemorebusiness?Canyouattractnewtalent
withyourcurrentsystem?
Anoperationsleadis
strugglingwithspeedinguptheunderwriting
processandtargeting
opportunitiesfor
improvement.Howdo
youdothiswhilestill
meetingobligations
aroundknowyour
customer(KYC),
strugglingwithsanctionschecksandmore?
TheCEOofaninsurance
companyischarged
withgrowingbusiness
withoutincreasing
headcount.Howareyou
modernizingwithout
transforming?
Complexprocessesandoutdatedsystemsoftenobscurethedataunderwritersneed
togainacompletepictureofthetotalrisk,whichcanleadtoanautomaticdecline
andorslowresponsetimes.Bothtranslatetolostbusiness.Theresult?Frustration,
inefficiencyandmissedopportunities.
Andlurkingaroundthecorneristhemassretirementofagenerationofunderwriters
whoselegacyknowledgemayjustdisappearwiththem.
Toaddressthesechallengesandmoveyourbusinessintothenextgenerationof
underwriting,legacyprocessesandsystemsmustbedealtwithcollectivelyby
leadershipacrossyourorganization.Eachviewthechallengesoftheunderwriterfrom
adifferentangle:
Butwhatiftherewasawaytostreamlinetheunderwritingprocesstocreate
efficiencyanddataaccuracy,empowerunderwriterstodevotemoretimetocore
tasksandhigh-levelanalysis,achievegrowthwithoutrequiringmoreheadcountand
attracttoptalent?
Enter:TheUnderwritingWorkbench
TheUnderwritingWorkbenchservesasaunifiedplacewheretools,dataandunderwritingprocessalign.Thisrobustplatformautomatestasks,providestimelyandoptimizeddata,createsefficienciesandfacilitates
collaboration,allinone.
Evenifunderlyingsystemsinvolvemultiplepolicy
adminsolutions,theworkbenchallowsagradualshiftfromlegacytechnology,providingaroadmapfortotaldigitaltransformation.Morethanatool;it’sagame-
changerintoday’scompetitiveworldofP&C
underwriting.
4
WithanUnderwritingWorkbench,youcan:
Unlockcapacity
Automateadministrativetaskmanagementandutilizeartificialintelligence(AI)tointegratenon-coretasksthatenhanceproductivity,allowing
underwriterstofocusmoreonhigh-level
underwritinganalysis.
Acceleratetimetomarket
Speedupunderwritingwithoutcompromisingaccuracyinriskassessmentandpricing.SmartsubmissionassessmentacceleratestheprocessbyapplyingrulesandAItomatchasubmissionwiththeappropriateunderwritingexpertise,allowingunderwriterstospendmoretimeoncomplextasks.
Driveconsistencyandprecision
Aggregatedataandanalyticalinsightsfrom
internalandexternalsourcesincludingclaims,losscontrol,open-sourceintelligenceandthirdpartiestoempowerdata-backedunderwritingthatensuresconsistencyindecision-making.
Integratebenchmarkpricingwithpredictiveanalytics,includingCATmodelingand
profitabilitymarginsneededforpropertyand
heavycasualtyexposures,toapplyinsight-drivenriskassessmentandpromotegreaterpricing
precision.
Improvebrokerexperience
Real-timecollaborationprovidesa360-degreeviewofthecustomerandagenttobetter
manageandmonitorindividualrisksand
portfoliosthroughthepolicylifecycle,makingiteasierforbrokerstodobusinesswithyou.
Attracttoptalent
Advancedtechnologypositionsyourbusinessasaforward-thinkinginsurer,drawinginthenextgenerationofbest-in-classunderwritingtalent.
5
Caseinpoint:How3insurersunlocked
thepoweroftheUnderwritingWorkbench
SeehowtheUnderwritingWorkbenchrevolutionizedunderwritingforthree
insurerswithdigitalefficiency,accuracyandinnovation:
Dataqualitytransformation
Atop-fiveLondonmarket
globalcommercialinsurer
performedastrategicoverhaul
ofitsunderwritingprocessesby
implementinganUnderwriting
Workbenchforaccuratedata
gatheringbyadoptingalightbuildapproachusingAPIs.Thisnotonlyaddressedreplicationchallengesbutalsoenhancedtheoverall
agilityoftheunderwritingsystemforimproveddataaccuracyand
thus,ratingtests,enablingfasterpolicyprocessingandanotablereductioninoveralloperationalcomplexitiesasaresult.
Reducedunderwriting
complexity
Underwritersincreasedtheir
outputwithoutaddingpersonnelatthisglobalspecialtyinsurerin
theLondonmarketwithhelpfromCapgemini.Soonafter,theinsurerarchitectedaroadmaptosourcecorrectdataattherighttime
acrosssoftwaretoolsandAIfor
emailtaskautomations.ThenewUnderwritingWorkbenchcateredtothediverseneedsofsupport
staffandseniorunderwriters,
enhancingoverallusability,
resultinginimprovedefficiency,
reducedcomplexitiesandamorestreamlinedunderwritingprocess,sotheorganizationcangrow.
Enhancedusability,
accuracy,andefficiency
AleadingEuropeaninsurer
wasunderwritingusingthree
disparatesystemstogetherwith
threedifferentratingsystems.
Processeswerestreamlined
afteroverlayinganUnderwriting
Workbenchviaasingletoolover
theentireunderwritingoperation,
providingasingle-entrypoint
toview,controlandaccessdata
anddocumentation.Theunified
platformenhancedusability,
significantlyreducedmanualdata
entryefforts,minimizingerrors
andacceleratingtheunderwriting
journey.
6
Aroadmapforbuilding
anUnderwritingWorkbench
AsyougetreadytostartonthepathtowardsanUnderwritingWorkbenchforyour
organization,it’simportanttokeepinmindthatthechoiceoftechnologyisless
significantthanhowyouassembleandintegrateit.Focusonbuildingaframework
thatsmoothlyintegrateswithyourcurrentsystems,includingpolicyadministration
andsubmissionprocesses.Avoidgettingoverwhelmedbythespecificsofeachtool,
andinsteadthinkofitasaspringboardpropellingyoutowardsabrighterunderwriting
future,notacomplexprojectfromscratch.
Buildingarobustunderwritingsysteminvolvesasystematicapproach.Hereisaroadmaptoguideyourprocess:
1.Performatargetstateassessmenttoevaluatethecurrentstateofunderwritingtechanddefinethetargetarchitecture.
2.Definethetransformationmapbyprioritizingcomponentsbasedonwhichdeliverthemostvalue;consideroptionssuchasstreamliningandenhancingaccessibilityofratingandpricingengineforswiftimplementation.
3.EstablishaflexibleimplementationprocesstocustomizetheUnderwritingWorkbenchroadmapforyourorganization,tailoringstrategieswithinthe
Workbench’scentralhubtointegratealltechnologies.
4.Assessvendortechandevaluatetechnologyoptions,consideringin-housecapabilitiesoroptingforefficientlow-codesolutions.
5.Establishaprogramplanthatassemblesteamsforeffectiveimplementation.Gettingunderwriterbuy-inearlyonintheprocessiskeytosuccess.
7
Areyoupreparedtoinvestinthefutureofunderwriting?
TheUnderwritingWorkbenchisn’tjustasolution;
it’sacatalystforchange,translatingtoawin-winfor
underwritersandinsurers.Underwritersareempoweredwiththetoolstheyneedtoexcel,andinsurersbenefit
fromimprovedefficiencyandprofitability.The
Workbenchwillhelpattractthenextgenerationof
talentwhileembeddingbestpracticesforafuture-proofinsuranceindustry.
Meetourexperts
AdamDenninger
GlobalIndustryLeaderforInsurance
adam.denninger@
AdamDenningerleadsCapgemini’sglobalstrategyandproductmanagement
fortheinsuranceindustryandmanagesitsrelationshipswiththeinsurance
technologyecosystem.Adamhas20+yearsofexperiencecreatingand
deliveringsolutionsattheintersectionofbusinessandtechnology.
KellyReisling
SeniorDirector,GlobalUnderwritingLead
kelly.reisling@
KellyReislingisaleaderindrivingdigitaltransformationinunderwriting.
Shehas+32yearsofexperienceinthepropertyandcasualty(P&C)insurance
industry.Sheisanunderwritingsubjectmatterexpertcontributingto
insuranceofferings,digitallandscapetransformations,andunderwriting
workbenchdevelopment.
Wen
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