Pegasystems, Inc., the software company powering the digital enterprise, today announced its newest insurance application, Pega Commercial Lines Underwriting. Pega’s new underwriting workstation combines industry-leading business process rules and workflow functionality with decision-based technology designed to help underwriters improve risk evaluation, comply with underwriting guidelines and collaborate more effectively. Pega’s unified offering helps carriers eliminate gaps in their current underwriting capabilities and modernize their technology support environment on an enterprise scale.
Pega Commercial Lines Underwriting application helps commercial lines carriers drive growth by using predictive and adaptive analytics to align underwriting outcomes with profitability and risk objectives. Pega’s end-to-end underwriting application simplifies complex operating environments by accelerating the deployment of enhanced underwriting functionality across geographies, lines of business and distribution channels. Furthermore, carriers can reduce expense ratios with intelligent underwriting processes and easy integration of legacy systems that enables the automation of key underwriting tasks in accordance with service level agreements.
With Pega Commercial Lines Underwriting carriers can:
• Optimize risk selection, pricing and portfolio management: Pega Next-Best-ActionTM enables carriers to execute data-driven strategies in line with profitability measures and long-term growth plans; operationalize data and analytics directly within the underwriting process; and use analytics to power risk evaluation, risk selection and underwriting decisions.
• Ensure underwriting discipline across operations: Pega’s software enables carriers to rapidly configure, deploy and reuse underwriting best practices to easily create items including underwriting guidelines, letters of authority, and appetite rules with shorter delivery times, improved quality and lower development costs.
• Scale efficiently by improving underwriter productivity and collaboration: The new application supports dynamic case management, which automates underwriting processes, improves underwriter collaboration and bridges technical silos. Carriers can leverage existing technology and eliminate redundancy with fast, easy and secure integration with multiple enterprise and partner systems.
Pega Commercial Lines Underwriting is built on the Pega 7 platform. With Pega 7’s visual tools, businesses can easily extend and change the application to meet their strategic business needs. Pega 7’s proven scalability ensures the application can scale to run across the volume of users and variations in business lines, geographies and channels that today’s organizations demand.
For those interested in learning more, Pegasystems is sponsoring a free webinar at 2:00 pm. ET on October 28, titled “Mind The Gap: The Case For the Commercial Lines Underwriting Workstation.” Deb Smallwood of Strategy Meets Action and Tom Harrington of Pegasystems will discuss a number of topics including the current state of commercial lines underwriting automation, the underwriting operational drivers that carriers need to improve, and the value of underwriting workstations to address these drivers and modernize underwriting support.
Quotes & Commentary:
“Commercial lines insurers are increasing their demands for automated underwriting solutions that address the full scope of underwriting and underwriter needs to create ease and effectiveness of the underwriting process,” said Deb Smallwood, Founder of Strategy Meets Action. “Our research continues to illustrate that underwriting investment is increasing as a percentage of overall IT spending by commercial lines carriers, as insurers realize the value of a complete end-to-end solution for underwriting that delivers a competitive advantage.”
“While increasing profits and reducing risk in underwriting has always been a top priority for insurance carriers, the industry needs new technologies that will further support these long-term industry requirements as profit margins continue to shrink,” said Chris Blatchly, Vice President and Global Insurance Business Line Leader at Pegasystems. “Pegasystems has developed an underwriting application that will improve consistency, optimize portfolio management and ultimately lead to higher profits with lower risk. This new, unified platform will make a significant difference for commercial underwriters looking to strengthen both their top and bottom lines.”
Pegasystems Build for Change® Platform is the heart of Better Business Software®. It delivers business agility and empowers leading organizations to rapidly close execution gaps and seize new opportunities. Pegasystems (pega.com) leverages its recognized leadership in Business Process Management (BPM), Multi-Channel Customer Relationship Management (CRM), Business Rules, and Adaptive Analytics to uniquely give its clients the power to engage customers, simplify operations and Build For Change®.
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