TCS unveils automation platform for digital era insurance underwriting
05 March 2015
Tata Consultancy Services (TCS), the country's top software exporter, has unveiled a new platform which will increase the level of automation in underwriting for the insurance business.
The automation solution, named 'Underwriting Workbench', combines dynamic case management, intelligent work flow and decision support systems with robust geospatial functions as mapping and visualisation capabilities, TCS said in a statement in Mumbai.
The solution automates the ability to capture, analyse and make use of data in order to determine risk exposure and risk aggregation, the Tata group company said.
The new platform is designed to give insurance underwriters full use of location based technology and data in order to inform risk selection that would help in the information gathering process, scoring, decision making and pricing, TCS said.
''Within the insurance industry, there are extensive opportunities for location-based data and geospatial technologies, and while the volume of data is overwhelming, it is also of extraordinary value to underwriters,'' said Suresh Muthuswami, president, Insurance and Healthcare, TCS.
''At TCS, we're working with our partners and investing in our innovation labs to capitalise on these advances in digital technologies to develop solutions that our customers need to digitally re-imagine their business and be successful in this new environment,'' he added.
''Rapidly accelerating changes in information technology capabilities are driving change in insurance underwriting across property and casualty,'' said Matt Josefowicz, managing director at Novarica. ''State-of-the-art underwriting today means fully electronic workflow and extensive use of a wide range of third-party data. Insurers whose systems don't support all available capabilities will be at a serious disadvantage in pricing risk effectively and serving their distributors competitively.''
TCS' underwriting workbench incorporates Pitney Bowes' software spectrum spatial solution for locating and visualizing potential risks across multiple assets and properties and Pegasystems' commercial underwriting application with workflow functionality and business process rules that simplify and support all underwriting needs.
Additionally, it offers underwriters one platform upon which they can quickly and effectively analyse data, communicate with colleagues and customers, comply with underwriting guidelines and track risk exposure in real time.
''Accuracy and precision are absolutely crucial in the insurance world,'' says James Buckley, senior vice president, Location Intelligence, Pitney Bowes. ''Seeing a single view of risk, across actuaries, cost management, underwriting, claims-it all will affect their customer's experience, and the insurers' top line. Location intelligence technologies are finally making this possible.''
Chris Blatchly, VP, global insurance leader for Pegasystems, added, ''We are pleased that TCS decided to incorporate our new commercial underwriting application into their underwriting workbench. It is great to see our partners leverage Pega to bring innovation to the market.''
The new platform was developed at TCS' Insurance Innovation Lab, a state-of-the-art environment for customers to test new ideas and trial new solutions. The Innovation Lab has been focused on capturing the latest technologies, eg, big data, mobile, GIS, etc, and channelling those into viable services that will help to accelerate profitability, maximise efficiencies and build stronger relationships between the insurer and the insured.