Innoveo, a global technology firm, has rolled out its enhanced Digital Underwriting Workbench solution for property & casualty (P&C) insurance carriers.
Innoveo developed the Digital Underwriting Workbench solution to help solve key challenges within the insurance underwriting process.
These include poor transparency in the underwriting process, lengthy cycle times based on manual engagements, and lack of integrations and coordination across multiple platforms & stakeholders.
In the past year, Innoveo said two innovative US-based insurance carriers have leveraged this Innoveo accelerator to streamline and empower their underwriters toward better and faster decision-making.
With the workbench solution, underwriting teams get a singular view across multiple systems along with automated data intake so less time is spent on mundane tasks as well as data consolidation or data correlation.
The underwriters, Innoveo added, will have more capacity to process new business, enabled to automate and make informed decisions based on real-time data and analytics, benefiting all stakeholders involved.
Thiru Sivasubramanian, chief solutions officer at Innoveo, said, “The solution provides a single pane of glass experience to underwriting teams, optimises the underwriting processes, automates repetitive manual tasks, and enables straight-through-processing.
“Using Innoveo’s digital underwriting workbench, insurers have a pre-configured solution to jumpstart digitization, leverage product templates, improve productivity throughout the underwriting process, reduce turnaround times and drive collaboration across teams.”
Earlier this year, Oman Insurance Company, one of the largest publicly listed insurers in the United Arab Emirates, launched a platform in conjunction with Innoveo.
The ZeroCode ‘KUDOS’ platform will drive near-immediate efficiencies and enhance the customer experience, according to Innoveo.
Oman Insurance said the collaboration has expanded its digital capabilities for fleet insurance across underwriting, quote and policy lifecycle management.
Vinod Kachroo, CEO at Innoveo, said, “We’re proud of the trust Oman Insurance has placed in Innoveo and the benefits we’ve helped them realise over the last few months building with our platform.
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