In today’s fast-paced insurance industry, the demand for more data is ever-increasing. However, this surge in data requirements brings its own set of challenges, particularly in underwriting. The solution lies in interconnected systems. But, first let’s set the stage. What does the market actually look like now?
Current Market Challenges
Underwriters face several challenges that hinder their efficiency, productivity, and performance:
- Business Challenges: Underwriters spend excessive time logging into multiple platforms or waiting for key documents to download. This lost time translates to lost revenue.
- Operational Challenges: Inefficiencies and inconsistencies slow down processes. Managing multiple systems and the lack of straight-through processing between front and back-office operations divert focus from business growth. Overly complicated workflows further exacerbate these issues.
- Technological Challenges: Outdated technology, inconsistent data, and disconnected workflows impede growth and innovation.
These challenges create frustration and emotional pain points for underwriters, highlighting the need for a solution that addresses disconnected systems.
The Synergy of WCL and Send
Send is the leading workbench in, the London market and WCL, a Zywave company, is focused on connectivity, process automation and data exchange. While WCL and Send can function independently, their true potential is unlocked when integrated. Together, they offer a comprehensive solution that addresses the complexities of modern underwriting. This integration is not just about combining two systems; it’s about creating a more supportable, sustainable, and scalable underwriting process. Let’s explore how they work better together.
The Solution: Integration and Connectivity
WCL and Send focus on solving three main problems, with connectivity and integration being the primary challenge:
- Connectivity and Integration: Fully managed connections and integrations streamline workflows and enhance efficiency.
- Data Standardization: Providing a consistent data set to downstream systems and processes ensures accuracy and reliability.
- Process Normalization: Aligning processes across systems reduces complexity and improves operational efficiency.
Key Capabilities
The integration of WCL and Send brings several key capabilities to the forefront:
- Risk Assessment and Portfolio Optimization: AI agents at key underwriting stages and rich line-of-business-specific data enhance risk assessment and portfolio management.
- Digital Underwriting: Reducing manual entry and improving data quality through AI and API-powered data ingestion.
- Speed to Market: A powerful API orchestration engine allows for easy and dynamic control of the solution ecosystem.
The Ultimate Goal
The ultimate goal of this integration is to enable underwriters to work exclusively within their workbench, eliminating the need to switch between placing platforms. This streamlined approach not only boosts efficiency but also enhances the overall underwriting experience.
By leveraging the combined strengths of WCL and Send, the underwriting process becomes more efficient, productive, and scalable, addressing the current market challenges and paving the way for a more integrated and connected future in insurance underwriting.
This blog topic was recently covered in the webinar, Turbocharging Underwriting: WCL & Send Driving Efficiency for the London Market. The recording is available here.
