Appian and ReleasePoint Partner to Automate Life Insurance Underwriting

Rhea-AI Summary

Appian (Nasdaq: APPN) has partnered with ReleasePoint to enhance life insurance underwriting through automation.

The collaboration integrates ReleasePoint's medical information solutions with Appian's Connected Underwriting Life Workbench. This integration automates the medical record retrieval process and combines it with underwriting workflows, saving time and improving decision-making for underwriters.

ReleasePoint brings over 50 years of experience in medical record retrieval, leveraging its MIDAS technology for detailed health history reviews.

Appian's AI-driven platform facilitates faster, more accurate underwriting and reduces IT implementation efforts.

The partnership aims to improve operational efficiency, reduce manual errors, and elevate customer satisfaction in the life insurance industry.

Positive

• Appian's partnership with ReleasePoint automates medical record retrieval, saving hours of manual work.
• The integration enhances underwriters' decision-making by providing comprehensive medical reports.
• ReleasePoint's MIDAS technology offers a detailed, data-driven health history review.
• Appian's AI architecture automates repetitive tasks, improving efficiency.
• The Connected Underwriting Life Workbench facilitates faster benefit realization and enhanced competitiveness.
• The system allows 24/7 real-time monitoring and data extraction from various sources.
• The partnership streamlines operations, reducing manual errors, and enhancing the overall underwriting experience.

Negative

• The integration may require initial investment and training for insurers to adapt to the new system.
• Dependence on third-party data sources might pose risks if there are inaccuracies or delays in medical record retrieval.
• There might be potential privacy concerns around handling and storing extensive medical data.

Insights

Financial Analyst

This collaboration between Appian and ReleasePoint has the potential to significantly impact the life insurance industry by streamlining the underwriting process through automation. By integrating ReleasePoint’s medical information retrieval with Appian’s Connected Underwriting Workbench, insurers can expect reduced manual labor and faster decision-making. This could lead to cost savings and increased efficiency, positively affecting Appian’s financial outlook. In the short term, this may boost Appian's stock as investors anticipate improved operational efficiencies and potentially increased customer adoption of its platform. However, in the longer term, the sustainability of these benefits will depend on how well the integration performs and the extent to which it is adopted industry-wide. Investors should be aware of potential competitive responses from other tech companies in the insurance sector.

Insurance Industry Expert

From an industry perspective, the partnership addresses a critical pain point in life insurance underwriting: the time-consuming and error-prone nature of manual medical record retrieval and review. By automating these processes, the collaboration can lead to more consistent and accurate underwriting decisions, potentially improving risk assessment and policy pricing. This can enhance the customer experience, leading to higher satisfaction and retention rates. However, the actual impact may vary depending on the ease of integration for insurers and the robustness of the AI and automation technologies in handling diverse and complex medical data. While this partnership sets a new benchmark for efficiency, it remains to be seen how rapidly and widely it will be adopted across the industry.

Appian's Connected Underwriting Life Workbench helps insurers unify data and automate workflows

MCLEAN, Va., June 4, 2024 /PRNewswire/ -- Appian (Nasdaq: APPN) today announced a strategic partnership with ReleasePoint, a premier provider of medical information solutions for the insurance industry. The partnership includes integration between ReleasePoint's solution and Appian's Connected Underwriting Workbench for Life Insurance.

Appian announces a partnership with ReleasePoint to automate life insurance underwriting.

The integration automates the medical record retrieval process and unifies it with underwriting workflows within Appian. Underwriters and case managers can now initiate medical record requests directly from the Appian Platform and receive comprehensive medical reports without leaving the Appian interface. This transforms the way underwriters access and manage medical information, saving hours of manual work, optimizing medical underwriting processes, and accelerating underwriter decision-making.

ReleasePoint has more than 50 years of experience in medical record retrieval. The company is known for its expertise in seamlessly retrieving and transforming medical records and electronic health records (EHR). ReleasePoint's flagship MIDAS technology and service solution is used by multi-line carriers in North America to achieve a single, data-driven review of an applicant's complete health history. The future integration of MIDAS within Appian's Connected Underwriting Life Workbench will bring to bear the power of human expertise and artificial intelligence to accurately extract and aggregate clinical information, expediting the underwriting process while ensuring review accuracy and efficiency.

"Our partnership with ReleasePoint represents a pivotal step in modernizing underwriting processes," said Jake Sloan, Industry Vice President of Insurance & Healthcare, Appian. "By seamlessly incorporating EHR data, we empower underwriters with unprecedented visibility and insights, enabling faster and more informed decision-making. This innovation not only enhances efficiency and accuracy but also exemplifies our commitment to leveraging advanced access to third-party data to drive innovative underwriting and product solutions across the industry."

The Connected Underwriting Life Workbench is a streamlined underwriting solution that is prebuilt on the Appian Platform. It is designed to drive speed to market with reduced IT effort for implementation. Its data fabric capabilities enable quick data and integration connectivity, coupled with AI-led automation that supports change management and optimized underwriting processes. Appian's AI architecture and its generative AI capabilities allow insurers to process content at scale and automate repetitive tasks, such as classifying emails and extracting data from documents. This allows Appian customers to facilitate faster benefit realization and enhance their competitiveness with a better underwriting experience. The Connected Underwriting Life Workbench improves the quality, consistency, and procedural adherence of cases. Additionally, the system allows 24/7 real-time monitoring and data extraction from various sources, seamless integration with third-party tools, and augmented decision-making with a complete audit trail.

"Our partnership with Appian is a game-changer for the life insurance industry," said Derrick Halvey, CEO, ReleasePoint. "This collaboration combines ReleasePoint's expertise in medical data retrieval and with Appian's advanced underwriting platform, streamlining processes and enhancing decision-making for life insurers. Together, we're setting new benchmarks for efficiency and customer satisfaction in life insurance."

The partnership between Appian and ReleasePoint enables holistic underwriting automation and workload management to improve operational efficiency and the underwriter experience. By leveraging automation and AI-driven solutions, insurers can now streamline operations, reduce manual errors, and enhance the overall underwriting experience for customers and stakeholders.

For more information about Appian for life insurance underwriters, visit https://ap.pn/3y9s3XH.

About Appian

Appian is a software company that automates business processes. The Appian AI Process Platform includes everything you need to design, automate, and optimize even the most complex processes, from start to finish. The world's most innovative organizations trust Appian to improve their workflows, unify data, and optimize operations—resulting in better growth and superior customer experiences. For more information, visit appian.com. [Nasdaq: APPN]

Follow Appian: LinkedIn, X (Twitter).

About ReleasePoint
ReleasePoint is a leading provider of medical information solutions for the insurance industry. With over 50 years of experience, ReleasePoint specializes in retrieving and transforming medical records and electronic health records to expedite the underwriting process while ensuring accuracy and efficiency. For more information, visit www.releasepoint.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/appian-and-releasepoint-partner-to-automate-life-insurance-underwriting-302162726.html

SOURCE Appian

FAQ

What is the partnership between Appian and ReleasePoint about?

Appian and ReleasePoint have partnered to automate life insurance underwriting by integrating ReleasePoint's medical information solutions with Appian's Connected Underwriting Life Workbench.

How does the integration of ReleasePoint's solution benefit Appian's platform?

The integration automates medical record retrieval and unifies it with underwriting workflows, saving time and improving decision-making for underwriters.

What technology does ReleasePoint bring to the partnership?

ReleasePoint brings its MIDAS technology, which provides a detailed and data-driven health history review.

How does Appian's AI-driven platform improve underwriting?

Appian's AI-driven platform automates repetitive tasks, such as classifying emails and extracting data from documents, improving efficiency and accuracy.

What are the operational benefits of Appian's Connected Underwriting Life Workbench?

The Workbench improves quality, consistency, and procedural adherence of cases, allows 24/7 real-time monitoring, and integrates seamlessly with third-party tools.

What are the potential challenges of the Appian and ReleasePoint integration for insurers?

Possible challenges include initial investment in the new system, training requirements, and reliance on third-party data accuracy.