Appian Releases Connected Underwriting to Equip Insurers with Speed and Precision

Rhea-AI Summary

Appian (Nasdaq: APPN) announced the launch of Appian Connected Underwriting on Jan. 30, 2023. This innovative solution aims to enhance the underwriting process for insurers by leveraging process automation and low-code architecture. The tool facilitates data unification from diverse sources, thereby improving workflow efficiency and reducing policy quote times. A study by Accenture highlighted that underwriters currently spend 40% of their time on non-core tasks, leading to potential losses of $85 to $160 billion over the next five years. The solution intends to streamline operations, enhance customer experience, and support underwriters in making informed decisions during challenging economic conditions.

Positive

• Launch of Appian Connected Underwriting enhances efficiency for insurers.
• The solution uses advanced technologies to automate and unify data processes.
• Potential to recover up to 40% of underwriters' time from non-core activities.
• Improves customer service and speed of quoting policies.

Negative

• None.

The prebuilt solution empowers insurers to reduce time to quote, minimize risk, improve profitability, and elevate the customer experience

MCLEAN, Va., Jan. 30, 2023 /PRNewswire/ -- Appian (Nasdaq: APPN) today announced the availability of Appian Connected Underwriting. Built on the Appian Platform, Connected Underwriting empowers insurers to accelerate the underwriting process and improve customer experience. The solution uses Appian's process automation, data fabric, and low-code architecture to rapidly unify data from disparate sources, optimize workflow, and reduce the time to quote new policies.

Appian releases Connected Underwriting solution to accelerate the underwriting process and improve customer experience.

"Carefully leveraging data and technology supports underwriters in making better, more intuitive decisions. Appian Connected Underwriting provides insurers with a cohesive solution that enhances speed and precision. We're excited to be working with Appian to bring Connected Underwriting and its automation technology to the firm's insurance clients," said Michael Cook, Partner, PwC UK. "For those moving into digital distribution, establishing a careful balance between speed and accuracy is vital. The process of receiving an inquiry, assigning it to an underwriter, assessing the risk, and delivering a quote back to the potential customer relies on a wide array of data and technology."

Informed by more than a decade of working with leading insurers, Connected Underwriting enables insurers to optimize underwriting processes with automated, connected workflows.

According to a recent study by Accenture, today's underwriters spend 40% of their time on non-core activities, representing an efficiency loss of 85 to 160 billion dollars over the next five years. With Appian Connected Underwriting, insurers can eliminate redundant manual data entry and improve process efficiency using robotic process automation (RPA), intelligent document processing (IDP), and artificial intelligence (AI). This allows underwriters to instead focus on more high-impact tasks while also improving customer and broker service, increasing speed to quote—to win and retain more customers—and increasing frictionless processing with a holistic view.

"Improving underwriting efficiency and data-driven risk assessment is especially important in today's economic climate. Inflation is driving loss costs higher and faster in most markets for our customers, making streamlined and connected underwriting processes more important," said Sanat Joshi, SVP of Industry Products and Solutions. "We are excited to deliver a solution that allows insurers to quote and write policies faster with the same number of resources, deliver a better customer experience, and improve their quote to bind ratio."

Appian Connected Underwriting is part of a suite of solutions that work together to help insurers rapidly modernize their insurance process. To learn more, visit appian.com/insurance.

About Appian
Appian is the unified platform for change. We accelerate customers' businesses by discovering, designing, and automating their most important processes. The Appian Low-Code Platform combines the key capabilities needed to get work done faster, Process Mining + Workflow + Automation, in a unified low-code platform. Appian is open, enterprise-grade and trusted by industry leaders. For more information, visit www.appian.com.

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SOURCE Appian

FAQ

What is Appian Connected Underwriting?

Appian Connected Underwriting is a new solution designed to enhance the underwriting process for insurers, offering improved efficiency and customer experience.

How does Appian's new solution affect underwriters?

The solution aims to reduce the time underwriters spend on non-core activities, potentially recovering up to 40% of their time.

What technology does Appian Connected Underwriting use?

It utilizes process automation, data fabric, and low-code architecture to streamline operations and unify data.

When was Appian Connected Underwriting launched?

Appian Connected Underwriting was launched on January 30, 2023.

What potential financial impact does the new solution have?

According to Accenture, the inefficiencies in underwriting could lead to losses of $85 to $160 billion over the next five years if not addressed.