Pegasystems Inc., a software company, has released Pega Commercial Lines Underwriting. The application combines business process rules with decision-based technology. The technology is designed to help underwriters improve risk evaluation and comply with underwriting guidelines.
The application helps carriers eliminate gaps in current underwriting capabilities. It also helps commercial lines carriers use predictive and adaptive analytics to align underwriting outcomes with risk objectives. Carriers can reduce expense ratios with the automation of underwriting tasks in accordance with service level agreements. Pega Commercial Lines Underwriting is built on the Pega 7 platform, and businesses can extend and change the application to meet their needs across variations in business lines, geographies and channels.
Pega Commercial Lines Underwriting allows carriers to improve risk selection, pricing and portfolio management; create underwriting guidelines, letters of authority, and appetite rules with short delivery times and low development costs; and eliminate redundancy via integration with multiple systems.
“Commercial lines insurers are increasing their demands for automated underwriting solutions that address the full scope of underwriting and underwriter needs to create ease and effectiveness of the underwriting process,” said Deb Smallwood, founder of Strategy Meets Action. “Our research continues to illustrate that underwriting investment is increasing as a percentage of overall IT spending by commercial lines carriers, as insurers realize the value of a complete end-to-end solution for underwriting that delivers a competitive advantage.”
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