Tata Consultancy Services, an IT services, consulting and business solutions organization, has released new underwriting software, Underwriting Workbench.
The application automates the ability to capture, analyze and make use of data in order to determine risk exposure and risk aggregation, Tata said. Underwriting Workbench combines case management, intelligent workflow and decision support systems with geospatial functions, such as mapping and visualization capabilities, to augment the efficiency and effectiveness of the underwriting process, the company claims.
“Rapidly accelerating changes in information technology capabilities are driving change in insurance underwriting across property and casualty,” said Matt Josefowicz, managing director at Novarica, in a statement. “State-of-the-art underwriting today means fully electronic workflow and extensive use of a wide range of third-party data. Insurers whose systems don’t support all available capabilities will be at a serious disadvantage in pricing risk effectively and serving their distributors competitively.”
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TCS’ Underwriting Workbench incorporates Pitney Bowes’ Software Spectrum Spatial application, for locating and visualizing potential risks across multiple assets and properties; and Pegasystems’ Commercial Underwriting application, with workflow functionality and business process rules to simplify and support underwriting needs. The Underwriting Workbench offers underwriters one platform upon which they can analyze data, communicate with colleagues and customers, comply with underwriting guidelines and track risk exposure in real time, TCS said.
“Within the insurance industry, there are extensive opportunities for location-based data and geospatial technologies, and while the volume of data is overwhelming, it is also of extraordinary value to underwriters,” said Suresh Muthuswami, president, insurance and healthcare, TCS. “At TCS, we’re working with our partners and investing in our innovation labs to capitalize on these advances in digital technologies to develop solutions that our customers need to digitally re-imagine their business and be successful in this new environment.”
The Underwriting Workbench was developed in TCS’ Insurance Innovation Lab, an environment for customers to test ideas, TCS said. The Innovation Lab has been focused channeling the latest technologies, such as big data, mobile, GIS, into viable services to accelerate profitability, maximize efficiencies and build stronger relationships between the insurer and the insured.
