Limited access to better data and time-consuming manual processes make it difficult to stay competitive in a volatile marketplace. When carriers are looking to launch new products, these are the roadblocks they typically face in development:
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Slow time-to-market: Dependence on inflexible and disconnected legacy systems makes it extremely time-consuming and expensive for carriers to launch new products and update existing ones
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Inflexible off-the-shelf solutions: Off-the-shelf solutions leave customers, brokers, and underwriters with a disconnected experience because they are not easily customized
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Misalignment between business & technology: Lack of visibility from legacy technology development patterns means the business teams cannot play an intimate part in the development process, often leading to solutions that don’t meet the exact business or customer needs
Why traditional underwriting processes take so long
According to a study done by Deloitte, insurers typically require 12 to 18 months to create a new product, and three to six months to modify existing coverage. During the development process, any misalignments between what the customer expects and what the engineer is building may be found too late; by the time the product is ready a year and a half later, it may not even be what the client wants or needs anymore.
According to a study done by Deloitte, insurers typically require 12 to 18 months to create a new product, and three to six months to modify existing coverage.
P&C insurance companies must break the mold of this product development problem by fostering more collaboration between business and technology. Unfortunately the complexity of code and all of its required expertise does not allow for fast, iterative development. Enter the Unqork Enterprise App Cloud.
How automation speeds up product development
Traditionally, developing an underwriting system forced carriers to choose between the expense and complexity of a custom internal build or the inflexibility of an off-the-shelf point solution. With Unqork’s Underwriting Workbench, carriers no longer need to choose one or the other. In fact, the Unqork solution was just rated in the top quadrant of Celent’s Underwriting Workbench Report for Global Markets, which includes a detailed analysis of Unqork’s capabilities.
Unqork’s underwriting solution empowers carriers to rapidly launch new products in as little as 12 weeks and evaluate risk at scale via automation—without having to write or edit a single line of code. The completely visual application development platform enables carriers to transform and accelerate their underwriting process from intake to bind by combining a product manager, broker/customer portal, and underwriter workbench into one integrated platform.
With Unqork, insurers streamline the entire underwriting process—from intake to bind—and launch sophisticated, customized products in just a few weeks, all without writing a single line of code. But that’s just the beginning. Unqork’s solution also provides a strong IT foundation to accelerate modernization across all kinds of challenging insurance use cases.
Real examples of automated underwriting success
Unqork allows carriers to take a modular approach to transformation—there’s no need to rip-and-replace your entire technology stack because Unqork’s Underwriting Workbench solution seamlessly integrates with legacy systems, databases and sector-specific third-party services. Carriers can reap the following benefits:
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Accelerated speed-to-market: Develop and launch new products in as little as 12 weeks with a drag-and-drop building interface
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Improved flexibility: Align your systems to fit your products and processes (not vice-versa)
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Better business-tech alignment: Allow business and technology users to quickly iterate as feedback is received, rapidly improving the client experience
Launching new products to diversify your offerings and appeal to a new customer base is by no means a new concept to P&C carriers. What is new is a way to finally accomplish this at the speed of business. With Unqork’s Underwriting Workbench in their arsenal, carriers can capitalize on new opportunities faster and easily integrate new products into their existing ecosystem. Launching products in 12-18 months is no longer the status quo.
What makes Unqork an underwriting leader
Unqork combines two powerful capabilities that have made it a leader in the underwriting workbench space. First, we have deep experience and expertise solving the challenges of some of the world’s largest insurers.
Second, Unqork’s enterprise application platform enables enterprises to quickly build and launch customized, scalable, and extensible solutions, from underwriting to state-of-the-art self-service portals. And unlike many competitor offerings, Unqork doesn’t just accelerate development. It enables enterprises to efficiently maintain, upgrade and secure solutions across application lifecycle applications—all without the need to manage code.
Access Celent’s Underwriting Workbench Report for Global Markets, including a detailed analysis of Unqork’s capabilities.
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