We outline the market outlook for underwriting workbenches in life insurance — from investment trends, to leading companies, to recommendations for players in the space.
What are underwriting workbenches?
Underwriting workbench solutions act as the main software platforms for underwriters to view, assess, and make decisions. While these systems can enable automatic underwriting decisions without an underwriter, they can also augment underwriter decision-making by providing necessary information and even suggestions to an underwriter.
Many underwriting workbench companies provide policy administration solutions, which act as systems of record for insurers’ policies and enable a seamless transition from prospect to policyholder.
Features & capabilities
Underwriting workbenches provide life insurance underwriters with a number of capabilities, including:
- Automated underwriting/straight-through processing capabilities
- Underwriting dashboard to manage the entire insurance lifecycle across multiple lines of business
- Automatic underwriter assignment
- Policy bind & issue capabilities
- Policy renewal & endorsement capabilities
At a high level, these platforms focus on enhancing underwriting accuracy and consistency. These platforms also allow life insurance underwriters to launch new products in less time with less effort.