This insurance Tech Talk shows how AWS, Mphasis, and Unqork work together to optimize key metrics like loss ratio improvements, risk quotient, & underwriter efficiency with the power of no-code.
In a recent Tech Talk, Ralph Severini (Global Leader, Insurance Alliances, AWS), Preeti Singh (Senior Vice President, Insurance, Mphasis) and Farooq Sheikh (Insurance GTM Lead, Unqork) discuss how Unqork’s no-code capabilities combined with AWS’s cloud-computing services and Mphasis’ IT consulting expertise can enable P&C carriers to overcome common struggles with their inefficient underwriting processes.
Insurance has a unique and evolving landscape. Among the most important disruptions are:
Enhanced need for digital channels and digital products
Replacing burdensome legacy systems & improving disconnected underwriting experiences
New approaches to identifying risk
According to Preeti, “The whole value chain for claims is not tied together digitally because carriers typically don't integrate with their vendors. So what carriers are looking for now is not only the ability to submit the claim, but the ability for clients to self-service the entire claim themselves. The ability to take a picture, get an estimate back, identify the appropriate repair shops, schedule the repair, and then have a rental car meet them at the shop so that they’re not inconvenienced. And all of this is done within a few minutes on a mobile phone.”
To meet this need, commercial insurance underwriting needs to be faster, flexible, and more scalable—meaning they need to say goodbye to their manual, time-consuming processes. Ralph adds that for the past eight years or so, “I have been hearing from insurers a desire to modernize their data estate so that better risk decisioning and profiling can be automated, and to fundamentally improve areas like pricing and rating.”
P&C insurers can rest assured that they have access to powerful digital platforms that will enable them to:
Automate key underwriting processes at scale
Improve key metrics such as loss ratio and risk quotient
Rapidly build custom underwriting workflows and integrate them to both new and existing products
Watch Farooq demo the unified broker portal and underwriting dashboard.
This portal was rapidly built with Unqork, using AWS’ infrastructure and Mphasis as a system integrator.
“This is a single screen for the underwriters to process and underwrite all the various risks and interact with the brokers, and for the brokers to manage their books of business over time as well,” Farooq explains. This portal was rapidly built with Unqork, using AWS’ infrastructure and Mphasis as a system integrator. “This simplifies the entire interaction process, but it also expedites the underwriting process and improves the ability for the underwriters to bring in third-party data sources.”
Click here to watch the full webinar.