Unqork Create 2022 | The Importance of Industry Collaborations in Revolutionizing Insurance Underwriting

In this session, Unqork’s Andrew Khalatov was joined by Quantiphi’s Bhaskar Kalita, Global Head-Financial Services and Insurance, and Vikas Sachdeva, Global Head, FSI Advisory Services. They discussed the need for large-scale strategic collaboration among technology providers, solution providers, and carriers in order to address major business challenges.

In particular, they discussed how Google, Unqork, and Quantiphi joined hands to solve some of the biggest challenges in the underwriting sector.

The panelists covered a wide range of topics from how such alliances can have a multiplicative effect on business productivity, what are underwriting challenges you can attack with this strategy, and how codeless plays a central role in this transformation journey.

Codeless and the power of reusability

One of the biggest benefits of collaboration of industry collaboration is that you are able to build repeatable solutions, explained Sachdeva. And because of the power of a Codeless as a Service (CaaS) to create highly reusable components, it empowers insurers across the industry to move more quickly and automate manual underwriting processes. 

“There are hotspots where a challenge has already been solved somewhere else, and thanks to the partnership between Unqork, Google, and Quantiphi you can actually just plug and play,” explained Sachdeva. 

Unlocking data and avoiding tech debt

Obviously, data access and usability are a critical piece of underwriting, and again CaaS can make a huge difference. 

“With a platform like Unqork, it’s so easy to do data enrichment and  integrations,” said Kalita “It seamlessly provides you a platform where a day in life of an underwriter or an operations person can change overnight.”

And thanks to CaaS, it is easy to make changes when data (or any other element of the solution) changes. 

“One of the advantages of using a no-code platform like Unqork is that you don’t have to do any code management going forward,” explained Sachdeva.

The same principle applies to other application elements. “Unqork is the best platform for really getting rid of legacy code and tech debt,” he added.