Insuranceciooutlook

Top 10 Underwriting Solution Providers 2017

With the insurance industry evolving at a fast pace, underwriters are compelled to increase profitability through accurate and consistent underwriting decisions while decreasing response times, errors, and costs associated with claims. To assist underwriting industry thrive amidst competition, a plethora of technology experts have laid the groundwork—leveraging IoT, automated data classification, and blockchain technologies in pursuit of improved customer experience and quick turnaround, and are gradually gaining mainstream attraction.

With big data, predictive and risk analysis, and artificial intelligence beginning to scrape the surface, the solution providers are bombarding the market with numerous software and applications, allowing underwriters to independently perform discovery and analysis from multiple disparate data sources in real time. Targeting both, the quality and efficiency of risk assessment and underwriting decisions, these solution providers are ensuring the business is on the right side of the analytics revolution for best underwriting outcomes, combining data driven analytics with human judgment.

In order to help insurance companies choose the underwriting solution, a distinguished panel comprising of CFOs, CIOs, analysts and the Insurance CIO Outlook editorial board, has reviewed companies with a proven record of expertise in assisting enterprises with cloud-based underwriting solutions combining predictive analytics with human judgment. The companies featured in this issue have exhibited extensive underwriting knowledge combined with cloud strategies.

We have considered the vendor’s ability in building solutions and services that can effectively yet economically account for a productive underwriting, keeping in mind the factor of time-focused delivery.

We present to you Insurance CIO Outlook’s Top 10 Underwriting Solution Providers 2017.

Company Logo Company Name Company Description
EIS Group Empowers property/casualty and group insurers with core solutions for rating, underwriting, policy administration, claims, billing, and customer engagement
Guidewire Software Provides an underwriting workstation that consolidates all the tools, risk information, third-party data, and reports needed for productive collaboration on risk assessment decisions
Intellect SEEC Provides automated underwriting and risk analysis solutions to boost the speed to market, using artificial intelligence and analytics
Intermap Technologies [TSE: IMP] Provides a secure and cloud-based software that help insurers gain complete view of location-based risk and analytics to improve the underwriting process
ISCS Provides a sophisticated platform with support for rule-based workflows to ensure compliance with company underwriting policy and creating exceptions when needed
Pegasystems A service firm that efficaciously streamlines critical business operations and illuminates gaps in current underwriting capabilities on an enterprise scale
RGA Reinsurance Company A reinsurance service provider that offers e-underwriting solutions to better manage risk, increase efficiencies, and improve profitability
SambaSafety Breaking new ground by bringing affordable data back into the quote process
Systems Consulting Services Offers a low-cost approach for underwriting applications through Java-based Business Information Analysis System (jBIAS)
VeracityID Delivers comprehensive, out-of-the-box anti-fraud management solution, uniquely tailored to specific business practices across a broad range of industries