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Pegasystems [NASDAQ:PEGA]: Intelligent Automation for Insurance Underwriting

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.

Top Underwriting Solutions Companies

Provides an underwriting workstation that consolidates all the tools, risk information, third-party data, and reports needed for productive collaboration on risk assessment decisions

www.guidewire.com

Provides automated underwriting and risk analysis solutions to boost the speed to market, using artificial intelligence and analytics

www.intellectseec.com

A service firm that efficaciously streamlines critical business operations and illuminates gaps in current underwriting capabilities on an enterprise scale

www.pega.com

Offers a low-cost approach for underwriting applications through Java-based Business Information Analysis System (jBIAS)

www.scsiweb.com

Delivers comprehensive, out-of-the-box anti-fraud management solution, uniquely tailored to specific business practices across a broad range of industries

www.veracityid.com

EIS Group

EIS Group

Empowers property/casualty and group insurers with core solutions for rating, underwriting, policy administration, claims, billing, and customer engagement

Intermap Technologies [TSE: IMP]

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

ISCS

Provides a sophisticated platform with support for rule-based workflows to ensure compliance with company underwriting policy and creating exceptions when needed

RGA Reinsurance Company

RGA Reinsurance Company

A reinsurance service provider that offers e-underwriting solutions to better manage risk, increase efficiencies, and improve profitability

SambaSafety

SambaSafety

Breaking new ground by bringing affordable data back into the quote process