Insuranceciooutlook
FJA: Steering Insurers Ahead in the Digital Era

Top 10 Underwriting Solution Companies - 2020

Underwriters have a difficult job — they have to review and analyze an abundance of data, then use it to either accept with modifications or deny applications. It is an extensive process and time is too valuable to put towards easy denials or approvals. Simultaneously, life insurers and reinsurers are also facing challenges with a growing (and changing) millennial market, increasingly complicated life policies, and an expanding underwriter knowledge and talent gap. To overcome such challenges, many insurers have implemented an accelerated underwriting program where they reinvest in technologies, revamp processes, and implement new strategies.

The bottom line is that to achieve success and compete effectively, modern underwriting approaches and solutions are becoming imperative. When it comes to underwriting large complex risks, the “touch” of highly skilled and experienced underwriters is still required to ensure the right mix of coverages and that the price is properly formulated to financially protect the exposures and risks. Historically – this “touch of art” has been a manual process, one that is highly dependent on people and experience, with the blend of some automation. Today, with the automation, tools, data sources, and analytics that are now available, there are new possibilities for modernizing these traditional touchpoints with the next generation workstation.

To help insurance companies choose the best underwriting solution, a distinguished panel comprising of CFOs, CIOs, analysts, and the Insurance CIO Outlook editorial board, has reviewed organizations with proven record in assisting enterprises with cloud-based underwriting solutions combining predictive analytics with human judgment. Also, companies featured in this issue have exhibited extensive underwriting knowledge combined with cloud strategies. Furthermore, the listing provides a look into how these solutions are put into use so that you can gain a comprehensive understanding of how they will optimize business processes.

Insurance CIO Outlook presents to you “Top 10 Underwriting Solution Providers - 2020.”

    Top Underwriting Solution Companies

  • FJA

    FJA

    FJA effectively caters to the needs of carriers through its Unified Product Platform (UPP) for group insurance and health

    www.fja.com

  • Trean Corporation is uniquely integrated to provide insurance management services, insurance and reinsurance consulting, and underwriting and administrative services for a variety of carriers and captives. Since 1996, Trean Corporation has delivered exceptional value and customer service through experience, technical abilities, and creativity. Trean has several distinct specialty subsidiaries and affiliates, giving us the advantage of being big enough to deliver solutions, but small enough to provide individual attention

    www.treancorp.com

  • Delivers software and BPO solutions to insurance companies

    www.waterstreetcompany.com

  • Beyontec

    Beyontec

    While Beyontec is a software company dedicated to the property/casualty insurance market — and while the Beyontec Suite performs all of the processes and transactions necessary to write and administer property/casualty business. Beyontec has and continues to come through on their promises to deliver a quality product and service, with integrity and efficiency

  • CHSI Technologies

    CHSI Technologies

    To level the playing field for small and mid-market insurers by providing the highest quality technologies at the most affordable price

  • Global IQX

    Global IQX

    Global IQX is the leading provider of AI-driven employee benefits software. Known for its sales and underwriting workbench, Global IQX provides configurable components for quoting, rating, proposals, enrollment and renewals for all benefit products of all sizes. The future-proof platform is the foundation for digital transformation in the insurance industry. Its suite of dynamic AI tools, configurable modules and microservices help insurers worldwide digitize, streamline and automate new business and renewal processes for employee and voluntary benefits

  • SCOR Global Life

    SCOR Global Life

    SCOR, one of the world's largest reinsurers, provides its clients with a diversified and innovative range of solutions to control and manage risk. Using its experience and expertise, “The Art & Science of Risk”, SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk – in Life & Health as well as in P&C

  • SE2. An Eldridge Company

    SE2. An Eldridge Company

    SE2’s leading-edge, scalable and future-ready technology platform combined with highly efficient and comprehensive administration operations allows large enterprises to deliver next-generational policy holders and agent experience. Experience the power of an end-to-end life and annuity insurance platform that gives growth-minded insurers the ability to deliver new digital capabilities in a fast and flexible manner and to keep pace with the digital demands of today’s customers

  • States Title

    States Title

    The States Title family of companies – States Title, North American Title Company and North American Title Insurance Company – is making title and escrow a simpler, seamless process for lenders, agents and homebuyers across the country. The company build transformative technology driven by our passion to improve the customer experience

  • Victor Insurance

    Victor Insurance

    Offer a unique combination of global reach and specialized expertise with core capabilities in underwriting, technology, distribution and capital. Partnerships with elite insurance carriers and alternative capital providers. The ability to evaluate risk and develop risk management solutions for clients and use best-in-class technology to distribute specialty insurance through a vast network of insurance agents and brokers