An insurance carrier’s success or failure in today’s challenging marketplace will be determined in large part by the effectiveness of its underwriting processes, which must strike the right balance among dynamic business objectives including new customer acquisition, intelligent risk management, and compliance with ever-changing regulatory requirements. When they need underwriting software to help them better manage this mission-critical task, major insurers worldwide turn to Pegasystems. The leading provider of business process management and CRM solutions, Pegasystems delivers underwriting software solutions that help insurers efficiently convert prospects into customers, while closely managing risks and ensuring compliance with evolving corporate policies and regulatory requirements.
In Q1 2015, Capgemini and Pegasystems commissioned research to decode the attitudes and behaviors of young people as consumers, employees, and citizens.
Underwriting Software for Intelligent Automation
Powered by our market-leading business process management platform, Pega insurance underwriting software delivers the benefits of intelligent automation across all areas of your underwriting operations. With Pega underwriting software, your business can:
- Capture new customers with streamlined applications that make acquiring insurance quick and painless.
- Speed application processing and quote turn-around times.
- Incorporate underwriting rules directly into automated processes, thereby increasing consistency and compliance with business objectives and regulatory requirements.
- Increase underwriting managers’ ability to shape policy and ensure enterprise-wide adherence to policy.
- Generate reports and diagnostics to help you assess the effectiveness of your underwriting policies.
- Quickly and easily update underwriting rules to keep pace with changing business goals, or changes in the economic or regulatory environments.
Pega underwriting software delivers real-world results for major insurance carriers. For example, one carrier using Pega underwriting software was able to reduce its underwriting and policy issue time from two days to two hours. Another Pega underwriting software user reduced its policy application, quote, and bind cycle from 14 days to 14 minutes. Major carriers have also benefited greatly from Pega risk management software, enabling them to more effectively implement risk-based pricing and to improve portfolio risk management.
Along with driving superior insurance solutions, the Pega business process management platform is the ideal foundation for intelligent and agile financial services solutions, including retail banking solutions and other banking business process solutions. The platform has also proven itself as a driver of efficient, cost-effective healthcare software solutions.