The insurance industry is at a crossroads. On the one hand, there is an exciting future ahead of us, in which machine learning and artificial intelligence will gain new insights, predict behaviors, and manage risks to create more personalized offerings for customers.
On the other hand, many insurers see themselves paralyzed by isolated legacy technologies that hinder agility and responsiveness to changing consumer demands and market needs.
Gijsbert Cox, Appian’s EMEA and Asia Pacific industry leader, hopes to dispel some of the myths holding insurers and their brokers from the next wave of the digital revolution. At this year’s Underwriting Innovation Europe virtual event on June 29th, Cox will share a case study from CNA on how the global insurer created a truly seamless, end-to-end digital underwriting experience, generated efficiencies and dramatically improved the experience of its employees. Partners and customers in over 160 countries.
What do you hope participants will learn from your session?
That they learn that you can use a low-code automation platform to create solutions that allow you to connect all of your internal and external data and systems to transform the underwriting experience.
Hope attendees will see how to have a solution with all the information at hand and how to share that information with colleagues and partners around the world. We often see that different systems are used between departments, business units and countries, which makes collaboration very difficult.
If a solution allows an underwriter in the UK to see the same real-time data on the same platform as someone in Singapore, that is really valuable and powerful.
“There is a technology that not only helps employees become more efficient and productive, but also improves collaboration.”
Could you outline what “low code” means in the insurance context?
A low-code platform makes it as easy as possible to build an application quickly. Traditional software development methodology often starts with business analysts gathering user requests to create a design document and sending it to IT developers to build the application. This process often takes months, so when business users get the finished application back, they may realize too late that the requirements have changed or were lost in translation.
With the Appian Low-Code Automation Platform, you can draw workflow applications in a flowchart, supported by drag-and-drop functions, extensive user interfaces and data connectors to reduce creation time. Appian has invested a lot in the platform so that enterprise applications can be created very quickly and securely.
Appian has a multidisciplinary team of underwriters, business managers and other stakeholders who demand IT to create real-time workflows and user interfaces for instant review and feedback. The build speed is tremendously fast, taking weeks rather than the months we’re used to.
Speed is important, but we also live in a complex and increasingly digital world in which we use data on a daily basis. We want to access data from different sources with a simple solution. We also want the agility to adapt quickly to a rapidly changing world.
With a low-code platform, you can change data sources, business rules, tasks and workflows quickly – without waiting weeks or months.
Why choose this particular case study?
The underwriting work usually relies heavily on spreadsheets, emails, phone calls, and documents. There is, of course, a reason. Every risk in specialty and commercial insurance is unique. It is often difficult for underwriters to analyze and evaluate using just a few data fields. You really need to be able to gather and digest all of the information together.
CNA’s underwriters relied on spreadsheets and multiple systems to gather information, and worked with people in other offices in different time zones. Coordinating data entry, maintaining versions of spreadsheets, and re-entering data across many different systems consumed underwriting resources, making the analysis and pricing process more time consuming and complex.
With Appian, CNA has developed a solution that helps underwriters analyze risks and ensure that the filing, bid and loyalty path is managed smoothly from end to end on a single platform.
How can this address the concerns of some executives about updating their systems?
You need to know that there is an alternative to the rip-and-replace scenario. There is a tendency to stay in the silo when the standard approach is to replace an old policy or claims system with something modern. More and more insurance and financial services companies are moving away from this approach.
Instead, many Appian customers chose to create new applications to extend and integrate with existing systems. This offers a modern and simple user experience and at the same time enables access to data from anywhere on a unified platform. Some customers may choose to migrate data and over time, legacy systems will become outdated. We also see companies creating new business units and services on the Appian Low-Code Automation Platform.
What is a souvenir that you hope attendees will take away from your session?
We need to reduce complexity to make it easier for your employees to get their jobs done and customers to do business with you. I’d like to encourage attendees to think about how a low-code automation platform can reduce complexity for their employees, increase underwriting efficiency, and digitize other insurance workflows, from claims handling to onboarding new customers and partners to automating Contact Center functions.
There is a technology that not only helps employees become more efficient and productive, but also improves collaboration. This is what this market needs today, and insurers need it to accelerate their digital transformation and differentiate themselves from the competition.
Gijsbert Cox, EMEA and Asia Pacific Industry Leader for Appian, will speak at Underwriting Innovation Europe on June 29th at 4pm. Attendance at the event is free for insurers and brokers / agents, but prior registration is required. Log in here to access the content live and on demand.
Appian, Artificial Intelligence, Insurance, Reinsurance, Gijsbert Cox, EMEA, Asia Pacific