Global provider of insurance software Sapiens has released Sapiens Decision Underwriting Accelerator.
Sapiens Decision Underwriting Accelerator is a solution designed to enhance underwriting efficiency and improve straight-through processing (STP) for Property and Casualty (P&C) insurers.
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In addition, the solution aims to address industry challenges by driving an increase in STP rates and allowing insurers to optimise their underwriting processes and improve overall profitability.
Furthermore, Sapiens Decision Underwriting Accelerator addresses the needs of P&C insurers to streamline their underwriting processes while maintaining speed and accuracy. The solution offers significant improvement in STP for high-volume underwriting cases, both for renewals and new policies.
By automating complex decision-making tasks and integrating seamlessly with AI and machine learning models, the solution also ensures comprehensive risk assessment, accelerating time-to-market and improving cycle times.
According to the firm, Sapiens Underwriting Accelerator empowers business analysts – without the need for coding expertise – to independently author, update, and test decision logic in real-time. This reduces reliance on IT resources by up to 90%, enabling quicker adjustments and optimising operational efficiency.
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By GlobalDataUnderwriting Accelerator also features pre-built decision flows, designed to handle the complexity of state, line of business, and company often found in regional and national carriers. These pre-configured models allow for faster deployment, reducing implementation time and costs for insurers.
The solution also extracts decision logic from legacy systems to make embedded logic easy to access, update, and share, enabling insurers to avoid costly infrastructure overhauls while improving their existing underwriting processes.
“Sapiens’ new release empowers the industry to achieve the highest levels of straight-through processing and underwriting efficiency, significantly improving profitability,” said Ilan Buganim, chief technology and information officer at Sapiens.
“Sapiens Decision Underwriting Accelerator leverages no-code tools, pre-configured decision models, and a high-performance engine to enable insurers to make substantial improvements in their combined ratio within a matter of months. Looking ahead, Sapiens plans to expand its decisioning solutions with pre-packaged offerings for the mortgage industry, addressing similar underwriting challenges.”
