WorkFusion, a top provider of Intelligent Automation software, has announced a partnership with SS&C Technologies, aiming to further redefine operating models for insurance companies across the globe by eliminating document-heavy manual work.
Insurance operations teams are burdened by tedious manual effort related to reviewing documents and extracting information — for example, new submissions intake in commercial insurance, which can take up to 30 minutes each to process. The SS&C and WorkFusion platform aims to shift this paradigm from document-centric manual work to data-first automated operations, cutting 75% of the human effort out of submission intake. SS&C’s technology extracts automation-ready data submitted by brokers with an industry-leading 98% accuracy rate. WorkFusion’s automation use cases then apply the data to create streamlined, automated solutions for critical processes across the insurance industry.
“Our partnership with WorkFusion will help us address a host of specific pain points we see firsthand with our customers in the insurance industry, like new submissions intake,” said Gautam Moorjani, General Manager, SS&C Chorus. “Joining forces allows us to deliver automation-ready data across a multitude of processes and accelerate straight-through processing in complex, highly-regulated environments.”
This new operating model aims to bring straight-through processing to data collection across the entire underwriting lifecycle, thus improving the quality and experience for all parties.
“This collaboration offers another example of how automating document-heavy operations with advanced AI pre-packaged into operational solutions creates tangible business benefits, fast. We are excited to continue working with SS&C to help bring more success to our insurance customers,” said WorkFusion CEO Adam Famularo.