The latest news from Davies for you;
Davies, the leading specialist professional services and technology company serving insurance and highly regulated markets, has unveiled its new AI Underwriting Workbench platform to deliver fast, data-driven decisions.
The new solution will enable Davies’ existing underwriting practice to help clients optimise their underwriting approach and address the pain points commonly associated with traditional underwriting systems of record, including multi-carrier usage and discrepancies, disorganised collateral and inconsistent workflows. The workbench will enable clients to increase its hit ratio by 3-5% and lower average internal costs by 25% while eliminating 70-80% of manual processes.
The workbench will provide a centralised interface for the management of all underwriting tasks from a unified dashboard and track progress and referrals for timely follow-ups and better team communication. The AI-powered rules engine will also create and automate underwriting processes and tasks to handle complex scenarios with precision and consistency, enhancing client reputation and customer response.
Designed by its underwriting experts, the Davies solution enables clients to make smarter risk decisions. It works by leveraging their existing core systems and data while integrating advanced agentic AI to accurately identify profitable risks.
To support its clients in their ability to modernise, scale, and take a data-driven approach to underwriting, the workbench has been built with Davies’ specialist “pane of glass” layering process. This works on unifying risk views, streamlining workflows and accelerating underwriting decisions without costly replacement of existing systems. This is done through the firm’s modular API middle layer which means the workbench can be easily interfaced with existing PAS, Claims, Billing, Rating and Document Management Systems, giving insurers opportunities to seamlessly introduce it firm-wide, within weeks.
Daniele Pedrazzoli, Senior Partner and Global Head of Insurance Consulting and Technology division, Davies, said: “We are incredibly excited to bring our new AI Underwriting Workbench to the market. Our new platform has been designed by our experts who have worked decades in the field and are well-versed on the challenges our clients face daily with the current underwriting systems.
“The benefits the workbench will bring to underwriters align with our deep commitment to helping revolutionise the insurance industry. With it in position, we can continue to support even more of our clients in embracing the latest technology, enabling them to make better-informed underwriting decisions, and futureproofing our industry by preparing the next generation of underwriting.”
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