Solutions aim to streamline new business and renewal applications, underwriting: Novarica
Boston, MA (Oct. 25, 2018) – Retail brokerage and large commercial/specialty carriers have made attempts to automate the heavy lifting of new and renewal business for decades, but these point-to-point interfaces were often too complex and costly to build and maintain. InsurTech startups are starting to address the need for automation in the space with solutions that gather data, track submissions and quote status, enable informed underwriting, and more.
In a new brief, Broker-Carrier Automation Solutions: Overview and Prominent Providers, research and advisory firm Novarica discusses two solution categories, Digital Broker Platforms (DBPs) and Automated Application Intake solutions (AAIs), and provides profiles of vendors in both categories.
“Brokers are challenged by having their clients manually fill out multiple applications while insurers are challenged by having to manually re-enter data from application documents into their clearance and underwriting systems,” says Chuck Gomez, VP of Research and Consulting at Novarica, and co-author of the new report. “In the age of InsureTech, however, innovative startups have found ways to address these challenges using Digital Broker Platforms and Automated Application Intake solutions for brokers and carriers respectively.”
A preview of the brief is available online.
Insurance brokers and carriers in the specialty/large commercial space have been largely unable to standardize data models and business processes. They have, however, addressed new business and renewal application processes by point-to-point integrations or, more often, simply emailing forms back and forth. Recent investment in InsureTech has led to startups offering more automated solutions, and leveraging AI, analytics, and cloud computing.
This brief provides an overview of two solution categories, digital broker platforms (DBPs) and automated application intake solutions (AAIs), along with profiles of vendors in both categories. DBPs profiled include Bold Penguin, Broker Buddha, Fluid Insurance Workflows, Indio, Modern Submissions, Semsee, and towerIQ. AAI solutions profiled include Chisel AI, DataCubes, Deepcurrent, Groundspeed Analytics, and Synechron.
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.
Source: NovaricaTags: automation, Brokers, InsurTech, Novarica, platform