Tata Consultancy Services (TCS) has rolled out a platform, called Underwriting Workbench, to offer underwriters real time insights that inform and guide their risk mapping process.
According to TCS, the platform automates the ability to capture, analyse and make use of data to determine risk exposure and risk aggregation. It does so by combining dynamic case management, intelligent workflow, and decision support systems with geospatial functions such as mapping and visualisation capabilities.
"Within the insurance industry, there are extensive opportunities for location-based data and geospatial technologies," said Suresh Muthuswami, president of insurance and healthcare at TCS. Since the primary source of risk and liability is focused on a company's location, Underwriting Workbench is designed to give underwriters full use of location-based technology and data. This helps them in risk selection, their information gathering process, scoring, decision making and pricing.
TCS' Underwriting Workbench incorporates Pitney Bowes' Software Spectrum Spatial solution for locating and visualising potential risks across multiple assets and properties, and Pegasystems' Commercial Underwriting application with workflow functionality and business process rules that simplify and support all underwriting needs.
Additionally, the Underwriting Workbench offers underwriters one platform that allows them to quickly analyse data, communicate with colleagues and customers, comply with underwriting guidelines and track risk exposure in real time.
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