
Send Underwriting Workbench
Helping you streamline operations, drive savings and work smarter. We take all the stress out of the underwriting process so you can do more of the work you love.
Insurers today operate in a fast-changing risk landscape with new and evolving risks. Underwriting teams need to work smarter and act quickly to differentiate. But commercial and specialty risks are complex, and it takes time to wrangle vast amounts of data into good shape and analyse risk expertly. Underwriters we talk to in the market highlight some of these pain points:
- ‘Swivel-chairing’ between multiple systems and rekeying data from one to the other
- A lack of visibility of pre-bind MI and data trapped in legacy systems
- A lack of confidence in scaling underwriting capacity
- Submission chaos and difficulty identifying those ‘must-win’ risks
- Manual, inconsistent underwriting and admin-heavy workflows
- An over-reliance on MS Office tools such as Outlook and Excel
- Clunky legacy technology unable to quickly respond to change
Our mission at Send was to develop a bespoke platform to help commercial and specialty underwriters fully optimise and automate their operations and change how they model and understand risk. It helps today’s underwriters become ‘bionic’ and thrive in the underwriting landscape.
The
Send Underwriting Workbench, developed in partnership with the complex commercial and specialty market, is a SaaS and AI-enriched underwriting platform that supports and facilitates the entire underwriting process for insurers from submission to bind, and beyond.
Send has implemented multiple Underwriting Workbench solutions in both the UK and US markets, won several awards, and announced a £10m Series A funding raise. Send has been named a “Leader” in this category by IDC, Datos and Celent.
The Send solution
The key benefits of the
Send Underwriting Workbench:
1.
Accelerate your underwriting evolution with a purpose-built workbench. Reduce total cost of ownership with over 70% of requirements available out of the box, enabling you to deliver change in months, not years.
2.
Deliver the best underwriting experience and improve underwriting effectiveness with an intuitive platform built for the modern underwriter. Reduce operational friction and remove manual processes and rekeying, freeing up underwriters to focus on underwriting.
3.
Write better business faster and become a data-driven underwriting function. Improve underwriting capacity with automated risk prioritisation, real-time portfolio insights, and improved risk selection.
4.
Automate your manual underwriting processes by leveraging standardised workflows and pre-configured templates built by LOB. We help you easily take advantage of the ecosystem integrations, data and AI you need to fuel the next stage of your growth.
5.
Scale rapidly with confidence. Our microservice-based architecture, low-code development environment, and suite of administration portals enables a high speed of change for fast value realisation. We give you more power over the tools so you can innovate with speed, control and flexibility.
Results
The Underwriting Workbench processes over £12.5bn in GWP, one customer using it across more than 25 commercial lines with over 400 individual users. Customers report:
• 50% reduction in processing time
• Better, faster decisions, driven by real-time insight e.g. faster submission-to- quote ratio
• Sanctions and compliance checks in minutes
• Commercial confidence across all lines of business
• Rich MI and insights in real-time
Underwriting Maturity Framework: 5 Stages of Evolution
We broadly see 5 stages of evolution in the path for insurers from process-centric to data-centric. You can
download a copy here to see your path from process-centric to data-centric underwriting.
If you’d like to learn more about the Send Underwriting Workbench please contact
Lloyd Peters, Head of Revenue UK
Visit the Send Technology website