Underwriting software, and rating software for that matter, is designed to improve the work of insurance companies. Thanks to underwriting tools, employees don’t have to do mundane tasks and can focus on what’s really important – serving customers. Here’s the list of insurance underwriting software. If you want to create a similar application, take a look at how others do it.
What exactly is insurance underwriting software?
An insurance underwriting software, sometimes also called a life insurance underwriting software or simply rating software, enables users to write rules and policies. These are automatically used in the underwriting process. Then, applications perform actions to cooperate with clients on contracts and claims.
What insurance underwriting software can do:
execute previously written insurance policies
perform pricing and rate analyses
calculate standard and premium quotes across various channels
vary rates according to policy and risk information
create auditable underwriting and rating paper trails
Another important aspect of insurance rating software
The main, and often the untold purpose of underwriting tools, is something else. Life insurance underwriting software is responsible for maintaining the conversion of prospects into customers. There are two main factors that contribute to that: corporate and regulatory requirements. Both get a say about insurance policies and both can tip the scales for the potential customers that want to submit a claim.
Being, at the same time, software for managing submissions of tasks and claims, and a rating engine require serious a skill in insurance software development. A rating engine on its own calculates premiums by coverage and validates variants from standard rates. You want to make sure the development of that kind of product is held to the highest standards.
Benefits of an underwriting software
These are very measurable:
attracting new customers with a quick application process
development of innovative insurance policies
boost productivity for underwriters through overall automation
If you want to compete in this market category, consider browsing our list of already existing products. Then, figure out what you want to change and find the right software development partner for your vision.
Denver, United States
AIM centralizes your underwriting, accounting, and claims operations in order to be a more efficient and profitable insurance business. Designed to manage the full policy lifecycle, AIM helps increase your speed to market, while ensuring accuracy throughout the entire process.
Applied Epic is the industrys most technologically advanced, flexible and secure cloud-based agency management system, providing powerful automation capabilities and a greater level of visibility across an entire book of business. The system offers a single, open application with integrated capabilities to efficiently manage customer relationships, policy and benefits administration, sales automation, and financial accounting processes.
Earnix is a leading provider of mission-critical systems for global insurers and banks. Through Earnix, customers are able to provide prices and personalized products that are smarter, faster, and safer in full alignment with corporate business goals and objectives. Earnix’s customers deliver over 1 billion quotes per year through Earnix’s solutions, offering systemized, enterprise-wide value with ultra-fast ROI. Earnix has been innovating for Insurers and Banks since 2001 with offices in the Americas, Europe, Asia Pacific, and Israel.
An underwriting workstation that consolidates all the tools, risk information, third-party data, and reports that underwriters and producers need to collaborate productively on risk assessment decisions
Origami Risk Insurance and Risk Management Solutions
Chicago, United States
Origami Risk is a highly configurable, integrated SaaS platform for insurance, risk, safety, and compliance management. Origami Risk provides organizations with a centralized system to automate critical workflows, collect data, leverage analytics, and engage with stakeholders. Origami’s P&C Insurance solution includes policy administration, rating, and billing; claims administration; loss control; analytics, dashboards, and reporting. Origami’s Risk Management solution unifies insurable and non-insurable risk data and automates risk, audit, compliance, health & safety processes, helping you achieve control, visibility, improved efficiency, and the power to proactively manage your complete risk environment. The most experienced service team in the industry ensures that client success is our central focus.
For more than 50 years, Vertafore has been modernizing and simplifying insurance distribution so that our customers can focus on what matters most: people. Vertafore serves more insurance industry customers than anyone else with more than 20,000 agencies, 1,000 carriers and 23 state governments relying on Vertafore solutions. Vertafore provides end-to-end connectivity, improve the client and agent experience, unlock the power of data, and streamline essential workflows to drive efficiency, productivity, and profitability for independent agencies and carriers.
PL Rating is the independent agency channel’s leading comparative rating solution that enables agencies to offer multiple competitive quotes in less time than it takes to get one from an individual carrier website. With standardized workflows, real-time carrier connections, and time savings through third-party integrations, PL Rating creates competitive advantages to help close business faster.
The PL Rating platform is intuitive and straightforward, making it easy to learn and effortless to implement.
Policy Issuance and Insurance Underwriting Software
New Delhi, India
Automate the end-to-end policy issuance process and expedite proposal processing by issuing policies instantaneously with zero insurance underwriting errors. Ensure a smooth conversion of quotations into proposals for reduced turnaround times, a superior customer experience, and a shorter prospect to the customer lifecycle. Meet regulatory requirements and adapt to dynamic business needs with our configurable platform.
QQWebRater, our comparative auto rater, is a 100% web-based rater that requires no installation and is available anywhere you have an internet connection. QQWebRater, available in Florida and Texas, seamlessly integrates with our management systems, pulls MVRs, binds policies and bridges to carriers.
Willis Towers Watson Radar is a platform of software products for Property & Casualty (P&C) insurer pricing teams, including actuaries and underwriters. These products provide powerful management information to support portfolio monitoring and rate setting. Further products are available that perform price optimization and optionally integrate with rating systems to deliver real-time processing capability.
Built with the latest technology, Radar continues the evolution of Willis Towers Watson’s market-leading Rate Assessor and Optimiser software products. Many of the world’s leading insurers use these products to develop and refine pricing strategies, improve competitive positioning and maximize profit and market share.
WHAT RADAR CAN DO FOR YOU
Provide flexible management information
Enable informed pricing strategy development underpinned by robust analysis of alternatives
Model the impact of potential pricing decisions on volume, profitability and other performance metrics
Highlight weaknesses and cross-subsidies in current pricing structures
Reduce the risk of pricing anti-selection
Allow sophisticated competitor monitoring and analysis
Enable sophisticated demand-based price modeling founded on real world, practical business constraints
Support real-time decision making
Align the pricing and marketing functions through common value metrics and behavioral models
Deliver data and graphic-rich management information that is fully customizable
Ratabase is an insurance rating and underwriting software. Ratabase’s proven functionality, scalability and flexible technology empower carriers to quickly deploy extremely complex rating programs and product segmentation in a fraction of the time and cost of other options.
The Policy Processor™ is the industry’s most advanced and comprehensive new business processing and underwriting system for life insurance. TPP accommodates all life insurance products, across all distribution channels.
The Akur8 AI pricing solution embeds all steps of the pricing process in one integrated and collaborative solution – from data set preparation to commercial pricing optimisation and execution – leveraging the Akur8 Engine.
AdvantageGo | underwriting is an underwriting software for commercial insurance. Delivered through a centralised platform AdvantageGo | underwriting systemises an underwriter’s knowledge and can deliver analytics-driven insights throughout the decision-making process.
Bdeo’s vision is to transform the insurance industry thanks to visual intelligence. We digitize the interactions of insurance companies with their end customers, from policy underwriting to claims management, even providing damage valuation tools.
Bdeo provides visual intelligence, with a combination of technologies that make Bdeo a unique product in the insurance industry. Artificial intelligence automates both claims and pre-existing damage verification processes. A geo-localized video channel allows connecting with the insured at the time of the claim, in order to inspect the most complicated claims, reducing management time and improving the cost of inspection/peritation. Thanks to the augmented reality utility, the agent can remotely take measurements of the damages and finally all the information is secured with time stamps and blockhain to leave digital evidence of the generated contents.
BriteCore is a fully-managed core software platform for property and casualty insurers that supports digital transformation, emerging technologies, and new business models. BriteCore offers end-to-end insurance capabilities, including policy administration, claims management, underwriting rules, and rating, agent quoting and inquiry, contact management, billing, imaging, printing, data warehousing, and reporting. Designed as a cloud-native solution, BriteCore is deployed using Amazon Web Services and is continually updated for maximum security, efficiency, and durability at scale. Insurance carriers, MGAs, and InsurTechs partner with BriteCore to gain a competitive edge through efficient operations, compelling customer experiences, and speed to market. For more information, please visit www.britecore.com.
bluescape is a one stop shop for all your insurance software requirements. It supports all sales channels for all lines of insurance business across multi-currencies and through the four core modules of Quote, Rating, Policy and Claims, bluescape supports the whole end to end insurance lifecycle.
Working alongside a global broker and a consumer electronics giant, Uncharted has delivered a digital experience for the purchase and claims for an extended warranty product. Supporting monthly and annual subscriptions, OCR for enhanced UX, claims tracking and the seamless flow of data with the appointed TPA, the solution is designed to deploy across multiple warranty programs in the Asia-Pacific region.
UnderwriteMe has transformed the life insurance industry through technology by bringing Insurers, Intermediaries and Customers closer together in the marketplace. We recognised the need to change the life insurance application journey from a clunky, inefficient experience to one that makes the buying process easier and faster for customers and advisers alike.
Founded in 2012, our journey started with the Underwriting Engine and Protection Platform in the UK and we have now grown to become a leading InsurTech provider across Europe, Asia and Australia. With an expanding portfolio, our mission is to provide technology solutions that enable our partners to transform and disrupt the life insurance industry.
Xemplar Auto is a product for Standard, Non-Standard, and Preferred Personal Auto Insurers as a white-labeled mobile app for insured policyholders to provide digital policy services and risk prevention. Xemplar Auto includes the digital policy services found in Xemplar Engage, but also adds robust, smartphone based telematics features for driver safety self-assessment and targeted risk management. The solution is a Mobile app (iOS, Android) for insured drivers, and a cloud-based portal for carriers that provides a variety of BI reports for risk exposure analysis, etc.