target audience: TECH BUYER Publication date: Sep 2023 - Document type: IDC MarketScape - Doc Document number: # EUR151182723
IDC MarketScape: Worldwide P&C Intelligent Underwriting Workbench Applications 2023 Vendor Assessment
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Abstract
This IDC MarketScape delves into intelligent workbench applications tailored to the commercial P&C line insurance sector. This comprehensive research involves quantitative and qualitative analysis of nine leading vendors, exploring the various features and characteristics defining their capabilities in supporting commercial underwriting activities and streamlining operations. These intelligent workbench solutions facilitate seamless interactions within the insurance ecosystem. Using a standardized framework, we identify key parameters that contribute to success in providing cutting-edge workbench applications for the short and long term. In addition to underwriting, we assess vendors' capacity to support wider policy management and insurance products while meeting new demand in a market that is continually changing and demanding. In times of uncertainty, it is essential for insurance organizations to make informed choices that will enhance competitiveness and adaptability. With this assessment, we aim to guide industry players toward selecting the most suitable intelligent workbench application, empowering them to thrive in the dynamic landscape and fostering innovation in the insurance domain.
"In the ever-evolving landscape of insurance underwriting, embracing change is not just a choice but a necessity. Commercial line P&C insurers face a host of challenges, from mounting regulatory pressures to complex risk assessments and growing customer expectations. To navigate these hurdles and thrive in the digital age, intelligent workbench applications emerge as a beacon of hope. By harnessing the power of cutting-edge technologies such as artificial intelligence, advanced data visualization, and API connectivity, intelligent workbenches streamline the underwriting process, efficiently analyzing vast amounts of data, identifying patterns, and accurately assessing risks. As a result, insurers can enhance their agility, offer more personalized products, and deliver seamless customer experiences. In a world where adaptability reigns supreme, commercial line P&C insurers must embrace intelligent workbench solutions to not only survive, but to lead the charge in revolutionizing the insurance underwriting industry," said Davide Palanza, research manager, IDC Financial Insights.