Davies, a professional service and technology provider in insurance and highly regulated markets, has announced a new AI underwriting workbench platform to provide faster, data-driven decisions.
The platform will strengthen Davies' existing underwriting practices, helping clients optimize their approach and overcome common problems with traditional system of record, such as multi-carrier inconsistencies, organized collateral, and inconsistent workflows.
It is designed to increase hit rate by 3-5%, reduce average internal costs by 25%, and eliminate 70-80% of manual processes.
The Workbench provides a centralized interface to manage all underwriting tasks through a unified dashboard, tracking progress and introductions for timely follow-up and improved team communication.
Powered by an AI-driven rules engine, it automates underwriting processes and tasks to handle complex scenarios with accuracy and consistency, enhancing client reputation and responsiveness.
Developed by Davies underwriters, the solution integrates agent AI to accurately identify profitable risks while leveraging existing core systems and data.
To help clients modernize and scale their underwriting, the workbench is built with Davis' specialist “Pain of Glass” layer process. This approach integrates risk views, streamlines workflows, and accelerates decision-making without the costly system replacement. Through the modular API middle tier, the workbench can easily interface with existing PAs, claims, claims, ratings, and document management systems, allowing for seamless company-wide rollouts within weeks.
“We are committed to providing a range of services that are important to us,” said Daniele Pedrazzoli, senior partner and global head of insurance consulting and technology at Davies. “We are extremely excited to bring a new AI underwriting workbench to the market. Our new platform is designed by experts who have worked in this field for decades and are well versed in the challenges our clients face every day with our current underwriting systems.
“The benefits that workbenches offer insurers are consistent with our deep commitment to helping revolutionise the insurance industry. As we are in that position, we can adopt the latest technology, make better underlying underwriting decisions, and prepare for the next generation of underwriting to help the industry stay in the future.”
