WorkFusion and SS&C Technologies Partner to Redefine Insurance Business Model with Intelligent Automation | National company
NEW YORK – (BUSINESS WIRE) – October 13, 2021–
WorkFusion, a leading provider of intelligent automation software, today announced a partnership with SS&C Technologies, aimed at further redefining the operating models of insurance companies around the world by eliminating manual document-heavy labor .
Insurance operations teams are burdened with the tedious manual efforts of reviewing documents and extracting information – for example, receiving new commercial insurance quotes, which can take up to 30 minutes each. The SS&C and WorkFusion platform aims to shift this paradigm from manual, document-centric work to automated data-driven operations, reducing the human effort of receiving submissions by 75%. SS&C technology extracts automation-ready data submitted by brokers with an industry-best 98% accuracy rate. WorkFusion’s automation use cases then apply the data to create streamlined and automated solutions for critical processes in the insurance industry.
“Our partnership with WorkFusion will help us solve a host of specific issues that we see first-hand with our insurance clients, such as receiving new quotes,” said Gautam Moorjani, Managing Director of SS&C Chorus. “Joining forces allows us to deliver automation-ready data across a multitude of processes and accelerate straight-through processing in complex and highly regulated environments.
The best insurers, such as Chubb, have already realized a return on investment and efficiency gains thanks to this collaboration. “Intelligent automation is changing the nature of underwriting for commercial insurers. Deploying WorkFusion’s intelligent automation use cases has been a transformation for Chubb, ”said Julie Dillman, Global Head of Operations at Chubb Group. “By leveraging the combined SS&C and WorkFusion solution, we were able to provide brokers with a response four times faster, thanks to a frictionless process. “
This new operating model aims to bring straightforward processing to data collection throughout the underwriting lifecycle, improving the quality and experience for all parties.
“This collaboration offers another example of how automating document-heavy operations with advanced AI pre-integrated into operational solutions creates tangible business benefits, quickly. We are delighted to continue to work with SS&C to help bring more success to our insurance clients, ”said WorkFusion. CEO Adam Famularo.
SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 healthcare and financial services organizations, from the world’s largest companies to small and medium-sized enterprises, trust SS&C with its expertise, scale and technology.
Building on SS&C’s reputation as an end-to-end solution provider, SS&C Chorus offers a unified suite of intelligent automation technologies, including Chorus Document Automation, the AI-based document automation technology, Chorus BPM, an award-winning digital workflow solution, and consulting, implementation and management services to accelerate out-of-the-box processing in complex and highly regulated environments such as insurance, banking, financial services and healthcare. SS&C Chorus is available through SS&C’s secure private cloud, on-premises, and in hybrid and public cloud offerings.
WorkFusion’s AI-driven automation and RPA software delivers intelligent automation at scale for businesses around the world. Forward-thinking companies and leading companies in all fields choose WorkFusion to reduce their total costs, improve the skills of their workforce and gain a competitive advantage. WorkFusion is headquartered in New York with operations throughout Europe and Asia. www.workfusion.com
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CONTACT: Nick Wilson
KEYWORD: NEW YORK CONNECTICUT UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT SECURITY TECHNOLOGY OTHER TECHNOLOGY INSURANCE SOFTWARE
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PUB: 10/13/2021 9:00 a.m. / DISC: 10/13/2021 9:02 a.m.
Copyright Business Wire 2021.