Not our thoughts exactly, but rather some news…
SelectX and CumPane Solutions today announce the formation of strategic partnership to deliver market-leading automated underwriting solutions and consulting services to the life insurance market in North America.
The life insurance industry is increasingly focused on providing a smoother buying experience and reducing the time and cost of underwriting, whilst maintaining a robust risk selection framework. A new range of accelerated products is emerging, combining algorithmic and rule-based approaches. Embedding domain expertise into these solutions is critical for success, in terms of both the customer experience and underwriting outcomes. The SelectX/CumPane partnership is focused on delivering this content both directly to carriers and through solution providers.
To streamline the life insurance underwriting process the companies jointly offer to carriers and technology providers an extensive rules base that includes rules for medical impairments, occupations, travel and sports as well as advanced logic for processing third-party database information. Jason Bowman, CEO of CumPane highlights the unique value of this proposition: “These rules enable companies to process a high level of applications without human underwriter involvement. Carriers and providers can access over 20 years of best-practice automated underwriting experience via this solution.”
This partnership also delivers SelectX’s RiskApps underwriting manual to clients in North America. RiskApps features extensive content with over 700 medical conditions, sports, travel and occupational guidelines. Delivered on a SaaS basis, RiskApps provides guidelines specially created for the needs of US and Canadian underwriters, as well as advanced functionality including calculators, a work sheet and extensive configuration options. Built on evidence-based principles, the guidelines are designed for use by underwriters as well as underpinning automated underwriting rules. Gary Bundock, director at SelectX, says “As a comprehensive, soundly-based, regularly updated independent manual, RiskApps is unique. It’s a hugely cost-effective alternative to producing and maintaining your own manual.”
SelectX and CumPane are already engaged with a number of clients in deployment of these solutions as well as related consulting services.
Contact Gary in the usual way. Contact Jason on +1-914-349-2727 or at email@example.com
About CumPane Solutions LLC:
CumPane Solutions is a provider of consultancy and technology solutions to the life insurance sector. The company was founded in 2018 to support clients with their efforts to transform the insurance buying process. CumPane Founder and CEO Jason Bowman brings a depth of knowledge in automated underwriting solutions with over 20 years’ experience at Swiss Re. CumPane helps clients to maximize the value of their underwriting technology investment. The name “CumPane” (pronounced “come-parnay”) is the Latin root for the word “company” and means to share bread together – underlining the philosophy of success through collaboration and partnership.
11 April 2019