NEW YORK--(BUSINESS WIRE)--Oct 13, 2021--
WorkFusion, a top provider of Intelligent Automation software, today announced a partnership with SS&C Technologies, aiming to further redefine operating models for insurance companies across the globe by eliminating document-heavy manual work.
Insurance operations teams are burdened by tedious manual effort related to reviewing documents and extracting information — for example, new submissions intake in commercial insurance, which can take up to 30 minutes each to process. The SS&C and WorkFusion platform aims to shift this paradigm from document-centric manual work to data-first automated operations, cutting 75% of the human effort out of submission intake. SS&C's technology extracts automation-ready data submitted by brokers with an industry-leading 98% accuracy rate. WorkFusion's automation use cases then apply the data to create streamlined, automated solutions for critical processes across the insurance industry.
"Our partnership with WorkFusion will help us address a host of specific pain points we see firsthand with our customers in the insurance industry, like new submissions intake," said Gautam Moorjani, General Manager, SS&C Chorus. "Joining forces allows us to deliver automation-ready data across a multitude of processes and accelerate straight-through processing in complex, highly-regulated environments."
Top insurance providers, such as Chubb, have already achieved ROI and efficiency gains from the collaboration. "Intelligent Automation is changing the nature of underwriting for commercial insurers. Deploying WorkFusion's Intelligent Automation use cases has been transformational for Chubb," said Julie Dillman, Global Head of Operations at Chubb Group. "Leveraging the combined SS&C and WorkFusion solution meant we were able to provide brokers with an answer four times faster, through a frictionless process."
This new operating model aims to bring straight-through processing to data collection across the entire underwriting lifecycle, thus improving the quality and experience for all parties.
"This collaboration offers another example of how automating document-heavy operations with advanced AI pre-packaged into operational solutions creates tangible business benefits, fast. We are excited to continue working with SS&C to help bring more success to our insurance customers," 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 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale and technology.
Built on SS&C's reputation as an end-to-end solutions provider, SS&C Chorus delivers a unified suite of intelligent automation technologies, including Chorus Document Automation, the AI-driven document automation technology, Chorus BPM, an award-winning digital workflow solution, and consulting, implementation and managed services to accelerate straight-through processing in complex, highly regulated environments such as insurance, banking, financial services, and health. SS&C Chorus is available via SS&C's secure private cloud, on premise and in hybrid and public cloud offerings.
WorkFusion's AI-driven automation and RPA software offers intelligent automation at scale for companies across the globe. Forward-thinking businesses and leading enterprises across the business spectrum choose WorkFusion to reduce their total costs, up-skill their workforces and gain a competitive edge. WorkFusion is headquartered in New York City 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 09:00 AM/DISC: 10/13/2021 09:02 AM