Professional services and technology business Davies says its new AI underwriting workbench platform can reduce internal costs for users by an average of 25% and eliminate around three-quarters of associated manual processes. Davies said the platform can be integrated with existing policy administration systems as well as other systems for claims, billing, rating and document management.

Daniele Pedrazzoli, senior partner and global head of the insurance consulting and technology division at Davies, said: “Our new platform has been designed by our experts who have worked decades in the field and are well-versed on the challenges our clients face daily with the current underwriting systems.

“The benefits the workbench will bring to underwriters align with our deep commitment to helping revolutionise the insurance industry.”

Davies said the workbench would give clients a unified underwriting dashboard and the ability to track progress and referrals for timely follow-ups. It said the platform would increase their hit ratio by 3-5%.