EXL Cyber Underwriting Workbench

Cyber underwriters are facing a multitude of pain points due to outdated processes and a lack of innovation. Making underwriting for cyber products very challenging.

  • Complexity due to labour-intensive processes: Manual data extraction and validation while rating and quoting policies increases submission processing time and costs, as well as complexity due to inconsistent document types and sources.
  • Incorrect pricing due to limited data availability: A lack of access to external loss history data during the analysis of cyber risk profiles leading to incorrect prices for cyber insurance premiums and coverage loss limits.
  • Poor User Experience: Due to due to excessive time spent on menial tasks and sorting through disorganized structures.
  • Lack of a Unified Platform to make the process efficient: While Underwriting platforms exist in the cyber market to solve these problems in isolation, Underwriters are unable to get a holistic view that encompasses an end-to-end workflow solution from quote to bind that efficiently manages submissions, documents, and data.

With an integrated, digitized platform that simplifies and accelerates the quote to bind process for underwriters by collating all data and processing needs into one intuitive platform, Cyber Workbench can transform the current scattered underwriting process using embedded analytics to be logical, organized, and intuitive.

Analytics


Cyber Workbench can help underwriters.

1) Improve quote to bind ratio.

  • By accelerating underwriter turnaround times through end-to-end digitization of the entire process.
  • Through superior underwriting analytics to improve quote accuracy and decision making.

2) Automate core cyber underwriting elements

  • Through 24/7, real-time tracking and processing of new applications with notifications.
  • By minimizing data entry through automatic data extraction from various document types and file formats (pdf, excel, broker forms, and emails).

3) Enhance user experience.

  • With an end-to-end journey from data intake to quote, to improve user experience and increase retention.
  • By expanding the underwriter’s ability to scale through quick integration of diverse data sources.

4) Third-Party data enrichment.

  • Through seamless integrations with external, third-party data sources to thoroughly capture data on cyber risk profiles and scores.
  • Through enhanced risk assessment combined with underwriting support services


Download infographic to learn more