Systems Consulting Services, Inc.
Streamlining Underwriting Processes

More often than not, customers avail services from a potential insurance carrier depending upon how quickly the carrier gets back with the proposed insurance cost. And to be able to do that, insurance underwriters require quick access to the most updated information from external sources. “This is where we really shine and showcase the power of our flagship solution, Java-based Business Information Analysis System (jBIAS),” begins Ken Wayman, President, Systems Consulting Services, Inc (SCSI). jBIAS, an automated data retrieval software system, provides insurers the ability to integrate with most third-party underwriting data providers in the market, empowering them to obtain the most up-to-date data in no time.

Unlike many other solutions in the market that have long implementation phases, jBIAS can be implemented within a day. The software is easy to use in every step of the way because SCSI supervises the upgrades and maintenance, as well as costly vendor access issues. As users don’t need to develop anything from scratch, they save on in-house development and long-term maintenance as the data sources evolve. One of SCSI’s customers who tried to integrate with third-party data providers all by itself is a case in point. After almost 18 months of development and investing over $1.5 million, the client could successfully integrate with only one provider.

Instead of spending huge amounts and wasting time in vain, Wayman expresses that insurers can leverage jBIAS that is already integrated with over 50 different third-party data products. Moreover, jBIAS builds a user-interface between firms’ legacy systems and newer platforms, without the need for overhauling an entire infrastructure.
The jBIAS platform consolidates and stores all the data coming in from disparate sources in a central location. This allows users to not only automate their underwriting processes and make quick decisions but also retrieve reports and data for future analysis or process improvement. Underwriters can also conduct rapid, comprehensive searches even with partial information in hands. Making the data available at lightning speed and standardized formats, jBIAS streamlines the data retrieval process and helps underwriters avoid placing duplicate orders for information while flawlessly organizing data from all sources. “Insurance carriers derive a continuous benefit by using jBIAS and its data consolidation capability,” states Wayman. The architectural consistency of the software allows users to utilize a given type of transaction to extract similar information for informed decision-making. Another capability of jBIAS where the SCSI is leading the space is conditional ordering. Through conditional ordering, SCSI examines the customers’ history of operations and cuts down the ordering of redundant reports, reducing unnecessary external information costs. And the support services offered by the company are extraordinarily effective and where applicable, interactive.

With each passing day, the importance of data is multiplying. “In such a scenario, we find ourselves critical to the underwriting process because jBIAS simplifies the access, use, and analyses of important data,” says Wayman. The company’s roadmap in the near term will focus on two primary areas. First, being focused on incorporating cutting-edge AI technology to create a “Smart Order” process to make the ordering of external data more efficient and cost effective. Next, incorporating automation to mitigate risks in the event that their data partners go down or are unable to provide them with the data they need. The company’s growth strategy is to ceaselessly transform its methods of accessing emerging data sources to tap into new information and make it available to its clients for their continued success.