Peak Reinsurance upgrades underwriting and claims systems with Appian’s platform
Peak Reinsurance Company (Peak Re) has upgraded its underwriting and claims management systems using the low-code application platform of Appian.
The company did not want to adapt commoditized off-the-shell underwriting and claims systems that dilute the organization's uniqueness by forcing it to conform to standard ways of operating. The deployment of Appian aligns with the company's principle of utilizing the latest digital technologies to use open, transparent and responsive systems.
The underwriting system was deployed in just four weeks, and the claims management system was deployed in six weeks.
Peak Re strives to deliver the industry's best underwriting and claims management. In July 2016, Peak Re was named "Asian Reinsurer of the Year" at the inaugural Asian Banking and Finance Insurance Asia Awards.
The judges cited the company's unique underwriting approach of looking at risk from a different perspective, and its ability to pay claims swiftly when needed, as key elements in the win.
Peak Re underwriting head Lawrence Cheng said: "Peak Re is committed to investing in technology.
"Appian's platform further enhances our administration and operation systems and amplifies our differentiation through our ability to make underwriting decisions and claims settlements with speed and integrity."
Peak Re offers reinsurance services covering a wide range of lines across Asia Pacific, EMEA and the Americas, tailor-making risk transfer and capital management vehicles to best fit client needs.
It is a young and fast-growing company with gross written premium exceeding the $500m mark in 2015, after only three years of underwriting operation, and is now a global top 50 reinsurer with shareholder funds standing at $816.9m.
The company initially chose Appian for its underwriting upgrade project. The underwriting solution uses Appian Records to integrate relevant information from different sources, and provides the underwriting team with up-to-date, complete and accurate information.
The team can then make better risk assessments because all decision-makers are connected to the data, the processes, and the content they need in one unified environment. In that same environment, they are a few clicks away from all of the actions they need to take.
Appian's unique SAIL architecture means that application is compatible on the web and with mobile devices.
Source: Company Press Release