A cloud-based Software as a Service (SaaS) engine that allows insurers’ underwriting rules to be reoptimised and incorporate latest medical insights has launched.
UnderwritingPal (UWPal), the engine being launched by RGAX, is integrating with OPAL IS’s Pandora platform.
Pandora is the digital platform of fintech solutions developer OPAL IS that is used by several global banks and insurer brands.
Its developers say that it is currently the only end-to-end protection platform to offer access to UWPal in the UK and Ireland.
Designed to meet the needs of firms ranging from those with limited or no underwriting capabilities to traditional life insurance providers, UWPal uses behavioural science and “industry expertise to deliver smarter, mobile-friendly, scalable digital underwriting solutions” its developers say.
They add that by utilizing UWPal, Pandora platform users can experiment with faster, go-to-market products without the need for in-house underwriting or significant IT resource capacity.
Eoin Lyons, OPAL Group CEO, said: “We are the only end-to-end protection platform to give our users access to UWPal at launch, offering them a competitive advantage. Pandora already allows providers to distribute their products at scale across a range of digital channels, including intermediary CRMs, aggregators and price comparison sites and D2C channels. Our integration with UWPal means Pandora continues to lead the market.”
OPAL Group delivers solutions for many of the most well-known financial services brands in the market, including HSBC, Aviva and Lloyd’s. UnderwriteMe is already integrated with Pandora.
