Yahoo Finance Appian and ReleasePoint Partner to Automate Life Insurance Underwriting
Appian's Connected Underwriting Life Workbench helps insurers unify data and automate workflows
MCLEAN, Va., June 4, 2024 /PRNewswire/ -- Appian (Nasdaq: APPN) today announced a strategic partnership with ReleasePoint, a premier provider of medical information solutions for the insurance industry. The partnership includes integration between ReleasePoint's solution and Appian's Connected Underwriting Workbench for Life Insurance.
The integration automates the medical record retrieval process and unifies it with underwriting workflows within Appian. Underwriters and case managers can now initiate medical record requests directly from the Appian Platform and receive comprehensive medical reports without leaving the Appian interface. This transforms the way underwriters access and manage medical information, saving hours of manual work, optimizing medical underwriting processes, and accelerating underwriter decision-making.
ReleasePoint has more than 50 years of experience in medical record retrieval. The company is known for its expertise in seamlessly retrieving and transforming medical records and electronic health records (EHR). ReleasePoint's flagship MIDAS technology and service solution is used by multi-line carriers in North America to achieve a single, data-driven review of an applicant's complete health history. The future integration of MIDAS within Appian's Connected Underwriting Life Workbench will bring to bear the power of human expertise and artificial intelligence to accurately extract and aggregate clinical information, expediting the underwriting process while ensuring review accuracy and efficiency.
"Our partnership with ReleasePoint represents a pivotal step in modernizing underwriting processes," said Jake Sloan, Industry Vice President of Insurance & Healthcare, Appian. "By seamlessly incorporating EHR data, we empower underwriters with unprecedented visibility and insights, enabling faster and more informed decision-making. This innovation not only enhances efficiency and accuracy but also exemplifies our commitment to leveraging advanced access to third-party data to drive innovative underwriting and product solutions across the industry."
The Connected Underwriting Life Workbench is a streamlined underwriting solution that is prebuilt on the Appian Platform. It is designed to drive speed to market with reduced IT effort for implementation. Its data fabric capabilities enable quick data and integration connectivity, coupled with AI-led automation that supports change management and optimized underwriting processes. Appian's AI architecture and its generative AI capabilities allow insurers to process content at scale and automate repetitive tasks, such as classifying emails and extracting data from documents. This allows Appian customers to facilitate faster benefit realization and enhance their competitiveness with a better underwriting experience. The Connected Underwriting Life Workbench improves the quality, consistency, and procedural adherence of cases. Additionally, the system allows 24/7 real-time monitoring and data extraction from various sources, seamless integration with third-party tools, and augmented decision-making with a complete audit trail.
"Our partnership with Appian is a game-changer for the life insurance industry," said Derrick Halvey, CEO, ReleasePoint. "This collaboration combines ReleasePoint's expertise in medical data retrieval and with Appian's advanced underwriting platform, streamlining processes and enhancing decision-making for life insurers. Together, we're setting new benchmarks for efficiency and customer satisfaction in life insurance."
The partnership between Appian and ReleasePoint enables holistic underwriting automation and workload management to improve operational efficiency and the underwriter experience. By leveraging automation and AI-driven solutions, insurers can now streamline operations, reduce manual errors, and enhance the overall underwriting experience for customers and stakeholders.
For more information about Appian for life insurance underwriters, visit https://ap.pn/3y9s3XH.
About Appian
Appian is a software company that automates business processes. The Appian AI Process Platform includes everything you need to design, automate, and optimize even the most complex processes, from start to finish. The world's most innovative organizations trust Appian to improve their workflows, unify data, and optimize operations—resulting in better growth and superior customer experiences. For more information, visit appian.com. [Nasdaq: APPN]
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About ReleasePoint
ReleasePoint is a leading provider of medical information solutions for the insurance industry. With over 50 years of experience, ReleasePoint specializes in retrieving and transforming medical records and electronic health records to expedite the underwriting process while ensuring accuracy and efficiency. For more information, visit www.releasepoint.com.
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SOURCE Appian
