Is the insurance underwriting process slowing you down? Are you struggling to manage high volumes of paperwork? Are you taking more time to initiate new quotes and policies? Is a hard-coded legacy system inefficient to meet your requirements? Are you finding difficulty in determining risks? To overcome these hurdles, automation comes into the picture.
Why Automate Your Insurance Underwriting System?
An automated underwriting system helps you streamline the end-to-end process and enables you to make informed business decisions. The system comes equipped with robust functionalities, thereby enabling you to witness a host of business benefits, including:
- Reduced errors
- Minimized turnaround times
- Higher operational efficiency
- Improved compliance
Transform into a Truly Digital Insurer
Listed here are the seven simple ways to automate your insurance underwriting system and transform into a truly digital insurer.
1. Managing a High Volume of Content
A content service platform helps underwriters manage a high volume of content, which otherwise is a cumbersome task. The system captures, digitizes, and extracts data from content generated across multiple channels
2. Analyzing Applications
An intelligent business process management platform helps automate the insurance underwriting process. It analyzes incoming applications, identifies the concerned areas, and sends straight-through processing if it meets all the given criteria. If not, it is sent for review
3. Generating Summary Sheet
An automated insurance underwriting engine helps consolidate the information collected from multiple sources and generates a summary sheet. The system helps gain a 360-degree case view to the underwriter
4. Enabling Error-free Underwriting
Optical character recognition (OCR) enables error-free insurance underwriting of quotes. Further, it ensures simplified and consistent policy issuance
5. Initiating Case On-the-move
Mobile-based initiation platform helps field agents to initiate cases ‘on the move’, thereby reducing processing cycle times and improving customer experience
6. Analyzing Geo-specific Data
Satellite imagery data analyzes geo-specific data of a particular region. It determines the risk and helps caseworkers to decide the premium in a hassle-free manner
7. Finding Co-relations Between Claims and Risk Elements
Natural language processing extracts texts and audio data, categorizes them, finds co-relations between specific claims and risk elements, and accordingly determines the premium
The Way Forward
Underwriting is one of the key functions in the financial world and plays an imperative role in gaining performance excellence. Hence, to make a reasonable profit in insurance, underwriters are required to intelligently assess risk and cover the losses of the insured and related expenses. Therefore, the need of the hour is to automate the end-to-end underwriting process.
To know more about the latest insights and transformational trends in technology and innovation, you can join InsurTech- 2022, a networking conference with a focus on the insurance sector. The event will be held on March 07, 2022, from 9:00 a.m. – 6:00 p.m. EST. Additionally, meet our subject matter experts to gain insights into how you can seamlessly accelerate your digital initiatives.