Director of Sales
Some insurers still rely on manual underwriting procedures. What are the advantages of replacing these with more automated functions?
The current approach to processing insurance applications is typically manual, with multiple documents and information requests routed back and forth between customers/prospects, agents, underwriters, staff personnel, and external parties. Modern solutions to support the submission and underwriting process offer digital, automated, and streamlined workflows that result in significantly improved process efficiencies. More important than cost savings and reduced processing times is the potential to attract more business and increase the profitability of that new business. Because commercial and specialty lines business still flows primarily through agent/broker channels, insurers strive to make it easy for these intermediaries to do business.
Does integrating an insurer’s policy admin and underwriting systems lead to better data and greater efficiencies? Given that each system relies on separate data sources, does managing that data become more difficult, or does the combined data set result in faster and more accurate determinations?
Every insurance worker needs the freedom to access and share customer information. Often, the underwriter, customer service representative, or claims adjuster must use two or more separate systems – for processing and recording the transaction, and for providing supporting information needed to make decisions about the process’s next step.
They must repeatedly ask policyholders for information the company already has. By integrating core policy, claims, billing and ECM systems, the insurance professional uses what appears to be a single system. This integration seamlessly connects people, processes, documents, systems, and data to respond to customers faster and with more personalized information.