Vice Pres­i­dent Prod­uct Strat­egy StoneRiver, Inc.

Digital Insurance - - STRATEGIES -

What are some of the trans­for­ma­tive tech­nolo­gies that in­sur­ers will need to im­prove un­der­writ­ing tech­niques?

Ob­vi­ously au­to­mated un­der­writ­ing sys­tems are trans­for­ma­tive in how car­ri­ers can eval­u­ate risk. But there are sev­eral as­pects to as­sess when ad­dress­ing the im­prove­ment of un­der­writ­ing tech­niques. Au­toma­tion is crit­i­cal to meeting in­dus­try pur­chas­ing shifts that are solidly rooted in re­spon­sive­ness to cus­tomers and agents.

Some items may seem to be in­tan­gi­bles but, when weighed over­all, are very tan­gi­ble. For ex­am­ple, con­sider the ab­so­lute ne­ces­sity of re­li­able, con­sis­tent as­sess­ment of risk. While re­li­a­bil­ity and con­sis­tency may ini­tially be con­sid­ered a side ben­e­fit of au­toma­tion, they are in­dis­pens­able to en­sure and sup­port the un­der­ly­ing risk pric­ing.

What are some of the tech­nolo­gies that en­able in­sur­ers to de­liver real-time, or near real-time, un­der­writ­ing de­ci­sions, and why is speed­ing up the un­der­writ­ing process im­por­tant?

Di­rect to con­sumer prod­ucts are be­com­ing crit­i­cal as car­ri­ers com­pete for the mil­len­nial mar­ket. As car­ri­ers en­able con­sumer-fac­ing tech­nol­ogy, the key per­for­mance in­di­ca­tor lies in re­li­able de­ci­sions de­liv­ered in min­utes. On­line con­sumers want to re­search, se­lect and pur­chase in­sur­ance in one seam­less in­ter­ac­tion. Meeting that de­mand is crit­i­cal to suc­cess.

For cer­tain in­sur­ance prod­ucts, ‘Fast Data’ such as Med­i­cal In­for­ma­tion Bureau, Pre­scrip­tion His­to­ries and Mo­tor Ve­hi­cle Re­ports can be or­dered, re­ceived and as­sessed by au­to­mated un­der­writ­ing sys­tems in sec­onds. Ad­di­tional ‘Fast Data’ sources such as Elec­tronic Health Records, fi­nan­cial data, and quick pay­ment meth­ods are be­com­ing more read­ily avail­able.

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