Underwriting is the central task of assessing an insurance company’s risk in insuring an individual’s life, health, home, or vehicle. It helps you decide whether an insurance provider can profitably risk offering insurance coverage to a person or business. With automated underwriting, you spend less time slogging through paperwork and more time adding value to your business
Automated underwriting with the latest technologies
Underwriting was traditionally a time-consuming and expensive job. Now, it can be automated using a sophisticated underwriting solution, which helps you analyze big data to determine an applicant’s suitability for a policy and how much it should be priced. Most of the data points in underwriting are quantitative, so it becomes easy to do some research with algorithms. Automated underwriting solutions help gather data from customers and telematics to analyze risk and triage applications by risk level, making it easier to accept or reject some applications automatically.
Applications with low risk are accepted, some with high risk are rejected, and skilled underwriters further review the remaining ones for a final decision. With automated underwriting, you can set your risk limits and price brands. You can speed up and streamline the process, make faster decisions, and dedicate more time to other complex tasks.
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How to automate insurance underwriting with a solution?
Using Robotic Process Automation (RPA) and Artificial Intelligence (AI) underwriters can automate insurance underwriting processes faster and more accurately.
RPA
To reduce operational costs while improving the efficiency of insurance underwriting, you can implement robotic process automation throughout the workflows. RPA helps automate gathering information from various internal and external sites, thus reducing the overall production time.
AI
With built-in Artificial Intelligence features, automated underwriting solutions can scan historical records and past interactions for faster decision-making for cases rather than manual underwriters.
Intelligent Automation
With intelligent automation, you can work with the user in real-time and quickly and easily manage processes through a simple interface. You can make the most of digital transformation and streamline insurance underwriting in numerous ways, such as end-to-end risk submission and extracting information from unstructured data.
AI/ML-Based Data Extraction
Automate your data extraction process of any unstructured documents with infinite variations without the need of a data scientist. Our 3rd Generation AI/ML Based Data Extraction Platform learns rapidly and adapts continuously. This solution helps organizations boost productivity, reduce risk, and improve turnaround times where there are underwriters manually reviewing documents.
Why should you automate underwriting?
With automated insurance underwriting, you can easily track individual claims with built-in claim tracking and reporting, simplifying communication between you and your customers. Automation further simplifies various manual underwriting operations, including:
- Improved workflows and better tracking
- More personalized customer experience
- Enhanced service and visibility
- Increased consistency in decision-making
- Reduced paper process and human errors
- Redefined pre-population of data fields in internal systems
- Improved data collection from external and internal sites
- Better recommendations based on previous losses
- More effective use of underwriting resources
- Digitize claims and reduce the turnaround time
