3 Must-Adopt Initiatives for Improving Underwriting Processes

Insurance CIO Outlook | Wednesday, August 05, 2020

Strategic underwriting processes promise accuracy in risk assessment operations and precise pricing of insured assets .

FREMONT, CA: Today, insurance agencies are among the active adopters of technology-based operational tools and applications. The rapidly changing lifestyle of the individuals has triggered the need for upgrading traditional insurance services and even ways to perform underwriting and claims. Dealing with the tech-savvy borrowers requires technology expertise by the insurers while speeding up the processes of settlement with top-notch accuracy. Modern-day insurers are taking numerous initiatives that are strategic while letting the insurers achieve brilliant solutions for underwriting.

•   Prioritizing Digital Customer Experience

There are multiple digital platforms and portals, which can help the insurers track customer experience and understand their lifestyle and lead to identifying future risks. Understanding customer behavior and approach towards insured assets can improve risk assessment operations and optimize underwriting time capacities. Analyzing customer data from numerous touchpoints and sources assist in making better underwriting decisions.

•   Focusing on Risk Model Improvement

Tech-savvy underwriters focus on adopting predictive analytics and behavioral analysis systems that help them access historical data and power their underwriting processes . In recent years, data-driven underwriting processes have offered skills to categorizing and pricing risk according to the future prediction of insured assets. Today, underwriters can instantly categorize the low and high risks-participants and proceed with the processes accordingly.

•  Standardizing Corporate Underwriting Management

For corporate underwriting processes, underwriters must run a complete portfolio check of the businesses and the market position. Corporate underwriting involves enormous risks and the massive amount of capital investment. Insurers must set up specific underwriting steps for corporate participants that can help them smartly validate all the provided documents and set up accurate pricing on future risks.

The digital age underwriters well-understand the need for adopting tech-based operational solutions that help them develop effective consumer engagement strategies by collecting continuously generating data and upgrading processes for future growth.

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