How is Technology Modernizing Property Underwriting?

Insurance CIO Outlook | Monday, June 29, 2020

With advanced technology, it is now possible to improve property underwriting practices and drive efficiency.

FREMONT, CA: Property underwriting is currently in need of a technology-infused makeover. While many aspects of insurance operations have been successfully transformed after the adoption of digital capabilities, property underwriting has started modernizing only now. As traditional processes and manual solutions become obscure, technology is stepping in to deliver new property underwriting functionalities to insurance carriers. How modern technology is powering the property underwriting transformation has been enlisted and discussed in brief below.

Organizing Data with Geospatial Technologies

Geospatial data organization provides insurance carriers with the ability to deal with large buildings that possess multiple addresses. It also helps interlink multiple datasets with geolocation data to facilitate convenient geospatial analytics for insurance underwriters. Besides, insurers can also make use of geolocation features to update addresses and remove identical entries from records.

• Visualization Tools for Simplified Analytics

Property underwriting can take on complicated forms. Technology's assistance in the form of visualization solutions can greatly solve the complexity to help insurance carriers make property underwriting simple yet accurate. Today, digital solutions allow property information to be visualized in layers and provide analytical insights. Such a depiction of information makes critical data elements easy to read for underwriters, resulting in faster outcomes as well.

Top 10 Insurance Analytics Consulting/Services Companies - 2019• Easy Evaluation of New Data 

Technological advancements have resulted in multiple streams of data. To determine the relevance of this data in property underwriting, insurance carriers can use solutions to process and evaluate the data. Besides, comprehensive systems that aid in deriving and evaluating data also enable insurers to add or replace existing datasets.

From aligning data to streamlining workflows, there are many ways in which technologies are empowering intelligent property underwriting. With underwriting gaining an edge, insurance carriers are poised to experience lower risks and optimized pricing capabilities. Thus, a timely rethink regarding property underwriting solutions can be extensively advantageous for insurance companies.

See Also: Top Analytics Solution Companies

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