Is Automation the Future of Underwriting?

Insurance CIO Outlook | Thursday, July 23, 2020

Adopting automated underwriting solutions enable the insurance companies to speed up the data evaluation processes and settle the claims with more accuracy.

FREMONT, CA: Insurance technology is on rise and the new-age insurers are making the most of this trend. To simplify the complicated underwriting processes, insurers and technologists collaborate to develop next-generation solutions powered by technologies like Artificial Intelligence (AI), automation, big data, and cloud.

Underwriting includes repetitive processes, which consume lots of time and require manual efforts. The growing competition across the insurance sector motivates the insurance companies to invest more in innovative insurance tools and operations. Today, automated underwriting solutions experience rapid adoption across the industry. The automated underwriting lets insurance companies save a tremendous amount of time, effort, and money.Underwriting Tech Solution

Automating underwriting can speed up the processes of information collection, instant risks evaluation, and precise settlement of the claims. As the tech-savvy insurers utilize APIs for primary insurance operations, including underwriting, the deployment of automation allows the insurers to standardize the APIs interoperability and underwriting process integrity. Automation’s predictive features enable the insurers to meet or exceed the aggressive price targets and service level for the claims.

Underwriting processes require precise monitoring and evaluation of data. The automated underwriting can efficiently detect the cases of forgery and saves huge money loss of the insurance organization. The ability to evaluate data instantly helps professionals maintain better customer relationships by settling their claims accurately. Automated underwriting also helps the professionals to maintain compliance. The solution automates the updating of changed rules and regulation across the entire processes, and save the insurance companies from paying the enormous panelized amount.

Insurance companies are actively investing in high-tech insurance solutions. The modern age insurance professionals tend to understand their tech-savvy customer needs. Automation has become essential for the majority of the insurance processes, from notifying customers for the payments to simplifying the calculation of settlement amount. Modernization has not only streamlined the underwriting processes but also increased the customers’ trust on insurance companies. 

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