GROWING NEED FOR AUTOMATED UNDERWRITING FOR THE INSURERS!!!
WHAT IS UNDERWRITING?
The complete process of insurance underwriting includes deciding premium rates and analyzing the risks involved with them. Risk assessment is significant as it reflects the extent of risk involved with the coverage you are selecting.
WHY IS THE WORLD MOVING TOWARDS TECHNOLOGY ADVANCEMENT?
Due to the growing complexities in the regular processes and lack of time to get involved in the manual underwriting process, the companies prefer a better option that does not compromise authenticity and productivity. In order to increase the efficiency of the insurance management process, the companies seek a rule-based automated system to facilitate them in their underwriting process.
WHAT ARE THE BENEFITS OF INSURANCE UNDERWRITING SOFTWARE?
By automating the underwriting, we can make the entire process simpler, faster, and effective.
1. BETTER TRACKING AND EFFECTIVE WORKFLOW:
The entire process seems to be more authentic and transparent. Using the software for underwriting, the user can easily track or monitor the customer response. You can store the details of the customers under one roof and access them as per the need. It furthermore enhances customer service and boosts internal productivity at the same time.
2. USE UNDERWRITING RESOURCES MORE EFFECTIVELY:
Automated underwriting software, when used for simplified issue products, might circumvent the underwriter over a certain percentage of policies. It is the cause of enabling the insurer to make their underwriters work harder and spend more time. In the other case, when the software is being used for more than simplified issue policies, intelligent rules can be easier to demonstrate what kind of cases are to be assigned to the underwriters.
3. BETTER VISIBILITY:
Visible tracking rules out the requirement of making several phone calls to take the status of the process. The automated rule-based system offers visible tracking and dashboards, real-time case status data that is visible through the insurer’s portal or insurance management system.
4. IMPROVE PRODUCT DEVELOPMENT:
By using the fully automated underwriting software, the insurer has the freedom to introduce new products. Product development helps in the completion of the growth cycle using the feature to expand product lines into the existing market.
5. REDUCE PAPERWORK:
With the use of data-driven algorithms, the company can save a massive amount of time which was previously utilized in data collection on paper. Hence, the cost of paper is reduced and the underwriters can utilize their skills in some other work. You cannot leave any field blank and cannot misinterpret the handwriting while using an e-application.
Underwriting is a crucial process in the insurance sector. One cannot overlook the significance of using a rule-based system for the underwriting tasks. Amity Insure and Amity Assure offer incredible underwriting systems for the insurers to overcome the issues faced in the General and Life Insurance Management System. To know more, visit https://amitysoftware.com/solutions/insurance/general-insurance-management/#