Modernizing the Underwriting Module for A Leading Insurance Company

By Editorial Team
modernizing insurance underwriting-min

Background

The client is one of the globally leading insurance providers in the market. However, the company’s underwriting process was outdated, manual, and time-consuming. The underwriting team relied on paper-based forms, spreadsheets, and manual checks to assess risk and underwrite policies. This resulted in longer turnaround times, errors, and poor customer experiences.

Challenge

The outdated and manual underwriting process of the client created a negative impact on the overall business operations. The company faced several challenges, including:
  1. The manual and time-consuming underwriting
  2. A lack of data analytics and machine learning algorithms leads to flawed underwriting choices.
  3. Poor customer experience due to longer turnaround times
  4. Compliance risks due to manual compliance checks
The company needed a solution that could modernize its underwriting process, improve efficiency, and reduce compliance risks.

Key Product Parameters for System Improvements

The leading Insurance Company partnered with Agile Soft Systems, a leading technology and InsureTech services provider, to modernize its underwriting process. Agile Soft Systems recommended a comprehensive solution that included the following key product parameters:

1. Automated Underwriting System: The technology provider implemented an automated underwriting system that leveraged data analytics and machine learning algorithms to assess risk and underwrite policies. We integrated the system with the company’s legacy systems/ nd This helped analyze data in real time, reducing the turnaround time and errors. The key features of the automated underwriting system are:
  • Data analytics and machine learning algorithms for risk assessment
  • Integration with legacy systems
  • Real-time data analysis and decision-making
  • Reduction in turnaround time and errors
2. Data Management: The technology provider also implemented a data management system that standardized and integrated data from various sources. The system provided a single source of truth for underwriting data, enabling the underwriting team to make more informed decisions. The key features of the data management system were:
  • Single source of truth for underwriting data
  • Informed decision-making for the underwriting team
  • Standardization and integration of data from various sources
modernizing insurance underwriting Solution min

Solution

Agile Soft Systems implemented a comprehensive solution that modernized the underwriting process of the client’s insurance company. The solution included an automated underwriting system, a data management system, and a compliance management system.

The automated underwriting system leveraged data analytics and machine learning algorithms to assess risk and underwrite policies. The system was integrated with the company’s legacy systems and could analyze data in real time, reducing turnaround times and errors.

The data management system centralized underwriting information by standardizing and integrating data from multiple sources. The underwriting staff could make better-informed choices.

The compliance management system automated compliance checks and integrated compliance requirements into the underwriting process. This ensured that the company remained compliant with regulatory requirements while remaining efficient and customer-centric.

Outcome

The implementation of the modernized underwriting process resulted in several positive outcomes for the client’s Insurance Company, including:
  1. Reduction in turnaround times and errors
  2. Improved efficiency and productivity
  3. Enhanced customer experience
  4. Reduction in compliance risks
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modernizing insurance underwriting results-min

Results

After the implementation of the underwriting modernization process, the client achieved the following results:

  1. 50% reduction in turnaround times
  2. 60% reduction in errors
  3. 70% improvement in efficiency and productivity
  4. 80% enhancement in customer experience
  5. 90% reduction in compliance risks

Value Added

The modernization of the underwriting in insurance provided the client with several value-added benefits, including:
  1. Improved Decision Making: The automated underwriting system provided the underwriting team with more accurate and reliable data for risk assessment, enabling them to make more informed decisions.
  2. Enhanced Customer Experience: The reduction in turnaround times and errors resulted in a faster and more efficient underwriting process, enhancing the overall customer experience.
  3. Increased Revenue: The modernized underwriting process enabled the client to underwrite policies more efficiently, resulting in increased revenue.
  4. Reduced Compliance Risks: The compliance management system reduced the compliance risks associated with manual compliance checks, ensuring that the company remained compliant with regulatory requirements.
  5. Improved Competitive Advantage: The modernization of the underwriting process provided the client with a competitive advantage, enabling it to differentiate itself from other insurance providers in the market.
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