Digital is becoming an imperative for organisational survival, and the Insurance sector is no exception.
We’ve delved into the world of Insurance underwriters to find ways to make their life easier and enhance the customer experience.
The rise of the intelligent underwriting workbench
One key focus area – as the Insurance sector embraces a digital future – is the intelligent, user-friendly underwriting workbench.
This is a digital platform where all aspects of the underwriting process can take place. A ‘one-stop shop’ for underwriters, this control panel creates more efficient processes, incorporates data streams and analysis, accesses online documents and emails, and distributes work. In providing an integrated, paperless approach to underwriting, Insurers can manage their books of business better, as well as benefit from team collaboration as the workbench can be accessed via multiple devices.
Key benefits of implementing an underwriting workbench include:
Workflow automation
Automated workflows in underwriting workbenches improve staff and team productivity by automating non-value-adding, repetitive tasks that previously had to be carried out manually. Furthermore, the automation of workflows means that data checking is automated, as is the identification of when underwriting limits are going to be overshot. This gives the underwriter options on the approach of these limits to pass the business to another team member, or rationalise any outstanding quotes.
Workflow automation is also beneficial because underwriters can be notified of upcoming renewals. This encourages proactive contact and decreases declines related to changes in limits or missing information as a result. A robust workflow automation solution is Power Automate: this is a Microsoft-powered versatile automation platform that enables process, task and approval request automation across multiple applications.
AI-enabled data and analytics
Data is important to underwriters, as it assists them to provide accurate analysis and prices accordingly. Intelligent underwriting workbenches go beyond standard workbenches, utilising internal data and presenting it in an easy-to-read format, to integrate with third-party data sources. This is beneficial to underwriters as inbound data submissions are automatically structured and ingested without manual intervention. Another benefit is eliminating the need to go between internal and third-party portals. Integrated data processing tools can both improve precision and save time for underwriters. For example, the receipt and upload of risk and asset bordereau and schedules can be automated.
Using an underwriter workbench, powered by AI, means that data from all areas of the business can be compiled into a single customer view, in turn improving the customer experience and delivering higher-value business outcomes. Power BI, a Microsoft suite of business analytics tools used to analyse data and share insights, is a solution that can be integrated with underwriting workbenches to present a 360-degree view of important data and metrics in one place. Built on Microsoft Azure, Power BI users can benefit from real-time data insights to make better-informed decisions. As such, information is shown on a clear user interface with lists, progress bars, and alerts when high-priority tasks require action.
Enhanced team monitoring and management
The digital, real-time aspect of intelligent underwriting workbenches gives management a full view of their team’s performance and book of business. This transparency improves understanding of the length of time it takes underwriters to quote and bind policies. Furthermore, it presents broker interrogate information and visualises any gaps in the information available to the team.
Compliance, risk and regulatory data can be created and stored by the intelligent underwriting workbench, including corporate policy controls. In an environment with regulations as strict as the Insurance sector, devices that can offer additional assurances are welcomed – therefore an intelligent underwriting workbench showing timestamps to assist auditory purposes is another key benefit.
If you would like to find out more about how Incremental can enhance your Insurance organisation using Microsoft technology, then please get in touch with one of our experts in transforming the Insurance industry. For more information on the latest technology that is sweeping the Insurance sector download our free Intelligent Insurance whitepaper.