Unlocking Value with Next-Generation Intelligent Underwriting

The insurance landscape is constantly evolving in terms of the types of products and services customers expect, the risk profile insurers need to carry, user demographics (including the introduction of digital-native users), and other unexpected factors like natural disasters or pandemic. The added pressure to maintain competitive pricing and meet rising human capital costs creates a perfect storm. 

Insurers need to focus on making underwriting as efficient and effective as possible to keep up. The costs of underwriting delays may be irrecoverable, including a shrinking customer base, adding adverse risk to the book and sacrificing underwriting talent to competitors or other sectors. 

To avoid the costs of slow and inefficient underwriting, Insurers can look for ways to automate repeatable, mundane tasks by overlaying technologies like process mining, robotic process automation (RPA), workflow orchestration, and optical character recognition (OCR) on core administrative systems. 

With automation, insurers can increase underwriting productivity and write more profitable business without adding headcount. This is a necessity for addressing the ongoing talent shortage, which will only be exacerbated with 50% of the current insurance workforce expected to retire over the next 15 years.*

To learn more about intelligent automation for insurance, download the eBook: Unlocking Value with Next-Generation Intelligent Underwriting.

*“The America Works Report: Industry Perspectives,” U.S. Chamber of Commerce.