Unlock the Power of Connected Underwriting: Reduce Time to Quote and Boost Customer Satisfaction
Underwriters are spending 40% of their time on noncore activities, representing an efficiency loss of $85–$160 billion over the next 5 years.
Today’s insurance customers prefer insurance providers that offer a seamless, digital-first experience. In fact, customers under the age of 55 are nearly three times more likely than those over 55 to switch insurers for better digital tools.
Underwriting plays an integral role in this kind of connected insurance
experience. But as insurance executives know, underwriting must strike a careful balance between speed and accuracy. If processes move too slowly, customers with a desirable risk level will go elsewhere. But, making rash decisions can result in putting unprofitable risks on the books.
The process of receiving an inquiry, assigning it to an underwriter, assessing the risk, and delivering a quote back to the potential customer relies on a combination of data, technology, and teamwork. The efficiency of your underwriting processes can mean the difference between a quote not taken up and new business won.
In this guide, we explore modern, connected approaches to underwriting that increase efficiency, improve auditability, and ensure a positive customer experience.