Life insurance coverage firms are committing to elevated underwriting efficiencies and improved danger analysis by accumulating extra knowledge and investing in new digital processes.
A brand new Accenture Analysis survey, Intelligent underwriting, of greater than 500 underwriters discovered that insurers are prioritizing knowledge use whereas additionally introducing robotics course of automation (RPA) and modern policy underwriting platforms. These programs use quite a lot of knowledge sources—some unconventional, reminiscent of social media, and well being and wellness apps—to complement standard ones to supply deeper and extra actionable insights.
Working collectively, these new applied sciences cannot solely enhance underwriting effectivity but additionally create new alternatives by extracting larger worth from a deeper knowledge pool. That is excellent news for underwriters as a result of it permits them to look at danger extra completely than earlier than.
Want for effectivity
Enhancing underwriting effectivity is a key purpose for insurers, as a result of our survey discovered that new applied sciences have truly elevated the workload for underwriters. They advised us know-how has had a constructive affect on their underwriting efficiency, however as a lot as 40 p.c of their time is now spent on non-core administrative duties reminiscent of knowledge entry and knowledge gathering.
Our analysis reveals that insurers wish to enhance underwriter effectivity by investing in applied sciences reminiscent of AI and Pure Language Understanding/Processing (NLU/NLP). The ensuing new capabilities, reminiscent of automated knowledge extraction from buyer or producer paperwork, will free underwriters from these mundane duties and vastly enhance their capability.
Knowledge on the level of want
However these knowledge are solely as helpful as they’re accessible; data turns into much more worthwhile and offered to underwriters once they most want it. It’s particularly helpful for underwriters to have wanted knowledge at their fingertips at key determination factors all through the underwriting workflow.
My colleague Michael Reilly describes this functionality as a “third-generation underwriting platform.” Such a platform enhances workflow and coverage programs whereas containing all the information underwriters want for danger analysis. When built-in into the underwriting workflow, these clever and automatic platforms present underwriters with the information and insights they want, once they want them.
Transformational change underwriters search
We expect these platforms can present the transformative change to underwriting that time options so far haven’t addressed successfully. Having knowledge on the level of want is vital to underwriting transformation.
Third-generation underwriting platforms maintain the ability to eradicate time spent on knowledge administration, and may even transcend underwriting by offering insights throughout the life insurance coverage worth chain. Such insights may, for instance, affect product improvement and distribution by figuring out and addressing alternatives in new and/or underserved markets.
We invite you to learn our newest white paper, AI-powered Insurance: Automated Underwriting – Reimagining the life insurance underwriting experience for productivity and profits, to discover new methods to empower your underwriters. Please contact Michael or me to be taught extra.
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Disclaimer: This content material is offered for normal data functions and isn’t supposed for use instead of session with our skilled advisors.
