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Automated Underwriting Fulfilling Promises Made To Insurers


The insurance industry is under immense pressure to enhance performance, profitability and customer service. Regular and detailed review of underwriting data along with provisions for rapid and efficient decision taking lies at the heart of profitable insurance operations. The insurance sector is increasingly looking towards technological applications in order to reduce costs, increase speed and improve the quality of underwriting decisions. Data analytics capability offers a competitive edge to insurers as it helps them to understand the system performance and change underwriting rules if required. These intelligent functionalities offered by automated underwriting solutions enable the underwriting man power to focus on knowledge-oriented areas.

A recent study conducted by Society of Actuaries’ (SOA) and Deloitte has identified the significance and growth potential of automated underwriting for the insurance sector. The study revealed that automated underwriting has been beneficial for some life insurers when used for simplified issue and non-medical underwriting. Cost saving and operational efficiency were the major areas of interest for successful underwriting.

Several SOA survey participants revealed that automation on underwriting helped them to realize cost savings between 20 and 80 percent. Underwriters were able to take rapid decisions and save on time spent while reviewing each and every piece of detailed information. This also helped the firms to save on hiring underwriters. One of the respondent firms disclosed its plan to reduce the hiring model for underwriters by five percent. These savings can obviously be well-utilised for other areas of business growth. Moreover, automated underwriting also reduces not-in-good-order (NIGO) applications by early identification and rectification of a problem. Automated underwriting also increases the speed of underwriting process and has also proved itself to be a driver of sales.

Despite of the benefits listed above, it is critical for insurers to be aware of the fact that the implementation and maintenance of automated underwriting is not easy. A large number of insurers look at vendor- support for implementation and maintenance process. Automated underwriting applications, though, have currently not reached the ultimate stage of maturity in the insurance sector, but have made several promises to the industry and that they seem to be fulfilling.