Life insurance coverage corporations are committing to elevated underwriting efficiencies and improved threat analysis by amassing extra information and investing in new digital processes.
A brand new Accenture Analysis survey, Clever underwriting, of greater than 500 underwriters discovered that insurers are prioritizing information use whereas additionally introducing robotics course of automation (RPA) and fashionable coverage underwriting platforms. These techniques use a wide range of information sources—some unconventional, comparable to 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 can’t solely enhance underwriting effectivity but in addition create new alternatives by extracting better worth from a deeper information pool. That is excellent news for underwriters as a result of it permits them to look at threat extra totally 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 really elevated the workload for underwriters. They advised us expertise has had a optimistic affect on their underwriting efficiency, however as a lot as 40 p.c of their time is now spent on non-core administrative duties comparable to information entry and information gathering.
Our analysis exhibits that insurers want to enhance underwriter effectivity by investing in applied sciences comparable to AI and Pure Language Understanding/Processing (NLU/NLP). The ensuing new capabilities, comparable to automated information 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 information are solely as helpful as they’re accessible; data turns into much more worthwhile and introduced to underwriters once they most want it. It’s particularly helpful for underwriters to have wanted information at their fingertips at key resolution 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 techniques whereas containing all the information underwriters want for threat 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 predict these platforms can present the transformative change to underwriting that time options to this point haven’t addressed successfully. Having information on the level of want is essential to underwriting transformation.
Third-generation underwriting platforms maintain the ability to remove time spent on information 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 coverage: Automated Underwriting – Reimagining the life insurance coverage underwriting expertise for productiveness and income, 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 supplied for common data functions and isn’t meant for use instead of session with our skilled advisors.