A few weeks ago, Michael Costonis posted about the benefits to life insurers of using software as a service (SaaS) to automate new business and underwriting systems. Along similar lines, a recent article in Insurance & Technology features a 12-point checklist for insurers that seek to automate their underwriting systems. In it, my colleague Charity McGill and I highlight some of the challenges in today’s underwriting world, and how automation can address those challenges while improving efficiency.
However, it isn’t enough to just say that you need an automated underwriting system. What should that underwriting system be able to do? And how do those capabilities enable your underwriters to focus on value-added activities or complex cases?
In the article, we highlight 12 things an automated underwriting system should be able to do. Here are the first five:
- Use data services to scrub addresses and guarantee account information.
- Enforce client submission and clearance.
- Upload information directly from the agent.
- Consolidate account information into a single record.
- Track information collected at the account level.
To learn more:
Stay tuned. I’ll be back in November to share a four-part blog post on how insurers can unlock tremendous benefits by using an innovative operating model.