Underwriting processes and technologies to address customer expectations
A dynamic insurance market, growing tech-savvy customers and emerging technological disruptions have been driving insurers to reshape their strategies to stay ahead of the competition. Customers expect insurers to anticipate their needs and to provide personalized offers through a variety of digital channels. It has become vital for insurers in general, and underwriters in particular, to adapt their workflow to these changes.
On the one hand, insurers are investing in technologies that they believe will deliver solid returns to their top to bottom lines. Ensure underwriting integrity, speed in underwriting processes and support the risk analysis and the decision, are essential steps to ensure a quick risk and premiums evaluation.
On the other hand, customers demand that insurance market offers coverages aligned with their unique needs – usage, behavior, and preferences – through the channel of their preference. For current and future customer, contextualization and digitalization are key factors in insurance products.
These disruptions are forcing insurers to reinvent their products, pricing, and processes to address new customer expectations while staying relevant in this dynamic insurance market and offering excellent customer experience.
Predictive modeling, as new insurance products and products variants, is introduced at ever-shorter intervals, combined with AI and supported or automated processes – will be key drivers to underwriting.
More than the transformation needed in the customer experience, the current market represents an opportunity to reshape the traditional underwriter role. Underwriters of the future are expected to be the ones who benefit from workflow automation, supported decision-making from data science, and integration of key aspects of risk analysis and control.
Automated processes in underwriting present new opportunities, as well as challenges, helping insurers to anticipate and attempt to control risk and decisions. Underwriters will be one of the most effective collaborators in this challenging insurance market – collecting and combining the right mix of data and using it to risk accurately, their role will be essential in the personalization of customer experience, embodying the role of key risk analysts and decisors, and empowering insurance companies to make more valuable decisions based on their risk analysis.
With risk analysis and decisions supported by intelligent data, underwriters will be able to complete the end-to-end insurance process with accuracy and to contribute to product innovation, while keeping productivity and profits at a high level.