Life insurance coverage firms are committing to elevated underwriting efficiencies and improved threat analysis by accumulating extra knowledge and investing in new digital processes.
A brand new Accenture Analysis survey, Clever underwriting, of greater than 500 underwriters discovered that insurers are prioritizing knowledge use whereas additionally introducing robotics course of automation (RPA) and trendy coverage underwriting platforms. These methods use a wide range of knowledge sources—some unconventional, corresponding to social media, and well being and wellness apps—to complement typical ones to supply deeper and extra actionable insights.
Working collectively, these new applied sciences can’t solely enhance underwriting effectivity but additionally create new alternatives by extracting better worth from a deeper knowledge pool. That is excellent news for underwriters as a result of it permits them to look at threat extra completely than earlier than.
Want for effectivity
Enhancing underwriting effectivity is a key aim for insurers, as a result of our survey discovered that new applied sciences have truly elevated the workload for underwriters. They informed 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 corresponding to knowledge entry and knowledge gathering.
Our analysis exhibits that insurers want to enhance underwriter effectivity by investing in applied sciences corresponding to AI and Pure Language Understanding/Processing (NLU/NLP). The ensuing new capabilities, corresponding to automated knowledge extraction from buyer or producer paperwork, will free underwriters from these mundane duties and enormously improve their capability.
Information on the level of want
However these knowledge are solely as helpful as they’re accessible; info turns into way more helpful and introduced to underwriters once they most want it. It’s particularly helpful for underwriters to have wanted knowledge at their fingertips at key choice 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 methods 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 expect these platforms can present the transformative change to underwriting that time options thus far haven’t addressed successfully. Having knowledge on the level of want is essential to underwriting transformation.
Third-generation underwriting platforms maintain the ability to remove time spent on knowledge administration, and might even transcend underwriting by offering insights throughout the life insurance coverage worth chain. Such insights may, for instance, affect product growth 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 offered for normal info functions and isn’t meant for use instead of session with our skilled advisors.
