4 secrets to unlock intelligent automation

Not just a problem, it’s a death sentence.

Why?

45% of underwriting processes are still paper-based.

It started with paper actually. Papers turned to documents.

Applications started piling up and decision times stretched for days.

Traditional methods still cost 60% more per application with three times more human resources needed. Error rates are hovering at 15-20% for complex policies.

The evolution is perhaps mandatory.

That estimated accuracy is why we introduced Underwrite.In.

The evolution has to go from - concept to competitive advantage, otherwise what’s the point?

Our AI-powered platform isn't just another tech solution, it's an evolutionary and revolutionary underwriting transformation.

A system designed specifically for your underwriting complexities of modern risk assessment.

Your AI-powered underwriting assistant automates routine tasks, optimizes data management, and delivers insights that empower faster, real-time informed decisions.

Go ahead! Try it out for yourself and see the change.

The snail-paced beginnings

The manual era was always paper-based and relied on individual underwriter’s judgment.

Underwriters manually collected, reviewed, and analyzed application forms or financial histories.

Turnaround times often stretched from weeks to months. Decisions were flawed with human error, subjective judgment, and inconsistencies.

The increase in application volumes placed a costly burden on staffing resources. Plus, only a fraction of available risk-related data could be manually processed and analyzed.

A bit faster but rules-based era of underwriting

Post the manual era, came the digital era with rules-based systems that made the underwriting workflow streamlined.

Digital systems now handle data entry, do the initial checks, and make decisions based on pre-set, rigid rules (set by the underwriters).

The digital era brought increased speed, reducing some paperwork. Consistency improved thanks to the same set of rules being applied to every eligible application.

Whichever era your underwriting processes fall into, AI adoption without it’s core fundamentals being implemented, won’t give you the desired results.

To make this AI adoption smoother, our CEO, Shen Pandi, will speak exclusively to you via a FREE WEBINAR.

Book a seat by clicking on the link below. Hurry! Limited seats only!!!

The era of the intelligent automation

This is the era where your underwriting processes should be evolved onto.

Here AI-based predictive models analyze vast amounts of structured and unstructured data to assess risk with greater precision.

Automation of highly repetitive, high-volume administrative tasks happen here such as, data extraction, data input, and document processing.

AI-powered tools enable your current underwriting systems to ingest, understand, and extract key data from unstructured documents for e.g. medical records, financial statements or even emails.

Speaking of handling vast resources of unstructured data, there is one intelligent automation tool that does this within a few clicks.

Go to DataManagement.AI and schedule a demo to see how your data actually becomes a strategic advantage. Thank me later.

But are there problems towards evolutionary change?

Yes. There is a speed problem.

Your underwriters are relying on legacy systems. These aren’t designed to easily communicate with modern intelligent automation platforms.

Bridging that gap between AI-powered underwriting tool from an old systems requires time and getting used to.

This evolution from old to new creates bottlenecks. It slows down the overall end-to-end workflow until a satisfactory integration is achieved.

Your underwriters need time to learn how to adapt to an AI-powered underwriting tool that generates insights quickly.

Then there’s also the problem related to accuracy.

The ‘accuracy problem’ for underwriters is not an actual loss of accuracy, but a phase of learning.

It’s the risk of introducing new, systemic errors and biases that can severely undermine the reliability of automated decisions if the transition is not managed carefully.

We humans make mistakes. Fatigue sets in. Cognitive biases creep in. Risk patterns are missed. The evolutionary change of AI-based underwriting requires AI to work on data stored in legacy systems.

The same systems that’s filled with human errors and fragmented data. Feeding this fragmented data to AI prevents it from giving you an accurate, 360-degree risk view, resulting in suboptimal decisions for you.

Lastly, simple resistance to implementation change.

You will say, “Oh! We all always do underwriting this way”.

It’s like muscle memory for your underwriters. Any evolutionary change brings about a change in culture.

Changes feel risky. Underwriters pride themselves on experience and intuition.

For example, can an underwriter suddenly start working with Underwrite.In’s centralized mailbox for gathering insurance details? Where did my excel sheet go?

Or is the dynamic dashboard of Underwrite.In keeping track of KPIs accurately?

The good news is that with Underwrite.In, the evolutionary transition is seamless. Your underwriters get all the claimant’s critical details in one, dedicated mailbox. The dynamic dashboard tracks KPIs in real-time to save you the hassle of preparing crucial reports manually.

Okay but, are AI tools ready to help you in the ‘now’?

According to Market.US, the global AI-powered underwriting market size is expected to reach USD 674.1 billion by 2034.

This isn't plain adoption, it's a ruthless stampede.

You evolve or die.

To give you a context of what other businesses are doing in their evolution journey, let’s take a look at what Lemonade did.

Another example is that of Zurich Insurance.

Your intelligent automation partner

We’re at the underwriting evolution stage where transformation is mandatory.

You now see your underwriting system as a strategic advantage. Companies that embrace intelligent automation will survive onto the next evolution stage.

They will define it. You will define it.

But here’s a bitter truth.

This transformation window is small. It won’t stay wide open forever.

As you read this, your biggest competitor is implementing AI solutions, training their underwriting teams, and capturing the market.

Ask yourself! Is your underwriting system capable of complete oversight on risks? or ready to deliver a seamless experience to your customers?

The evolution of underwriting isn't coming. It's already here.

Are you writing the next chapter or reading about what others are doing.

By 2030, AI-powered underwriting will be standard practice.

Manual processes will disappear. Real-time risk assessment will be expected. Instant decisions will be norm.

The experience of insurance claims will be faster, with less active involvement on the part of the insurer and the customer. The future isn't coming. It's here.

Companies embracing AI now will dominate tomorrow's market. Those clinging to traditional methods will struggle to survive.

The choice is simple, transform or die.

Team Underwrite.In