How is AI-powered automation reshaping underwriting

What’s underwriting?

A process where insurance companies assess risk when insuring a customer. That’s the traditional definition. In today's and tomorrow’s digital age, it’s slightly different.

The concept is the same, but the traditional processes are replaced by AI-powered platforms and tools.

We have moved away from paper-based systems. Or have we?

Deloitte claims that 70% of insurers are prioritizing the implementation of AI-powered automation. 68% of those are focusing on customer experience.

This shift is driven by a need to achieve better customer experiences, accurate data extraction, and improved efficiency within the underwriting process.

The Lack of AI-powered Automation

Underwriters will struggle without AI-powered automation. Manual and traditional underwriting methods are no longer sustainable in a fast-paced market. The four major obstacles of not adopting an AI-powered solution are,

Staying Manual, Losing Time

McKinsey reported that underwriters spend close to 40% of their time doing manual operational tasks.

They spend this time on repetitive tasks that are admin-related. Some of those tasks are doing background checks or analysis. While some are also working on data entry exercises.

All this slows down the complete underwriting process but also limits an underwriter’s ability to focus on more complex cases.

Building Siloes, Losing Focus

Capgemini states that 77% of insurers find risk evaluation a problem due to poor data resources. Underwriting places a great onus on gathering valuable information from varied sources. This could be in unstructured formats such as email, PDFs, or sheets.

This data is mostly siloed and makes analysis difficult. Managing overwhelming data is paramount. What if we tell you that there exists a breakthrough solution for that.

Chain-of-data. A seamless solution that links every step in the data journey. No more siloes. You save more and gauge better insights.

Convoluted Outcomes, Unhappy Customer

The traditional underwriting process is slow and non-transparent. Customers are always unhappy due to lack of clarity and subsequent delay in their claims.

Capgemini noted that 42% of insurance policyholders find the current underwriting process lengthy and are hence unhappy. An unhappy customer might look for another insurer next time.

Could a clear dashboard with real-time status updates make a customer happy?

Manual Errors, Inconsistent Decisions

The more manual underwriting remains, there’s more chances of personal bias. This leads to inconsistent decisions, which result in inaccurate risk assessments.

But it’s not the end of the world. With obstacles also come opportunities. One such opportunity is Underwrite.In.

Opportunities and The Solution

AI-powered automation presents immense opportunities. They overcome the above mentioned challenges. Plus, making underwriting accurate, efficient, and customer-centric. AI-powered automation creates the following opportunities.

Efficiency and speed

With an AI-powered platform handling data extraction, vast amounts of siloed data can be assessed in seconds. This reduces time taken for underwriting decisions. Also, underwriters can spend valuable time on high-value tasks.

Fraud detection and enhanced risk assessment

A capable AI-powered platform will analyze a wide range of data points. A detailed analysis on risk profiles, pattern identification, and recognizing human-related anomalies are what an AI-powered platform can accomplish.

Capgemini noted that 62% of insurance executives saw their underwriting quality elevate due to AI-powered platforms. 

Streamlined customer experience

An AI-powered platform will automate data collection. This improves decision-making. This streamlined experience enables real-time quoting and instant policy approvals. Today’s customer is short on time. Quicker responses will keep them happy.

Consistent decision-making

With an AI-powered platform you ensure consistent and unbiased decisions. Instead of guesswork, efficient submission tracking leads to consistency.

A dynamic dashboard ensures tracking of KPIs. All this together, delivers consistency. Not to mention leading to customer loyalty and trust.

But why Underwrite.In

Our AI-powered platform redefines underwriting. We empower underwriters with intelligent automation. We don't replace them. We simply drive efficiency, improve risk assessment, and deliver enhanced customer experience. We do this by,

Decision-making through concise summaries

Our platform leverages AI to summarize complex submission data. We estimate a reduction of 85% in underwriting time. This presents underwriters with a clear, concise overview, leading to quicker decisions. 

Comprehensive submission control

Our AI-powered platform gives underwriters complete control over submissions. We do this by structuring data from diverse sources into a single, cohesive view.

Real-time performance monitoring

Through real-time dashboards and analytics, our platform allows continuous monitoring of underwriting performance and process bottlenecks.

Improved accuracy and enhanced customer experience

Our AI-powered platform automates data handling. It also leverages advanced risk assessment models. The platform reduces human error, ensuring accurate decisions with a smoother experience for the customer.

Streamlined data handling and tasks automation 

Underwrite.In utilizes AI capabilities, such as, Natural Language Processing (NLP) and Optical Character Recognition (OCR) to automatically extract and organize data from unstructured documents.

The Age of Underwriting Automation is Here

The insurance industry is at a crossroads. Traditional underwriting methods are proving to be a liability. The challenges are siloed data, manual processes, and low customer satisfaction.

All these point towards a change. A change that Underwrite.In brings. Our AI-powered platform streamlines underwriting, empowering underwriters with insights and tools.

One can’t ignore the issues in underwriting. A transformation is needed. All this to make underwriting competitive and relevant.

Experience automation that empowers, builds, streamlines, and ends up saving you money .

Team Underwrite.In