Underwriting benchmarking just got easier

Lloyd's of London lost USD 1.1 billion in 2022 on cyber alone. That impact was so severe that close to 140 branches are closing today.

The culprit?

Not bad underwriting. Bad visibility.

According to WTW's 2023 research, underwriters with 20 cases on their desk can't tell which ones will drive profitability.

They work first-in, first-out. Or worse…they chase the loudest broker.

Meanwhile, Team A runs an 82% loss ration. Team B sits at 108%. Same company, same products, but zero cross-visibility.

The insurance industry loses USD44 billion annually to fraud that better KPI monitoring could catch.

Performance Insights 2.0 isn't about prettier dashboards. It's about preventing that loss.

That’s why, we at Underwrite.In, have built an AI-powered underwriting assistant, tracks your team’s performance based on parameters set by you - giving you the visibility you’ve been missing

No more flying blind. No more preventable losses. Let me show you how it transforms underwriting!

Traditional underwriting operates in silos. Each team tracks metrics but nobody connects the dots.

Cross-portfolio blindness costs 3-8 points on combined ratio. Top quartile portfolio managers at Lloyd's run 8 points better than bottom quartile.

That's the difference between profit and pain.

Your star underwriter is cherry-picking. You don't know it. Without normalized KPIs across teams, high performers hide in aggregate data while poor performers drag the book down.

Re-insurance negotiations happen in the dark. You can't prove portfolio strength without granular, comparative metrics. Money left on the table? Close to millions.

Regulatory compliance now becomes Russian roulette. UK's Consumer Duty requires real-time identification of risk outliers. 49% of underwriters admit they're behind on legacy system updates.

Performance Insights 2.0 changes the game.

That’s thanks to it’s three layers of intelligence.

Team-level benchmarking - Here you compare underwriting cycle time, bind rates, loss ratios across units. The average underwriting time should be 5 hours per policy. Is your team still at 12 hours?

Portfolio segmentation analysis - Automobiles vs. property. New business vs. renewals. Small commercial vs. enterprise. Each segment needs different KPI thresholds.

Cross-functional correlation - How does underwriting speed affect claims frequency? What's the loss ratio impact of quote-to-bind time?

From the vault - AXA's KPI Transformation

AXA faced a crisis in 2021. High churn. Slow claims. Bleeding market share.

Their solution? Comprehensive KPI comparison across portfolios.

The implementation

They tracked Net Promoter Score (NPS) across teams. Add to that, claims processing time by region and expense ratios by product line.

Then they did something radical…they made the data visible to everyone.

The result?

The secret?

Underwriters could see peer performance. There was healthy competition that emerged. Plus, best practices spread organically.

But here's the kicker.

AXA's NPS improved by 22 points in high-performing teams. What about the low performers you ask?

They caught up within 8 months.

But how to change from ‘gut feeling’ to data?

Underwriting has always been part art, part science. The art part stays. The science part evolves fast.

77% of insurance executives are adopting AI. That’s 16 percent more from 2023. Sales and underwriting lead adoption at 54%.

But here's the resistance.

70% are AI scaling problems and not people or tech problems.

The three mindset shifts required are:

1. The shift from individual heroics to team metrics. Your best underwriter might hate being benchmarked. But that's exactly why you need it.

2. The shift from annual reviews to real-time monitoring. 58% of companies take over 5 months to implement a rule change. Real-time KPIs cut that to weeks.

3. The shift from probabilistic acceptance to probabilistic mastery. AI gives probabilities, not certainties. Underwriters must learn to work with 85% confidence, not 100% certainty.

The companies that make this shift? They're already winning.

Only 7% of underwriters have successfully scaled AI. But they capture more value consistently.

Cross-team performance dashboards

Real-time comparison of underwriting cycle time, loss ratios, and bind rates across teams. See which of your underwriting teams outperform and why.

Our AI surfaces patterns human eyes miss. The platform has processed 10,000+ submissions, giving you benchmark data others don't have.

Portfolio-level risk intelligence

Stop managing portfolios in the dark. Underwrite.In analyzes claims history, identifies accumulation risks, and flags outliers in real-time.

Our clients see portfolio optimization improve by 34% in 6 months. You get the same tech, minus the enterprise price tag.

Automated benchmarking against market standards

Your 85% faster processing means nothing if the market standard is 90%.

Underwrite.In automatically benchmarks your KPIs against industry standards. Combined ratio target? We track it. Loss ratio trends? Flagged before they become problems.

🎥 Watch this video to understand which are the KPIs that your underwriters need automated. Luckily, Underwrite.In has got you covered.

50+ underwriters trust our validation engine. They're not just tracking performance, but also acting on those performance gaps.

Your performance insights report is due

Performance Insights 2.0 isn't optional anymore.

The data is clear. 69% of underwriters with effective portfolio management see 3+ point improvements in combined ratio.

The resistance is understandable: change is hard. But the alternative? Watching your competitors pull ahead while you wonder why.

The underwriters winning today aren't smarter. They just see more.

Time to upgrade your vision.

Ready to see how Underwrite.In helps you see more and do more using Performance Insights?

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Team Underwrite.In