Leverage Data and Automation to Optimize Your Insurance Underwriting Processes

Leverage Data and Automation to Optimize Your Insurance Underwriting Processes

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For many carriers, insurance underwriting processes rely on paper-driven workflows that can be inefficient. Underwriters can spend more time navigating these processes than working on the underwriting tasks themselves. Long turnaround times associated with paper-based, manual workflows are frustrating for your employees and customers.

But modern document automation solutions like Experlogix Document Automation Smart Flows solve these problems and allow underwriting staff members to get more done in less time. Automating your processes eliminates manual operations, provides access to relevant data, and filters the opportunities, so underwriters can make better risk evaluations and write compliant policies that meet both internal regulations and customers’ needs.

Connected Data Sources

Risk evaluation is driven by data sources that extend beyond the databases necessary for policy administration. Automated underwriting allows insurers to draw upon a much wider database without adding to the underwriting timeline. Manual underwriters typically analyze less than 20 factors to determine risk and premium levels, but as available data sources are expanding, manual analysis is becoming more time-consuming – and overwhelming. New data sources may include complex external data such as catastrophe models, geographic data and transportation databases.

However, the additional data can help underwriting staff members identify otherwise unknown risks. As part of an automated flow, pre-built connections to outside data sources make it easy for underwriters to access this information, resulting in more accurate risk assessments. They can write variable endorsements and clauses, or pre-set deductible amounts with the confidence that these variations are compliant with the insurance company’s internal rules regarding risk and coverage.

The approved variable content can be stored in any connected data system, where it can be accessed by underwriters when needed to customize specific policies for customers.

Automated Underwriting Review Process

Experlogix Document Automation Smart Flows is a document automation solution that lets carriers build and configure automated flows leveraging accurate data and pre-approved variable content.

Take the underwriting review process. When informed of defective policy applications, underwriting staff members can trigger a flow that instantly generates a template-based, standard policy incorporating customer information from your data sources such as CRM, ECM or policy administration. They can further tailor the generated document to the customer’s unique situation by adding pre-approved variations – endorsements, clauses, deductible amounts – pulled from your data systems. Once the new, exclusive and compliant policy is finalized, underwriters can complete the flow to confirm the approval without delay.

Automated workflows like Experlogix Document Automation Smart Flows recognize next steps and initiate actions to ensure processes continue without the delays that hamper paper-based underwriting operations. This modern document automation solution facilitates collaboration among underwriting teams, speeds up decision-making and increases efficiencies, all while minimizing risk and improving compliance.