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The Way forward for Underwriting, Half 2: Clever Consumption


In the first part of this series on the future of underwriting, we looked at how carriers are exploring new and improved sales channels. Leading network operators go beyond passive processing of email submissions. Instead, they define new and engaging experiences with their sales partners or customers in order to gain competitive advantage.

Getting deals in the door is great – but it’s only the first step in underwriting. Today, carriers must quickly convert the recording into insights by digitizing data, cleaning up and supplementing recording information and preparing the information for insurers. In this post, we’re going to look at how advanced tools are creating a new future for underwriting.

A practice that has not changed for decades

In commercial and employee benefit insurance, the basic admission process has essentially not changed over the past 50 years. The agent or broker sends the freight forwarder a series of materials that need to be assessed, cleaned, and set up before the insurer can begin its work. On the way we have to overcome the usual problems:

  • 15 to 25 percent of key customer or agent information can be incorrect.
  • The submissions are often incomplete and important documents are missing.
  • Information is available in various formats or structures and requires organizational effort.

To remedy this, freight forwarders tend to use low-skilled workers on land or overseas to enter the data or play phone tags with their brokers. However, in most cases, the carriers still have an incomplete view of the submission.

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The power of “human +” reception

It doesn’t have to be like that. This is the first stop on the journey to underwriting with exciting opportunities to combine man and machine manpower to dramatically improve results. Today there are intelligent tools that can completely change the suction process.

  • Application programming interfaces (APIs), portals, and robotics can replace a significant portion of email as the source of delivery.
  • Natural language robots can read, classify, and initiate submission processing via email.
  • Data providers and platforms such as PLANCK, Enigma and Carpe Data can supplement and validate important data during transmission. This leads to greater accuracy and reduces the data required by the agent, broker or customer.
  • Data validation and manipulation tools can evaluate, adjust and adjust list data from processing, including locations, vehicles or employees.
  • Deep learning solutions can evaluate benefit plans, medical records, or other long documents to quickly extract critical data from cumbersome records.

In short, collections of intelligent tools can become indispensable assistants for underwriters, helping them prepare and manage filings for processing. Not only can these tools prepare the data in use today, but they can also complement it with third-party data that the underwriter can work with more efficiently and effectively.

The result is that the delivery information is higher quality, more complete, and less expensive than processing today.

The icing on the cake is that all the necessary tools have already been tested and proven on the market. There’s really no excuse to stick with traditional drawing practices that haven’t changed in decades. In fact, those who do are likely to face significant headwinds in the marketplace as their competitors use smart tools to convert their recording.

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