The Way forward for Underwriting, Half 5: The Remaining Handoff


Congratulations! If you’ve read this far in our series on the future of underwriting, you know we talked about changing the underwriting experience from filing to proposal. We’re done! Feel free to post this on your LinkedIn profile.

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I’m joking of course. There’s one more step on the road to underwriting – one that too many shippers neglect.

The forgotten end

What happens if the broker or customer accepts your offer? From an insurance perspective, this is often the area with the least focus. It will be put into operation and underwriting will continue.

However, for overall growth and retention, this is one of the most important steps. It’s hard to overstate the power of first impressions.

Too often, the handover from underwriting to operations is an afterthought that leads to frustrated customers. Imagine if the customer instead had a huge onboarding experience that gave them confidence in their purchase and made the transition easier. Customer loyalty and sales would increase.

Today’s customer journey

Imagine a customer who has just changed providers or taken out their first insurance. You have no real experience with the carrier and will likely remain unsure until you have a claim or something goes wrong.

This enables the customer to see his carrier negatively. Policies are delayed or have to be reissued due to errors. First bills can be wrong. Insurance cards can be delayed. It is certainly not a smooth and welcoming experience that instills confidence that the customer made the right decision.

A more welcoming, collaborative future

The good news is that it doesn’t have to be. We can create digital collaboration experiences that integrate customers, brokers, and freight forwarders to gather the information and contacts needed to complete guidelines, and guide customers through coordinated connection and integration of services.

Imagine if this were the onboarding experience instead:

After being notified that the customer has accepted their offer, the broker is given access to an onboarding site with credentials for him and his customer. The site guides you through the various steps of onboarding that collect and review information. Documents, posters and forms are issued; and the customer is connected to services and ecosystem partners. Seamless support services answer questions and solve problems as they arise.

This type of collaborative digital experience can lower costs, increase customer loyalty by increasing initial customer trust, and increase revenue by increasing broker confidence in customers switching to carrier.

Isn’t it time to update this final step in the drawing process?

In this series, we’ve explored various concepts and ideas about how underwriting can change and evolve. The best part? Nothing discussed here is science fiction or in the distant future.

These are all time-tested ideas and solutions that are used in various parts of the industry today. Many carriers are now making parts of this vision.

The key to unlocking the future of underwriting lies in the audacity and imagination to move beyond incremental improvements and changes to data-driven experiences for brokers, clients, and underwriters that can dramatically improve performance.

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