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Technology Solutions to Complex Risk Underwriting – Accenture

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Article Synopsis :

Traditional underwriters are often bound by manual processes and tasks such as managing data, documentation and tracking clients/agents, which can impact the timeliness, quality and accuracy of underwriting decisions. The situation appears to be even more prominent within complex commercial risk underwriting.

 The Digital Insurer reviews Accenture’s Report on Applying Technology Solutions to Complex Risk Underwriting

Digital technology can address many of the challenges faced by underwriters today

In the report “Applying Technology Solutions to Complex Risk Underwriting”, Gino DiGregorio, Eileen Potter and Charity McGill from Accenture discuss how new tools and solutions can make each underwriter more productive and can improve the quality of underwriting decisions. The report presents a high level perspective on using technology to improve the underwriting workflow and tries to bust some of the misconceptions regarding innovative technology and underwriting. As discussed in  the report, technology usage can address many challenges faced by underwriters today such as:

  • Identifying and classifying risk
  • Gathering data
  • Evaluating risk
  • Pricing the risk
  • Setting terms and conditions
  • Negotiating with accounts and brokers
  • Managing the risk

The report also highlights the key areas where insurers can benefit from technology usage in the field of underwriting:

  1. Productivity
  2. Quality
  3. Service
  4. Pricing

Digital Insurer's Comments

Enabling technologies such as  mobility, telematics, location intelligence, big data analytics and social media are  shifting the focus of underwriting technology towards tactical business benefits such as real time insight, pricing and customer value creation. We believe that the insurers who innovate and leverage the available technology to improve risk assessment and pricing through automated underwriting will have a competitive edge in the future. Some of the key success drivers on the journey to automated underwriting will be:

  1. Capital allocation and technology selection
  2. Skill acquisition
  3. Striking a balance between human judgement and automated underwriting 

Link to Source:: click here

 

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