Technology Solutions to Complex Risk Underwriting – Accenture

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.

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

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