Strategic Considerations for Automated Underwriting – RGA

Article Synopsis :

A responsive and automated underwriting solution that allows quick access to critical information, offers comprehensive risk analysis, optimises costs, and enhances customer experience can help turn digital opportunities into profitability.

Automated underwriting solutions have the potential to deliver significant benefits

In the white paper “Strategic Considerations for Automated Underwriting”, Paul Okeefe from RGA outlines the key factors that insurers should consider, and the questions they must answer, when making automated underwriting a part of their strategic plan. As per the white paper, the key questions that should be asked and answered regarding a company’s need and general readiness for e-underwriting include:

• Will it support our business?
• Is it a viable option at this point in time?
• What are our pressing needs (e.g., resource relief, sustainable growth)?
• If growth is a consideration, in which markets do we wish to grow?
• What happens if we do not move toward automation?
• What kind of process or system makes sense?
• How would it fit into our overall future plans?
• Do we have the right resources to support this effort?
• How do we get started?

Paul Okeefe also argues that insurers’ success in the emerging business landscape will be highly dependent on the effectiveness of their underwriting process and identifies the following key drivers for underwriting automation:

• Using e-Underwriting to Drive Growth
• Dealing with Resource Demands
• Delivering Better Customer Service
• The Payback Potential
• Leveraging Knowledge Capital
• Integration Options
• Adopting a Graduated Approach to Use

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