Streamlining underwriting – EY report
Article Synopsis :
Technological innovation together with enhanced analytical capabilities is transforming the future of underwriting and insurers have started re-imagining it as an opportunity to enhance customer experience.
In the report “Streamlining underwriting”, the EY team emphasise that there is a huge opportunity before insurers to further leverage underwriting capabilities to strengthen their position in the market. The report identifies the following enablers that will help in streamlining the underwriting process – these enablers support straight-through processing and provide efficiency and growth opportunities for life insurers:
- Rules-based decision-making
- Point-of-sale underwriting
- Case management
- Data delivery
- Data analysis
EY argue that insurers will need to take an iterative approach to streamlining underwriting and that they will need to continually revisit key areas of the operating model to take advantage of emerging opportunities. These areas are:
- Governance and controls
- Roles and responsibilities
The EY team also highlight that insurers streamlining underwriting operations will want to address a number of practical implications in areas beyond the underwriting function such as:
- Product development
- Contact Center
- IT organization
Link to Full Article:: click here
Digital Insurer's CommentsTechnology has changed the way data is gathered and analysed. Improved data analysis capabilities, together with varied digital data sources such as social media, internet and smart phones, is driving the next wave of change in the field of underwriting and risk management. With streamlined underwriting and predictive analytics, it’s possible to ascertain the lifestyle and financial behaviour of customers and this data can play an invaluable role in reducing the underwriting cycle time and also simplifying the process for customers. From an insurer’s perspective, streamlining underwriting processes and workflows can help insurers reduce their operational costs. This is a win-win then for both the insurer and the consumer.
We believe that the case for streamlined underwriting is a ‘no-brainer’ – the key to success will be in the execution of said streamlined solutions as they will have an impact on people, processes and technology and as such, will need to be manged carefully.
Link to Source:: click here