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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

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Finnovating is a Matching as a service platform that enables X-Techs from all around the word to connect , collaborate and get the funding they need to grow from investors and corporations globally. The Finnovating platform is a space were the key players of the Tech industry can connect together easily and boost global Tech innovations.

SØNR

Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

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.

 The Digital Insurer reviews EY’s Report on Streamlining underwriting

Streamlining underwriting enhances the customer experience but also increases insurers’ efficiency

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
  • Outsourcing

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
  • Processes

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
  • Distribution
  • Contact Center
  • IT organization

Link to Full Article:: click here

Digital Insurer's Comments

Technology 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

 

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