Underwriting in the Digital Age

In commercial property and casualty (P&C) insurance, underwriting excellence remains paramount to company performance. Underwriting has historically been slow to change, yet clients—and their challenges are rapidly changing. Making transformational investments to reinvent the role of underwriting has never been more important. Achieving underwriting improvement can be a Herculean task. Determining a business’s risk profile is the heart of commercial P&C underwriting, but the research that goes into it is often tedious, time-consuming and error prone. Underwriters may conduct dozens of web searches and direct numerous follow-up questions to the submitting agent as they work to build a comprehensive picture of the applicant company, its risks and its potential profitability as an insurance customer.

Artificial Intelligence technologies are already being deployed in our businesses, homes, and vehicles every passing year. Digitizing the underwriting process from submission to quote with a patented AI-driven underwriting management system has the ability to accelerate speed-to-quote at a lower cost. The benefits of digitizing the process has numerous benefits:?

What solutions can come to your aid?

d3 Intake utilizes its patented, AI-driven IDP engine. d3 Intake eliminates manual entry with its patented Intelligent Document Processing (IDP) technology, which digitally processes submission documents such as loss histories, SOVs and ACORD forms – including any structured or unstructured documents.

d3 Risk 360? enables you to determine risk appetite with greater efficiency by leveraging Convr’s centralized command center that brings together your data and insights from thousands of third-party sources for more informed decisions. One can access a comprehensive view of a business's digital footprint drawn from thousands of data sources including local, state, and federal government information, social media, business websites and thousands of others to better inform decision making.

d3 Answers? streamlines and centralizes all available information about an applicant’s business and answers underwriting questions directly through insurance-trained AI models. It is a cutting-edge technology that innovates the process with pre-fill capabilities for both agent and insured customer portals.

d3 Risk Score? helps Risk Selection, and Risk Relativity capabilities all within one purpose-built module, your underwriters will be able to better manage risks and opportunities. Underwriters can develop their own unique scoring engine to provide themselves with a segmented list of business profiles that meet their risk appetite.

With the rapid evolution of the industry we are likely to experience extensive adoption and integration of automation, deep learning, and external data ecosystems, those that adapt faster will benefit and see significant return on investment.?