The Underwriting Digitization Journey

The evolving landscape of insurance is today driven by the need for efficiency and rising customer expectations, The focus is on digitization, and Underwriting is a primary focus area. Underwriters are under immense pressure to deliver accurate, customized solutions to clients by utilizing the right data and accurate assessment. This is where the digitization of certain manual and routine tasks helps underwriters achieve better results.?

The digitization journey can be a seamless and hassle-free experience. It is important that underwriters are as accurate as they can be and most of the documents in the underwriting process are of the unstructured and laborious. They may include tax returns, medical data, images and lengthy questionnaires, especially for commercial policies. At Convr we Increase Speed-to-Quote using Intelligent Document Processing (IDP) for a Better Underwriting Experience.

Some of the platforms we offer are:

d3 Intake? decisioning engine eliminates manual submission paperwork by ingesting, preparing and analyzing submissions for a more effective, digital process.

d3 Risk 360 is a data lake comprised of the digital footprint of millions of businesses, empowering underwriting with detailed insights from tens of thousands of data sources.

d3 Answers? streamlines and centralizes all available information about an applicant’s business and answers underwriting questions directly through insurance-trained AI models.?There are two key components of Answers: Pre-fill and Business Classification.

d3 Risk Score?, rich insights can be surfaced to assist with Risk Selection, Risk Relativity and Lead Scoring.

By automating and digitizing the insurance application process, leading carriers enable underwriters to quote faster, with more confidence and enhanced application data as well as additional insights.?

As commercial P&C carriers modernize and digitize the underwriting experience, is often the starting point offering quick results and real business impact. A partner that can manage the entire underwriting process from end-to-end can be a real asset to have.

Some of the benefits of these technology are :

·??????Realize faster speed-to-quote

·??????Drive efficiency with straight-through processing

·??????Avoid data leakage

·??????Better underwriting productivity

·??????Enhanced Customer Experience

·??????Loss Avoidance

·??????Price Adequacy

·??????Premium Growth

AI-driven underwriting solutions help organize and prepare submission documents so underwriters can spend more time underwriting and less time on administrative tasks.

These are cutting edge solutions that deliver with speed and accuracy. Evolution is imminent and constant. It is imperative that companies realize the benefits of this process and invest in it at the right time. A company that is ready to embrace digitization must focus modernizing core processing systems to establish a foundation for increased automation, rules-based decision-making, stronger analytics and more effective use of data.

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