(Kelly Lynch is Senior Director, Underwriting Sciences with FirstBest Systems.)
In today's competitive marketplace carriers have no margin for waste—whether time or resources. Inefficient underwriting processes and systems jeopardize underwriting profitability as well as new business production. For many insurers, the solution can be achieved through account-based underwriting built on the "Three Rs" of enterprise underwriting: Reduce, Reuse, and Recycle.
In order to realize the advantages of the Three Rs, including quickly streamlined workflow, time savings, improved risk selection process, and more accurate risk pricing, carriers must tackle the challenges that stem from some common inefficiencies. For example:
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