Search
 
Commentary

Embedding underwriting strategies in day-to-day decisions

Technology solutions, such as integrating third-party data in application information or utilizing underwriting rules and account characteristics to guide process flows, can simplify fundamental tasks and accelerate an underwriters analysis.

By Joe Calandro, Jr., Katie Klutts, Francois Ramette | Updated on October 16, 2015
(Image: Thinkstock)

According to PricewaterhouseCoopers’ (PwC) Global CEO Survey, 86% of insurance CEOs believe technological advances will transform their businesses in the next three to five years. For commercial lines organizations, the underwriting organization is one of the prime areas under consideration for combining technology solutions and data to increase efficiency and improve decision-making. Leading carriers are finding ways to take advantage of technological advances to deliver the right information at the right time in the process to provide targeted guidance in the context of individual accounts.

Technology solutions, such as integrating third-party data in application information or utilizing underwriting rules and account characteristics to guide process flows, can simplify fundamental tasks and accelerate an underwriter’s analysis. Providing targeted data, analytics, and qualitative information in the context of a given producer, client, policy, or submission allows an underwriter to understand and apply the whole company’s experience to underwrite an account, limiting underwriter bias and improving each decision. Steve Wittmuss, commercial vice president at Farm Bureau Financial Services, explains, “Maybe an underwriter got hurt on one specific loss and decided never to underwrite that again. But when you look at the whole universe of losses, it could be good risk. When you start using analytics, you get to use all that data out there.” See, “Thinking Inside the (Black) Box.” When thoughtfully designed, these enhancements allow the insurer to seamlessly deliver guidance in line with the underwriting strategy and foster consistency in underwriting decisions across the organization.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.