Automated underwriting guarantees higher quality customer service, efficient communication between agencies, improved tracking abilities, stable decisions, quick responses – all of which lead to increased profits. If you’re still unconvinced of the business value that automated underwriting software can provide, then take a look at some of its benefits. You might be surprised by how much growth it could bring about for your company or firm.
Better Trailing & Enhanced Workflow
A stable automated underwriting system applied with the work surface tools will help in keeping the application moving. To facilitate this, most turn to BankPoint. Furthermore, the automated underwriting system makes it easier to transfer work between employees. Not only does this improve customer service, but also boosts productivity among staff members.
More Efficacious Use of the Resources of Underwriting
If an insurance company uses automated underwriting software for standard products, the company may be able to better compete against human underwriters and use the automated underwriter more efficiently for high-value cases that are more complicated. If an insurer is using the software for multiple simplified issue policies, then it suggests that the main purpose of the software is as a routing tool. This way, you can assign different rules for different types of cases, and the underwriting software will automatically allocate resources accordingly. This is the most efficient way to use your underwriters.
Improved Service and Visibility
In insurance, case status is traditionally difficult to determine and requires many phone calls between the insurer and customer. However, with new underwriting software available, businesses can use tracking features and make data visible through a web portal or agency management software. Not only will this reduce office calls, but it offers a better experience for agents and customers alike.
Improved Consistent Decisions
The underwriting rules that are automatically applied always create a consistency in the decision-making process, forming the base philosophy of an insurer. The system is automated to provide rules and activate messages or actions for escalation in cases of exceptions. The underwriting software is automated, so it can quickly find exceptions that will help improve specific rules. Also, because the results are consistent, there is less confusion.
Product Development that is Refined
complete adoption of an automated underwriting software system by the underwriting department allows for growth in new product development that would otherwise be restricted. Additionally, complete capabilities enable expansion into novice market spaces.
Data-driven regulations and rules engines automate the application process, saving the insurer time by reducing the need to collect paper applications. This also eliminates costs associated with imaging, manual handoffs, filing, storing paper and rework.
Automating underwriting is a crucial step for companies striving to stay ahead of the competition. Life insurers who have not yet started automating their underwriting process should do so as soon as possible and make it a priority. Furthermore, those with large-scale administration modernization programmes must bear automated underwriting systems in mind during the evaluation process.