Underwriters have a difficult job — they have to review and analyze an abundance of data, then use it to either accept with modifications or deny applications. It is an extensive process and time is too valuable to put towards easy denials or approvals. Simultaneously, life insurers and reinsurers are also facing challenges with a growing (and changing) millennial market, increasingly complicated life policies, and an expanding underwriter knowledge and talent gap. To overcome such challenges, many insurers have implemented an accelerated underwriting program where they reinvest in technologies, revamp processes, and implement new strategies.
The bottom line is that to achieve success and compete effectively, modern underwriting approaches and solutions are becoming imperative. When it comes to underwriting large complex risks, the “touch” of highly skilled and experienced underwriters is still required to ensure the right mix of coverages and that the price is properly formulated to financially protect the exposures and risks. Historically – this “touch of art” has been a manual process, one that is highly dependent on people and experience, with the blend of some automation. Today, with the automation, tools, data sources, and analytics that are now available, there are new possibilities for modernizing these traditional touchpoints with the next generation workstation.
To help insurance companies choose the best underwriting solution, a distinguished panel comprising of CFOs, CIOs, analysts, and the Insurance CIO Outlook editorial board, has reviewed organizations with proven record in assisting enterprises with cloud-based underwriting solutions combining predictive analytics with human judgment. Also, companies featured in this issue have exhibited extensive underwriting knowledge combined with cloud strategies. Furthermore, the listing provides a look into how these solutions are put into use so that you can gain a comprehensive understanding of how they will optimize business processes.
Insurance CIO Outlook presents to you “Top 10 Underwriting Solution Providers - 2020.”
