Wanted: Automated submission intake to streamline insurance underwriting
Commercial insurance companies face a twofold challenge when it comes to maximizing automation in insurance underwriting:
• Broker submissions come in faster than insurers can triage and process them
• Companies don’t have the capacity to properly analyze complex submissions to understand whether they represent acceptable risks and opportunities
In conversations with customers, we hear again and again their quote ratios are suffering, with only about 25% of submissions insurance companies receive turning into written policies. Some 60% never get reviewed at all because insurers simply lack sufficient capacity.
The solution is underwriting automation through submission intake automation. Intelligent intake technology helps insurers automate submission intake and triage processes by performing routine tasks faster and more efficiently and accurately than employees can on their own.
Industry experts agree that automated insurance underwriting is a strategic imperative. “Insurers that continue relying on traditional ways of underwriting could start a negative spiral that would be difficult to reverse,” Deloitte says.
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