Frictionless Underwriting: Moving from Art to Science

Insurance underwriting has become more complex as the amount of data that underwriters use to evaluate risk increases. Underwriters are under enormous pressure to deliver quotes to customers quickly while also considering the risk and pricing. The underwriting process however largely remains manual, and frequently peppered with requests for further information and back and forth between the underwriter, the broker/agent and the customer. Insurers need to ask themselves, “Why?”

Advancements in technologies such as AI, ML, NLP, and data analytics has unlocked great potential to augment the underwriting process and make underwriters more productive by providing timely insights and reducing the end-to-end underwriting timeframe. In this marketplace, reducing the time from the application submission to a quote with competitive pricing is critical.