The ability to react quickly to the rapidly changing market is a business imperative for insurers. Modern underwriters would do well to transform the way they work in a way that allows them to spend less time on admin and more time underwriting. How can this be done?
In its recent eBook, InsurTech hyperexponential (hx) outlined key use cases of hx Renew for modern underwriters, and how it can transform the way they work, spending less time on admin and more time underwriting.
Most underwriters would prefer to avoid rekeying data from brokers and other third parties into internal systems. hyperexponential said this leads to long quote times and an inefficient use of time.
hx Renew integrates with internal systems and underwriter workbenches, eliminating rekeying of data between policy admin systems (PAS) and pricing tools, slashing their quote times and freeing up underwriters to spend more time on risk selection, pricing negotiations and custom/broker relationship management.
Another key benefit of hx Renew, is that is aids decision making processes. It allows underwriters to view their live portfolio and assess the marginal impact of the policy they are pricing in real time. With real- time visibility of rate change for a renewal, impact on accumulation risk and the projected loss ratio, hyperexponential said underwriters can therefore make better decisions on the risks they are writing.
In addition, hx Renew allows for risk triaging. hyperexponential said the quoting process can take up valuable underwriter resource, particularly for high volume, low premium lines of business. Traditional workflows can make it difficult to identify how to prioritise risks and allocate resources in the best way.
With hx Renew, large quote volumes can be automatically triaged with machine learning. Risks which fall out of appetite are immediately qualified out and the ones within appetite are graded, allowing the underwriter to focus where they can have the most impact – on risks which add the most value for the profitable growth of the company.
Moreover, hx renew streamlines the underwriter workflow by automating the gathering of third-party data, hence reducing quote times. Structured data can be instantly accessed via APIs and pulled into Renew at the click of a button. In the absence of APIs and clean data sources, unstructured data can also be collected by leveraging web scaping technology, eliminating the need for lengthy searches and repetitive data collections. Processes which would have taken hours per risk can now be completed in seconds, hyperexponential said.
Finally, hyperexponential said that hx Renew provides the ability to collaborate using a customer’s preferred communication tool, such as email, Teams, or Slack, and ensures compliance with company permission and limits by providing audit trail of review and approval cycles. This results in an accelerated underwriter process from initial quote through to bind, saving up to 50% on time and allowing the underwriter to respond to brokers faster than ever.
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