With the decreasing returns from investment income (Source), insurers are rapidly focusing on increasing profitability from their secondary income sources notably underwriting function. Underwriting profitability is a very tough proposition, but then through higher up vision, simple tactics and managing the risks optimally should help in navigating towards our objective. Below are listed certain primary drivers which could be leveraged for improving underwriting efficiency.
- User-friendly interface to manage arduous and repetitive tasks with ease and persistence to see through the eye span. The key principles of designing the right intuitive interface are simplicity leading to user productivity and faster decision-making, minimalistic leading to reduced cognitive load and personalized to show what is useful and relevant, to match user’s needs.
- Ease of integrated data view leveraging integration with different source and target systems, as well including automated and custom alerts and provisions making it easier to identify anomalies and dynamic workflows for tasks needing consideration and inputs from other related functions.
- Decoupling from Vendors Product (RMS): An underwriting platform needs to model agnostic and should have the flexibility to liaison and couple-decouple with different specialist model products. This should help decide the right product fit, as well support the rapidly changing business environment and sustain the growth vision with agility.
- Real-time visualization and Dashboarding: A very critical aspect of the underwriting function is to analyze through mines of data, both historical and currently available. Adequate Visualization and including predictive and prescriptive analytics could aid a long way in coming up with the right risk-return analytics and help justify the right business premium for the assets.
- Multi-model capability: Insurers underwriting natural catastrophes especially will need this feature so as to analyze different types of natural events at the same time and using the same platform, be it natural fires or earthquakes and floods. Different risk models for the different event types need to be available at the same instance for ease of performing one’s task.
- Integration with the right source and target systems will help in aiding faster decisions, like pricing analytics and related systems, quoting engine and enrollment engine integration for faster turnaround time to complete quoting task, regulatory systems integration for real-time updates and compliance underwriting.
SixthSenseData specializes in underwriting and modeling analytics.
We are a data specialty & decision analytics firm. We deliver deep learning vertical focused analytical solutions for enterprises through machine learning and AI. We provide best-in-class self-driven analytical solutions which provide tangible business outcomes, through scalable data-driven frameworks, frugal innovation and minimal CAPX investment.
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