Remote working due to the current pandemic has caused a significant increase in digital submissions, which are manually triaged by an underwriter. As the volume of submissions increases, manual assessments become less efficient, leading to lost opportunities. The format of digital submissions can be inconsistent, and quite often data can be missing. However, technology can help underwriters manage a growing number of submissions by quickly identifying business of interest. If applied effectively, operational costs can be reduced whilst more potential business is considered and won.

 

Submissions and qualification

Analytics platforms, such as Quest Marine, can automate the ingestion of digital submissions by scanning emails and importing account details. Risk assessments based on behavioural data are then carried out once data is imported. Applying behavioural data to the submission itself makes the relative risk of the account visible from the outset. The result is a submission that is very easy to qualify, combining key account and risk information in a single view. Importing submissions into an analytics platform therefore provides a consistent format for information and speeds up decision making. This lowers expense ratios and increases an underwriter’s capacity to evaluate new business.

 

Submissions and placement

Segmenting submissions based on a risk score means that complex risk can be quickly identified and passed to the most appropriate teams:

• Business that’s not complex can be fully automated, giving underwriters more time to focus on key accounts, and brokers a quick turnaround in price.
• Risk that isn’t complex, but still has bespoke needs, can be triaged by a junior underwriter. This gives hands on experience in leveraging technology to create policies that cater to client needs. Such policies can use real-time data to change cover depending on client activity during the life of the policy.
• Senior underwriters can focus on understanding the cause of complex risk and innovate to cater for specific needs.

 

For more on Concirrus’ approach to digital submissions, click HERE.