As technology makes operations more efficient, and risk analysis more advanced, the time taken for underwriters to triage accounts decreases. This is specifically true for automated submissions, where processes like data import, validation, scoring, and filtering is done in minutes. Underwriters can immediately see which risks match their appetite and focus on risk selection.

Comparison is the best measure of progress. Using ex-underwriters as reference, a load test of Concirrus’ submissions workflow can be compared to the traditional hull and cargo triage process. Large test sets were used to ensure relevance, as a benefit of automation is to simplify significant tasks. When applied all at once, the system experiences stress and proves reliability.

Two tests measured the processing speed of large submissions. The first saw submissions processed individually. The second saw all submissions processed at once.

RESULTS		Automated		Manual (ex-underwriter perception)
		Test 1 (one by one)	Test 2 (all at once)	Cargo (approx.)	Hull (approx.)
Data set	150 vessels	5 minutes	1 minute	1h 20 mins (dependent on submission type, quality of available data, loss record and data capture requirements)	1 hour (dependent on submission type, quality of available data, loss record and data capture requirements)
	181 vessels	5 minutes	2 minutes
	251 vessels	9 minutes	10 minutes

*Manual timings based on perception. Cargo perspective reflects equivalent processing of storage locations.

Hull

“The comparison between a traditional and automated workflow is significant considering you have data validation, risk scoring, and pricing included. It means underwriters can reduce the time spent on analysis and focus on risk selection. With fast and informed decisions, an insurer can reduce broker response times, resulting in the receipt of more risk for consideration. This is significant for today’s market, as risk is often sent to multiple underwriters. Slow broker response times can lead to opportunity costs if the underwriter misses the opportunity to quote lead terms or their desired line size, which can be expensive long-term” – Dermot O’Flynn, Strategic Client Manager at Concirrus and ex-Hull underwriter.  

Read more on the comparison between automated submissions vs current processes here.