Digital submissions are here to stay. Using submissions management software, the ingestion and validation of data can be automated, driving multiple efficiencies. If risk scoring is available, it can be included as part of the data import process for a holistic view of new business.

Whilst the effective management of digital submissions drives multiple benefits, the data captured relating to the processing of submissions also adds value. Displaying this data on a dashboard creates a real-time management information report that any team member can access. This helps outline the relationship between risk source and underwriting outcome. Strategic decisions relating to appetite, capacity and risk quality can be made quickly, driving profitability.

Pipeline and relationships

Aggregating the data behind underwriting decisions helps forecasting over time. The total value of business at each stage of the submissions workflow helps inform on potential profitability and the overall capacity of the underwriting team. Whether a submission has been written, lost, or declined provides a hit rate. Matching the hit rate to a broker list outlines which brokers provide desirable business. Once known, relationships with these brokers can be built to drive ongoing business. For brokers that don’t submit desirable business, an understanding of appetite can be provided. This reduces irrelevant submissions and improves the type of business they provide.

Quality and feedback

An effective pricing model can score risk at the point of submission. If most of the risk written has a low score, then a hard threshold can be set to ensure a standard of business is maintained. This can help drive a specific underwriting strategy, or help new underwriters handle submissions for the first time. Viewing the quality of business written in real-time helps drive a more agile operation through informative short-term decisions. If good quality risk isn’t being received, relationships may need developing. Capturing reasons for declinature or loss of business forms an aggregate understanding of why business is lost over time. This can inform on areas of the business that require change to become more competitive.

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