Underwriting Manager. A single digital workplace for speedy quotes and a smooth user experience

It’s a pivotal moment for underwriters. With heightened competition from insurtechs, industry professionals must continually improve their performance to help their firms surpass customer expectations, drive profit, and grow business. At the same time, they’re expected to optimize pricing and underwriting to balance growth with risk selection. In short, underwriters must be nimble and adaptable. Yet the traditional underwriting processes still widely used in many global insurance firms make meeting all these demands impossible.

The bottom line: customer satisfaction – and profits –suffer when underwriters rely on legacy systems and too many applications to process submissions, create quotes, and bind business. Workflow methods mean they can’t triage their inboxes. In addition, time–consuming manual intake and routing practices create bottlenecks that prevent insurers from responding to all quote requests. And without the right tools, underwriters can’t help their leadership see the status of service level agreements or case backlogs across the portfolio.

Resolving so many issues may seem like a tall order. But actually, all it takes is the right digital transformation approach.

Digital transformation involves people, processes, and technology. This applies to transforming the underwriting process, too. At the role level, for example, it’s important to determine which tasks differentiate an underwriter from an underwriter assistant. At the process level, companies need to look at making workflows an end-to-end process, standardized across all offices. Finally, in terms of technology, firms should consider where they can embed intelligent automation into current manual processes to improve functions, inform underwriting decisions, and contribute to pricing calculations.

Genpact has taken all those imperatives into account with our Underwriting Manager solution, a purpose–built accelerator for a design approach to standard underwriting activities. We’ve created an integrated, consistent, workflow–based offering that consolidates processes, tools, data, and systems into one view to simplify underwriter decision–making.

Built on the Cora Orchestration platform, our market-leading intelligent business process management software, Underwriting Manager turbocharges the underwriting process with:

• Automated ingestion, which extracts data from emails and supporting documents to fast-track the intake process
• Analytics models that rank each submission against the historic submission pool and provide actionable insights
• Cycle-time improvement through elimination of rekeying data into multiple systems
• Straight-through processing across the entire underwriting lifecycle; quote processing, issuance, endorsement, and renewals
• Streamlined endorsement and renewal management using data visualization from internal and third-party data services
• Operational insights and flexibility from rich operational metrics and dashboards for superior SLA and performance management

At Genpact, we work with insurers to meet their desired transformation outcomes. We redesign processes and deliver efficiencies by reducing expensive infrastructure, steps, and exceptions. This boosts and encourages growth and profit as firms redirect freed-up resources to price their products more competitively. They can also tap into new technologies and analytics for insights that support better underwriting decisions.

Underwriting Manager puts this approach into action. Our process-centric approach standardizes underwriting procedures across every office for a smooth user experience. What’s more, the solution creates a modern, intuitive, data-driven workplace for those both on-site and in outsourced offices.

The solution comes pre-built with our artificial intelligence based Front Desk Assistant, which uses a predictive model to speed up submission responses and increase compliance with guidelines. It integrates easily with disparate systems, which reduces double-keying and double entries – nd it also maintains and cleanses data regularly. Another benefit: when underwriters, pricing analysts, and brokers all use the same platform, everyone is on the same page.

Underwriting Manager creates templates for speedy configuration and rollout with minimal customization. It’s a single, easy-to-understand application that puts all underwriting information in one place.

Insurers can use it right out of the box to streamline core processes for insurance and reinsurance, including major personal, commercial, and specialty lines. It works with email systems, document management systems, and systems of record. And those who want a more customized version of it can reconfigure it for workflow and underwriter guideline variations that are geography-specific. What’s more, tailored versions can produce custom reports and dashboards.

Underwriting Manager improves turnaround time with quick declines and triage processing. Its automated processes also ensure that the right policies go to the right people by improving validations. It gives underwriters a clear view of the status of their submissions and accounts and provides all parties with access to volume metrics and SLAs. Meanwhile, leaders can track submission volumes and other metrics.

All these efforts enhance the customer experience for agents, brokers, and end policyholders – perhaps the most important reason to embrace underwriting transformation.