Utilising Technology for Underwriting
Category : May 2016
It has been featured in many publications that the insurance and financial sectors has been deemed slow in taking up new initiatives compared to other sectors. However, times have changed, with organisations acknowledging the importance of ‘ominchannel’, using aggregators, social media and more traditional methods to offer customer service.
Claims have took up technology in the form of claims management systems and customer portals, enabling the claims process to be more streamlined and reducing the touch points. All of this benefiting the customer. But, what about underwriting? Technology and data are the key for the shift in market dynamics, so using this information could give underwriters more accuracy to be fully equipped to handle risk liability management, rather than rejecting or accepting contracts based upon the information supplied through external research or populating data on an internal system. This method can cause some conversations back and forth, delaying the outcome. The use of technology can make this more fluid.
TRS have noted that whilst insurers have the benefits of using ClaimBrain, a industry leading validation system, which has an end to end solution for the handler and the insured (offering validation, inspections, repairs, replacements and cash settlements across products). Allowing access for underwriters could highlight the potential risks for appropriate pricing, all of which is real time. Any information regarding risk that can be missed is captured within ClaimBrain and other systems, removing an future obstacles. Collaborating parties and systems will better serve the insured.
To receive information on ClaimBrain, contact Victoria on 01905 330063 or email email@example.com