The profitability of underwriting is relative to the accuracy of the level of risk calculated. Intelligent automation can drastically improve this accuracy by referencing more data sources and using AI to identify data trends and risk mitigation opportunities as they emerge.
Overview
The policy underwriting framework communicates directly with the customer via the framework’s virtual agent to ask questions that will establish the scope of the required insurance policy.
It then references all related data sources to identify any relevant trends and, using underwriting processes and logic mapped out within the framework, creates a risk profile, policy and corresponding premium.
Using the virtual agent, a recommendation is then supplied to the underwriter with a rationale for approval. If approved, the virtual agent issues the insurance policy and premium directly to the customer for consideration.
Key Benefits
- Improve customer service
- More insight from data
- Increase profitability
