Underwriting process workflow
Underwriting is one of the integral parts of carriers and MGAs. Productivity of the underwriters can’t be compromised by burdening the team with the difficult task of manually rekeying data and responding to the flourishing volumes of submissions quickly. Collecting critical information itself implies a challenge as major submissions are sent via email and contain loss runs, SOVs, schedules, applications, critical email text, etc. It takes multiple days at the costing carriers/MGAs hundreds of dollars per submission, data quality and the time to get a unified view of the submissions as it includes thousands of google searches to enrich the submission data for the successful quote of the submissions.
Using Pibit’s right confluence of Pi-ingest, Pi-extract, Pi-analyse, underwriters can now access the unified view of submissions with enhanced data quickly and easily for better risk selection in an efficient manner.
Carriers/MGAs are empowered to ingest data automatically from emails & portals, extract relevant information from the submission documents, access more insights using 3rd party data sources and automatically prioritising them on the basis of risk aligning with their book of business along with the automated tracking of QNT(quotes not taken), Bound Policies, etc.
Challenges in the Underwriting processing.
High processing time
Deprived productivity
Critical information processing
High expense ratio
High Quotes not taken
Compromised risk selection
Impact of our solution
Loss avoidance
Underwriting efficiency
Price Adequacy
Speed to quote
Premium Growth
Customer relationship
Capabilities
Making your daily operations efficient
Organize Submissions
Digitise data from structured & unstructured documents like loss runs, SOVs, schedules, applications, etc in organised manner for central processing of submissions with easy integrations
Deliver an ideal experience
Offering quick quote generation ability improves the broker/agent relationship experience and enabling underwriter doing his core job enhancing experience
Drive efficiency with straight through processing
Generate consummate data with the human in the loop to maintain the adequate data quality and auto populate it in policy management softwares quickly for complete submissions avoiding any additional verification effort
Avoid data leakage
Retain all the information captured from all submissions types for assuring better future actuarial models and decisioning, risk bucketing, historical audits, etc
Visualize a deeper applicant view
Unified view of extracted and enhanced data from submissions by accessing pool of 3rd party data through local, state and federal government, social media, etc
Prioritize submissions
Develop your business rules and based on the trends of denials, acceptances, premium, etc submissions can be prioritised through various LOBs, agents/brokers