Why automated insurance underwriting is key to success in the new normal

For insurance organizations, the underwriting process is central to success. Yet, until very recently, it remained stuck in the past, largely manual, and in many cases still paper-based. The COVID-19 pandemic has accelerated digital transformation in every industry, as companies were obligated to adapt quickly to the demands of remote working. But many of these digital transformation strategies were rushed or only partially completed to overcome immediate challenges, and there’s now an opportunity to go back and finish the job.

Let’s explore the main benefits of automated insurance underwriting to demonstrate why it’s so valuable for insurance organizations looking for short and long-term success.

Pandemic challenges

Just like other industries, insurance companies were plunged into disruption at the sudden outbreak of the COVID-19 pandemic. As insurance reaches into almost every corner of society, different types of insurance services were affected differently, including some that suddenly encountered a significant increase in demand for their services. Yet, whether it was commercial, travel or life insurance, all faced several challenges.

  • Remote working – Like many industries, the sudden move to remote working caused operational challenges for insurance organizations. Many were forced to digitize at rapid pace, meaning that corners were cut, and crucial areas left out. Organizations further down the digital transformation path were able to deal with remote working better than those that hadn’t previously invested heavily in digitization. Yet, still many remain slow to unlock the benefits of process automation, including automated insurance underwriting.
  • Increased demand – COVID-19 restrictions caused disruptions to businesses, individuals, and families all around the world. Many businesses, for instance those in hospitality, were forced to close. Airlines reduced flights in and out of countries. Families were made to cancel holidays at short notice. These are just a few examples of changes that directly affected the demand for insurance services, as people found their circumstances changing suddenly. Insurance organizations were inundated with policy claims in the middle of a complex situation that was constantly in flux.
  • Communication – Successful underwriting relies on the relationships that underwriters maintain – not just with their direct customers – but with brokers, agents, partners, etc. Remote working moved these networks of communication and collaboration online almost overnight. Organizations had to find ways to stay connected in the new normal.

Automated insurance underwriting can transform your business

The speed and accuracy of underwriting is core to its success. Determining the right policy and price with the information available quickly is key. Then securing this efficiently and precisely with brokers, agents, and customers, involves collaborating with multiple parties simultaneously. There is a lot of back and forth, with documents being created and sent to various stakeholders.

Of course transparency is key so that prospective customers know why a particular quote has been given or why a policy claim has been rejected. Making this process transparent to all can provide a strong competitive advantage in attracting prospective customers.

Automating the underwriting process makes document processing and information gathering easier, not only saving time and effort but also ensuring accuracy, consistency, and transparency.

Easier documenting process

Automation can help you get rid of paperwork and laborious processes when dealing with client documents. You can also generate documents automatically with the most accurate data.

Saves time and effort

Customer experience is crucial in an online, remote world, where face-to-face meetings are limited. With automation, you can streamline the customer-facing processes – including onboarding – to get rid of repetitive tasks and check-ins.

Consistent, accurate, and transparent

Automated insurance underwriting can automatically connect your people, processes, and IT systems, so that data is also stored correctly. What’s more, by automating workflows, you can ensure you capture all the necessary data every time, so nothing is missed.

Insure for a bright, digital future

The Nintex platform offers the full range of process automation solutions. This allows you to tailor automation to your specific business requirements and goals. For efficient, transparent, automated underwriting processes, the Nintex platform includes the following capabilities:

Advanced Workflow

Automate workflows with easy-to-use tools, so that every task advances to the next stage of the process efficiently.

Modern Forms

Create dynamic, online forms to make form-filling, data input, and document generation quick, easy, and accurate.

Connectors

Bring together your people, processes, and technology with seamless integrations with third party applications.

Process Mapping

Gain full visibility into the state of processes so that you can see what works and what doesn’t and plan process automation and optimization accordingly.

With Nintex Process Platform, as soon as an application is submitted, the underwriting process can automatically kick into action. The customer is informed every step of the way, from review to approval to signature and onboarding. The policy is automatically created, risk-assessed, reviewed, and stored correctly in your records. All in all, automated insurance underwriting ensures all processes are streamlined and optimized for users.

There’s more information about the role Nintex can play in automating policy underwriting on our use cases page for insurance.

 

 

To learn more about automated insurance underwriting and the ways in which it can improve underwriting accuracy, transparency, and efficiency at your organization, get in touch with the team at Nintex today.

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