Key Benefits of Automated Insurance Underwriting

It can often seem as though every week brings new innovations in technology aimed at improving processes that the insurance industry has been grappling with for decades. 

Among the many innovative insurtech approaches the industry has available, the process of automation – especially as it pertains to underwriting – has become a true game changer.

Automated insurance underwriting is shaping the future of insurance in ways that weren’t possible before. Learning what this new technology is, how it works, and the core benefits it provides can help insurance companies understand the myriad benefits it can bring to the underwriting process.

So, what is automated insurance underwriting?

Automated insurance underwriting technology analyzes vast amounts of data, including personal information, historical claims, and other relevant factors, to evaluate risks and determine the appropriate coverage and pricing for an insurance policy. The objective of automated insurance underwriting is to provide agents, brokers, carriers and wholesalers with an improved way to manage accounts.

What are the benefits of automated insurance underwriting?

Underwriting in the insurance industry has always been a labor-intensive, manual process – involving numerous steps that include multiple communications, a wide range of forms and applications, and having to navigate complex underwriting criteria. As a result, the underwriting process is not only time-consuming but also poses a high risk of human errors.

In addition to streamlining the underwriting process, five of the main benefits of using automated insurance underwriting include: 

• Greater accuracy by reducing the chance of human errors on applications and forms, as well as miscommunications among stakeholders.  

• Improved risk assessments that can provide deeper insight into coverages and rates that, in turn, can lead to greater profitability. 

• Enhanced customer satisfaction by delivering a more personalized policy that can identify potential gaps in coverage and offer ancillary insurance products that policyholders will appreciate.

• Quicker policy approvals by way of embedded underwriting requirements that can provide instant approvals on qualifying accounts.

• Improved workflows that assign, inform and track submissions so it’s easy to know exactly where an application/account is in the marketing process.  

The adoption of automated insurance underwriting signifies a transformative shift in the insurance landscape, opening up avenues for further advancements. As the industry embraces this cutting-edge technology, ongoing developments in automated underwriting will likely redefine industry standards – creating a more efficient and responsive insurance ecosystem that meets the evolving needs of insurance professionals. Embracing this technological evolution is crucial for insurance companies looking to stay competitive and resilient in an ever-changing landscape.

About Surefyre
Surefyre is a highly configurable insurance automation platform and agency portal focused on digital distribution and automated workflows. Our easy-to-implement process can integrate with almost anything, from outdated legacy systems to top-of-the-line programs. Our codeless integration platform makes your life easier by automating the submission, rating, quoting and binding process for all P&C insurance products.

To learn more, contact Shawn Gonzales, Adviser & Account Executive, at sgonzales@surefyre.co or 415-480-9283. 

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