The path to transformation
Underwriting transformation is achievable. The data and technology to enable it is available. Breaking away from the status quo requires courage, but there are steps organizations should take now to innovate.
Invest in modern tools that incorporate comprehensive data sets and automation. Integrated systems and data sources have proven to improve accuracy and efficiency. Leading organizations have realized that investing in innovative underwriting tools leads to increased margins and membership growth.
Rethink risk assessment methods and adapt processes to include new analytics. Advances in technology have enabled the use of artificial intelligence and machine learning to uncover insights about member and group risk that previous methods could not. Market leaders will leverage these innovations to attract and retain business at the optimal rates.
Enable underwriters to perform high-value work by automating or outsourcing routine tasks. For too long, underwriters have been asked to perform administrative tasks as part of the rating process for lack of any other options. Automated workflows, system-driven data manipulation and outsourced underwriting staff can ease this burden and will allow experienced underwriters to focus on strategic decisions for the most valuable and complex cases.
Leaders who are willing to make these changes a high priority will win in the future. Late movers will lose the opportunities to acquire and retain the best business and will see a decline in their competitive position.
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