Expense management
The Future of Underwriting
Wenalyze. 30 November 2021. 2 min read
Have you ever wondered how the future of underwriting is going to be? Probably, insurers will try to innovate to meet goals such as increasing process efficiency through digitalization.
However, the industry started developing some steps towards digitalization. For example, 2 out of 3 insurance companies are already applying big data in their processes.
As underwriting is one of the top priorities of the insurance industry, Roger Ferrandis, COO and Co-Founder at Wenalyze, discussed in this new webinar about the future of underwriting. In case you could not attend, you can still watch the webinar recording through this link.
These are some of the questions discussed in the webinar:
Why do insurers want to innovate in underwriting?
Insurers want to become more efficient and analyze more accurate data. By including innovative solutions capable to process the information needed for underwriting, it is possible to speed up and automate the underwriting tasks.
Where is the industry in terms of innovation?
During the last decade, especially boosted because of the pandemic, the industry has developed remarkable changes towards digitalization. For example, at this point, there are several insurtech startups focused on applying technology to the sector in different ways.
What are the most innovative underwriting solutions?
Some of the most innovative solutions are already based on making processes more efficient. For example, currently, it is possible to provide the insurer with more than 70 data points by just adding the name and the address of their business clients.
What are the challenges of implementing them?
If an insurance company is thinking about partnering with an insurtech company, it is important to consider different points, such as costs, implementation time, IT capabilities, and business culture. If these points align with the needs of the insurance company, then it is time to start implementing it.
What are the benefits of implementing them?
There are multiple benefits of the implementation of the new solutions. For example, saving time and improving underwriting efficiency by automating processes, increasing purchase chances, improving data accuracy, and reducing portfolio risks, among others.
How will underwriting be like in the future?
It is indeed hard to predict the future of underwriting. We imagine a future in which it is simpler to underwrite policies, to the point that a client could estimate costs just by writing the name and the address of a company.
If you are thinking about starting digitalizing an insurance company, Wenalyze provides one of the most groundbreaking technologies already revolutionizing the insurance world. Would you like to know more about us? Then, do not hesitate to contact us.
