A quarter of underwriters state their company’s legacy underwriting software is the biggest challenge that they face each day.
We surveyed over 300 underwriters alongside Intelligent Insurer who agreed on this common difficulty facing underwriters: their current system(s) hold them back.
For mature insurers in particular, many are using multiple systems that have not been designed to support the pre-bind process.
Systems are brittle, workflows are slow, and manual accessing and managing a smarter submission process is one of the top priorities for underwriters today. Unfortunately, the challenge of embracing new in an era of legacy technology is still proving to be tough for many.
The underwriting community has long-promised deeper engagement and more personalized customer service.
However, it’s still challenged to deliver and sustain a higher level of operational efficiency when operational tasks are mostly manual and access to information is disjointed.
What’s to be done? Fortunately, rip and replace isn’t the only option. There is a lot of value in core platforms, and the policy admin system, or PAS, is often the rock that the business is built on.
Integration enables companies to both keep their core systems, and easily bolt on modern, smarter technology.
This is why we built our Underwriting Workbench to be API-First.
While 82% of underwriters surveyed are concerned that technology will negatively impact their roles, we feel AI is here to enable, and enpower, them to focus on core work.
Customizable workflows and AI built into an underwriting workbench can help reduce manual work and eliminating wasted time like manual reporting and analysis.
This aligns with what 64% of the underwriters that took part in the survey were hoping to see technology take over.
Underwriters need access to the best tools for the job, and current systems shouldn’t hold them back. Contact Send to find out how our Workbench can provide the technology to enable underwriters to do what they love.