With loss ratios generating more variability than expense, it’s no surprise that underwriting performance is under the spotlight. But with speed at stake, how can commercial and specialty insurance underwriters perform accurate risk assessments more rapidly to report better loss ratios? The data explosion has created both a challenge and an opportunity for today’s underwriters. Those that can harness data, and rapidly ingest and interrogate new data sources, are able to make better decisions, faster.
Seamless data extraction is a huge challenge for many underwriters as they struggle with systems that don’t ‘talk’ to each other or easily consume third-party sources. Many look to no-code or low-code toolkits that attempt to stitch these disparate underwriting functions together. And this can be a complicated process for both underwriting and technology teams.
So, how can teams overcome it and improve underwriting performance?
To help report data flow seamlessly through disparate systems, insurers need to choose flexible applications that allow for the easy flow of data, or choose middleware to extract, enrich and transform the data. In essence, they need to take an API-first approach.
Financial technology firm, Celent, even goes so far as to say:
Insurers that fail to build APIs into their platforms won’t be competitive in five years.
The good news is that insurance-focused integration platforms like Send Connect can help. Our advanced middleware breaks down the siloes between systems and safely supports the creation of code-free integration routes. It provides a modern way for sharing data and consuming vast amounts of data, regardless of format or origin.
At Send we take an integration-first approach, as Send Connect sits at the heart of Send Underwriting Workbench. This middleware enables you to eliminate system complexity and plug in new sources of data, either internally generated or from third-party sources.
Read more about how Send Connect can deliver value to your organisation.
Send Connect uses pre-built connectors for faster deployments and integrations with your existing systems and tools (including legacy). It is a highly scalable and lightweight micro-service architecture with a fully automated deployment mechanism.
Whether you need to connect to your Policy Admin, Rater, or external systems, Send Connect has integrations with leading technology and data partners pre-built to ensure these are easily connected.
We offer an extensive range of data service connectors, including Dun & Bradstreet, Companies House, S&P Capital IQ, Refinitiv (World-Check), Dow Jones, and various geo-code and data enrichment services for all major lines of business.
Send Connect integrates with insurance-focused data services and specialised technologies that streamline and automate various processes within your underwriting workflow.
This could be anything from automating compliance and sanctions checks to populating your policy admin with the latest underwriting data.
For example, when property underwriters need to price a new risk, they analyse a vast array of third-party data sources such as the geo-location, exposure, occupancy, construction etc. To accurately price the risk, they need to easily integrate these data sets to the pricing model. To reduce chair-swivelling between systems, Send Connect can enable rich third-party data via APIs to be available on tap which reduces the speed of getting quality quotes out the door.
These connections free up time for your team, enabling underwriters to focus less on admin and more on the underwriting process.
Through integrated systems, users will be able to report on key metrics in real-time. With real-time, custom-designed dashboards providing you with the information you want to see in the way you want to see it, you’ll be able to identify, and resolve, problems as they happen.
A useful feature of Send Connect is its real-time view of API and integrated systems with alerting and proactive management.
Security is paramount when choosing an insurance integration platform. Using multiple solutions stitched together complicates this further. Send Connect is built on safe and secure cloud architecture, and as a single platform for all users, this can simplify things for your IT teams.
We put security at the heart of the platform. All data is encrypted in transit and at rest.
Undeniably, financial savings are most likely the most attractive benefit of system integration. Pre-built connectors and integrations can reduce costs and other expenses by consolidating systems into a single platform.
We also see additional process and time savings as mentioned above.
Low-code and no-code solutions have been extremely topical lately. And deploying a low code toolkit is a great option for an MVP or a very specific use case, but these can limit insurers in the long run.
Send Connect gives our Underwriting Workbench the ability to provide a comprehensive/robust platform that uses a low-code approach for any integration and development requirements.
Find out more about how we simplify system integration with Send Connect.