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The bionic underwriter: not a 6-million-dollar question

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Published on: 7th November 2022
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“We have the technology. We have the capability to make the world’s first bionic man.”

The six-million-dollar man himself couldn’t possibly have predicted that the classic 70’s sci-fi caper was sowing the seeds for future underwriting innovation. But here we are in 2022, the concept of a bionic man has evolved and we’re now seeing the rise of the bionic underwriter in a rapidly changing insurance industry.  They may not have the cheesy theme tune, but today’s bionic underwriters are realising super-speed, efficiency and vision when they use the emerging underwriting technologies available to them.

But what is a bionic underwriter?

It sounds futuristic, but the bionic underwriter is right here, right now, you may even be one yourself…

Essentially, to go bionic is to accelerate the parts of the underwriting process that make the most difference, honing-in on the areas that deliver the best benefit and augmenting them.

The way we see it, an insurers’ biggest asset, and greatest strength is its people – machines can never replace the depth and breadth of technical expertise and knowledge that an underwriter brings to their role. They can, however, augment some of the underwriting processes, taking away the more labour-intensive, manual, time-consuming elements that stop underwriters from really demonstrating the art of their craft.

We’ve spent a lot of time working in close partnership with customers, from leading global (re)insurance carriers to start-ups and MGAs, and without pause, they all cite the same key challenges that prevent their talented underwriters from flexing their creative underwriting muscles.

  • Manual data entry
  • Double (even triple!) keying
  • Submission chaos
  • Multiple systems
  • Making sense of structured and unstructured data

Many of these processes are tied to the legacy systems insurers have found themselves coupled with meaning for some, they are seemingly inevitable barriers to change (and profitability) – but it doesn’t have to be this way.  We’re augmenting these tedious parts of the process using smart AI and automation – helping our customers to go bionic.

Going bionic, is that painful?

We know underwriters have been scarred by the promise of tools designed to transform their business before.  Multi-year, multi-million-pound(dollar) change programmes haven’t always delivered the promised results.  But going bionic doesn’t need to be a long painful operation. Today’s tools, like our Underwriting Workbench, contain composable elements that can be easily bolted on to existing systems, delivering only the benefits underwriters actually need, when they need them.

Some of the main benefits of the Underwriting Workbench include the ability to:

  • Seamlessly ingest complex third-party data and get a clear understanding of risk
  • Automate admin-heavy tasks and eliminate re-keying
  • Standardise underwriting journeys and processes for dynamic modelling
  • View and track work through the entire lifecycle
  • Regain control and focus on the core work that drives growth
  • Remove the barriers to innovation and be ready for change with an agile platform

We’re reimagining a future where underwriters are free to do the job they love, and the Send Underwriting Workbench is transforming commercial insurance, helping underwriters to go bionic and gain their own super-powers.

Author: Send founder, Ben Huckel. Want to get in touch? You can connect with Ben on LinkedIn.

 

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