Over 66% of underwriters said they were unable to obtain all the data and information they need to make risk decisions quickly and efficiently.
Send recently sponsored a survey by Intelligent Insurer that found underwriters for the most part are looking to new and evolving technology to help meet their growing needs, while lessening the “firehose” flow of submissions they receive daily.
A survey of 300+ senior underwriters found that in today’s risk landscape, commercial underwriters are under immense pressure to make the right decision and do it quickly. With data coming in from various sources, it needs to be captured and aggregated in a way that makes sense and structured so that underwriters can spend their time managing risk vs manual data manipulation.
The surveyed underwriters stated that 53% of their time was spent on manual tasks.
38% said their time was spent on repetitive tasks.
Carriers need to leverage innovative, technology-driven ways of gaining access to the data they need to do their jobs. Far too often, capacity inhibits the ability to be creative. The efficiencies of a robust platform and access to data create the space to think about the evolving nature of risk and how we can prepare to respond to what happens next.
Send has the technology to help underwriters deafen the noise. Underwriting should be moving into a world where underwriters focus on the art, while technology does the repetitive heavy lifting.
Contact us to find out how.