The insurance industry is constantly changing – and with change comes new challenges. New risks, growing submission rates, and larger volumes of data have underwriters facing higher demand than ever before.
However, there are solutions designed to address underwriting challenges and take some of the burden off insurers. Insurance underwriting software is a solution designed specifically to help streamline the underwriting process. It does so by automating time-consuming administrative tasks, organising unstructured data, providing a centralised location for records and documents, and improving workflow management.
If you’re new to the insurance industry, are still using a legacy system, or are just unfamiliar with some of the more advanced insurtech solutions on the market, this guide will help shed some light on what insurance underwriting software is, what it does, and who can benefit from it.
Underwriting software is any program, platform, or application designed to assist underwriters with evaluating and assessing risks. Different variations of underwriting technology can be used by lenders, banks, or other financial institutions - but in this guide, we’ll focus on underwriting software for insurance.
Insurance underwriting software is specifically designed to help insurers assess the risks associated with insuring individuals and businesses. It’s a type of insurtech, or technology used in the insurance industry.
Most insurance underwriting systems include automation features designed to streamline certain aspects and steps of the underwriting process that may be too time-consuming or labour-intensive. This gives underwriters more time to focus on more complex aspects of their job and in-depth risk assessment.
Insurance underwriting software, by nature, is designed to improve underwriting performance and efficiency by automating certain workflows and processes. Reducing some of the more tedious manual tasks frees up time and allows underwriters to focus more on what they love to do and what they’re best at – underwriting.
In addition to giving underwriters more time to focus on in-depth risks, these tools also reduce the number of errors made throughout the process. Using AI, data, and algorithms, automated underwriting software eliminates manual errors to enhance the accuracy of risk assessment. Those algorithms and processes can also improve oversight and compliance using designated rules. Underwriters, in turn, can rely more heavily on that data and technology to speed up their decision-making process.
This advanced software also makes the underwriting process easier by providing a centralised, holistic view of data sources and systems. By integrating and tying those sources together, underwriters can spend less time searching various platforms and systems to find the data they need to do their jobs.
One of the biggest underwriting challenges is managing the number of submissions that come in. Using AI technology, some underwriting products – like Send’s Smart Submission solution – can streamline the process of receiving, processing, and managing documents submitted in various forms via various avenues.
While underwriting software is designed specifically to help insurance underwriters, that doesn’t mean they’re the only ones in the insurance industry who can benefit from insurtech.
Here’s how insurtech helps…
CUOs
Chief Underwriting Officers and other high-level executives are major beneficiaries of underwriting software. Because the platform is designed to improve the overall underwriting process, CUOs can benefit from improved operational efficiency, as well as better compliance and oversight.Underwriting software also provides more detailed, comprehensive insights and analytics to help CUOs make more informed decisions.
Insurers
Insurance underwriting software can help other insurers by streamlining processes like data collection and analysis, policy generation, verifications, and more. Automating time-consuming processes means insurers can handle more submissions, issue policies faster, minimise errors, and provide better customer service. Some insurance underwriting platforms also provide document management, making it easier for insurers to store, track, and manage policies and contracts.
IT
While they may not be the primary users, information technology professionals who work for insurance companies are ultimately the ones who decide what kind of software to invest in and will be the ones implementing the platform. Choosing software that seamlessly integrates with existing systems will make it easier for IT teams to maintain their company's tech infrastructures. IT leaders will also want software that's secure and scalable to meet changing needs.
Brokers & Agents
Brokers and agents within insurance companies can use insurance underwriting software to get real-time access to quotes, policies, and crucial client information. Some insurtech platforms include tools that offer brokers and agents a better, more streamlined way to collaborate with other insurers throughout the policy lifecycle.
Agencies
Underwriting software helps insurance agencies as a whole by enhancing collaboration between various insurers, agents, underwriters, and more. Agencies can also improve efficiency with tools that automate certain tasks and procedures throughout various stages of the policy creation processes.
MGAs
MGAs, or managing general agents, can use underwriting software to streamline policy administration, reduce errors, enhance collaboration, and accelerate growth.
Send is a leading insurtech provider with a wide range of solutions available to help underwriters, MGAs, and other insurers. If you’re ready to streamline and enhance your underwriting process, we’re ready to help.
Learn more about our underwriting platform or contact us to schedule a discovery call.
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