Many argue that, looking forward, insurance firms will simply not be able to execute underwriting processes using out-of-date manual systems, which are prone to error and, frankly, look tired in this increasingly technological age.
A huge amount of insurance business is still transacted using manual processes that are inefficient, costly and prone to error. Quotes are being calculated manually and communicated via email or even fax. Once bound, policies are being produced manually and any adjustments or endorsements to policies require manual intervention and simply add to the costs. With the inevitable pressure to modernise systems and to make them more transparent, the market is in desperate need of a more straightforward process.
Perfect for big volume, small premium business, Quote & Bind solutions such as VIPR’s Active Underwriter offer clients a speedier underwriting method, allowing business to be instantaneously quoted online within pre-agreed parameters set by the capacity provider. This procedure boosts efficiency while removing many of the risks associated with delegated business.
Through this method, quotes can be automatically produced via the system using an integrated rating matrix. Quotes that fall outside the pre-agreed terms can be automatically referred to the underwriter for a decision. The underwriter is then able to quote for the business, ask for special terms or decline the business, all within the system. Furthermore, these solutions will automatically generate all the paperwork, including policy documents and reporting requirements, allow clients to update and modify a policy mid-term if basic changes are made and automatically calculate additional or return premiums.
The efficiencies brought by these systems enable business to be quickly and easily carried out without increasing headcount. Business can be rapidly rolled out to new agents and because there are strict controls applied by these systems, the usual regulatory risks are massively reduced.
VIPR’s Active Underwriter solution solves a lot of the inefficiencies and time delays produced with historic manual systems and ensure that underwriting decisions are confined within certain rules. As a result, demand for products like these is increasing. The market is changing and Quote & Bind solutions will ensure the insurance industry is ahead of the curve, and, most importantly, able to write more business to boost profitability.
Find out more about Active Underwriter here.