In the past, dedicated underwriting technology — to support the array of underwriting information available to assess risk exposures — was significantly lacking. The process of assimilating various levels of information into the context of a risk has always been a major obstacle for property & casualty insurers, especially in complex commercial and specialty lines of business. As a result, insurers often struggle with the challenges of efficiency, consistency, scale, and speed of underwriting decision making, and these challenges create barriers to proficiently growing their operations through disciplined underwriting. Many insurers also continue to be restricted by manual underwriting processes and by having to collect information from disparate policy and other systems in order to effectively manage risk evaluation.
Today, modern underwriting technology and dedicated underwriting workstations — which integrate seamlessly with existing policy management systems and other third-party data sources — are transforming the way underwriters can assess risk. Flexible, full-function underwriting workstations can provide tremendous value to your organization. Here are ten reasons to include state-of-the art underwriting technology in your enterprise.