Digital Underwriting: The Shift from Risk Assessment to Protection

TurnQuest Digital Underwriting
  • By Turnkey Africa
  • October 4, 2021

The underwriter role is evolving owing to expanded data sources and advances in technology. Changing customer expectations and the need for efficiency are transforming underwriting from simply the assessment and selection of risk to guiding wider business decisions and building stronger customer relationships.

A 2015 services Benchmarking Study by Future Thinking revealed that insurance customers are the most likely to switch providers than in any other industry. This poor retention was attributed to a majority of insurers having too few ‘touchpoints’ with clients to develop brand loyalty. Aside from customer onboarding and claims, most providers hardly get the opportunity to engage customers and even less if no claim is lodged. As a result, no relationship is formed to help build loyalty and thus at the time of renewal, the key consideration becomes the cost rather than experience.

With such few touchpoints, the underwriting stage therefore is critical as an initial point of contact with the potential policy holder. Underwriting includes the initial application, customer research, risk assessment, quotation, policy issuance and customer onboarding. How this is handled including the time it takes will form the overall customer underwriting experience whether positive or negative.

The TurnQuest Insurance Suite underwriting module is a fully customizable integrated solution that provides an end-to-end coverage of the underwriting process. The module automates, streamlines and enriches the underwriting process giving underwriters greater control, agility and the ability to focus on more complex challenges.

TurnQuest underwriting module automates manual, repetitive, time-consuming and error-prone underwriting tasks including the capture of background information, writing and issuing of quotes and determining premiums. This automation enables providers achieve a higher degree of underwriting accuracy ensuring accurate pricing, policies and quotes. This helps reduce customer attrition and bolsters the insurers reputation as a fair and reliable provider.

TurnQuest streamlines underwriting workflows from the back-end to the front office to enable underwriter have ready access to pertinent information thus respond with speed and agility to customers. Customer-facing processes are simplified making document processing and information gathering easier. The endless back and forth usually a major source of customer frustration is eliminated enhancing the overall customer experience.

TurnQuest through integration also enriches the underwriting process with data from multiple points for enhanced underwriting decision support, stronger risk assessment and actionable insights. Consequently, insurers are able to achieve underwriting efficiency and gain better understanding of the customer to deliver better targeted products and experiences.

As their role evolves, underwriter’s require access to advanced tools and technologies to not only enable them perform risk assessment and selection but also participate in fostering innovation and strategy formulation. Modern and robust core technologies like TurnQuest have the depth and breadth of capability and functionality to shift underwriting from merely protection towards that of prediction and prevention of risks. Underwriters with such capability will become more valuable to both their clients and employers and with the insurers gaining a competitive advantage.

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