Insurance Underwriting Digital Assistant

Operational efficiency is pivotal in the complex realm of London Markets and Property & Casualty (P&C) Insurance. Traditional underwriting processes faced challenges, necessitating precision and speed. This led a leading underwriting company to seek innovation. Recognizing the limitations of manual methods, they turned to EvoluteIQ for an automated intelligent-assisted solution.

The Results

Reduction

45% Reduction in manual efforts of the Underwriter team, leading to faster cash realization

Overall reduced error rates

90% Reduction in error rates and data integrity issues across systems with improved traceability and tracking

Customer Experience

97% improvement in Customer Journey cycle time, leading to improved Customer Experience

Decision modeling

Gartner prediction

By 2023, more than a third of large organizations will have analysts practicing decision intelligence, including decision modeling.

EIQ Features Used

The Challenge:
Manual Underwriting Processes

The client, a leading underwriting firm in London Markets and P&C Insurance, faced challenges with a highly manual underwriting process. This process demanded substantial effort from underwriters, detracting from customer engagement. Decision-making lacked standardization, leading to suboptimal outcomes and affecting the customer experience. Seeking transformation, the client partnered with EvoluteIQ for streamlined operations.

Our Solution:
Reimagining Underwriting: A Seamless Automation Journey with EvoluteIQ

EvoluteIQ Intelligent Business Automation for Insurance Operational Excellence, Operational Cockpit by EvoluteIQ

EvoluteIQ embarked on a transformative journey with the client to re-envision their underwriting process, spanning the pre-bind, post-bind, and credit control phases. The goal was to identify and address gaps through strategic automation, streamlining operations for enhanced efficiency.

Central to this transformation was utilizing the EIQ Platform’s Process Flow capabilities, which served as the orchestrator for the end-to-end underwriting process. This not only facilitated seamless integration with legacy systems but also ensured smooth interaction with third-party applications. One of the standout achievements of this automation initiative was the complete overhaul of the internal accounting process. Real-time credit control became a reality, significantly reducing the margin for error and enhancing financial accuracy.

Furthermore, the solution incorporated robust built-in analytics. These analytical tools provided invaluable insights into debt exposure across products and geographies. Key performance metrics were tracked meticulously, such as Publish Broker performance versus credit terms and agreements on premium discounts and commission payouts. This data-driven approach empowered the client to make informed decisions and drive operational excellence.

Are you ready to transform how your business operates?

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