All Aboard for Modernisation: Next Stop Underwriting - Paper - Page 11
Restrictions in modern underwriting
That deliberate approach begins with understanding
why current underwriting processes resist, rather than
assist, modernisation e昀昀orts. The number one factor
is a lack of high quality, accessible data but even
with the largest and deepest data lake in the world,
outdated systems and processes make it impossible
to access and use it to its full potential.
Which is why, to avoid a repeat of the transformation
failure, it is vital that any modernisation programme is
built upon modern so昀琀ware systems. Even with these
in place, a host of issues – from poor workflows and
target operating models, to inconsistent processes
and slow reporting capability – will conspire to
undermine the e昀昀ectiveness of any so昀琀ware system
and the digital tools it supports.
What could hinder underwriting modernisation
Legacy
Systems
Inability
to
Integrate
Slow
Reporting
Poor Data
Poor
Work
Flow
Disparate
Systems
Non Digital
Submissions
Inconsistent
Underwriting
Processes
Culture/
Resistance
Figure 1.2: Underwriting hindered
“Every underwriter craves absolute certainty and that remains as elusive as ever in the
modern insurer, but technology allows the underwriter to be much more accurate and
con昀椀dent in their risk assessment, pricing and their overall exposure. The certainty
that data delivers removes many of the assumptions underwriters have to make, and
bias starts to fade away. This level of insight creates a more flexible underwriting
environment where policies can be adapted throughout the year to reflect the
circumstances of any given day. That’s when we reach a completely di昀昀erent level of
underwriting.”
Matt Carter
Altus Consulting
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