4299 Altus Insurance Whitepaper FINAL SPREAD - Flipbook - Page 12
Chapter 1: Underwriting doesn’t
need to transform, it needs to be
optimised (cont.)
Potential of fully optimised underwriting
A fully optimised underwriting process supports
faster decision making, delivers more accurate and
personalised pricing, as well as delivering better
data enrichment and more detailed MI. This level
of capability allows insurers to actively pursue new
growth opportunities rather than waiting for them to
materialise.
To achieve this, organisations must operate as a
single organism of connected experts, responding
dynamically and in real time to a risk landscape that
seems to be in a state of permanent flux.
An upli昀琀 of both people skills and technology is
required to manage the huge increase in data points
necessary to deliver e昀昀ective, modern underwriting.
To make real improvements to risk assessment and
selection, underwriting needs to be both comfortable
asking questions of technology and utilising the
additional insights technology responds with, the
entire organisation needs to be truly connected.
That connection manifests as a ‘single screen’ view
of a risk, reducing the time underwriters spend
on mundane tasks and giving them the space to
bring their unique emotional intelligence to risk
assessment. The human remains central to the
underwriting process and the fundamentals remain
unchanged – with one important exception.
What will be realised from underwriting modernisation
Better MI
Data
Enrichment
Improved
Workflow
Personalised
Underwriting
Improved
Balance
Sheet
Process
Automatiion
Growth
Opportunities
Speed of
Decision
More
Accurate
Pricing
Figure 1.3: Underwriting Modernised
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