Underwriting Management more explicitly refers to the capabilitiesthat support:PortfolioManagementBusiness ClassDevelopmentProductUnderwritingIncludes themanagement andcontrol of policyvolumes andexposuresRegulation andcompliance,managementof distributionchannels, productdesign, risk criteriaand researchas well as newor reimaginedpropositionsRisk assessment,policy terms andworking acrossteam functions todeliver a balancedunderwritingdecisionPolicyUnderwritingCoveringsubmissionmanagement,policymaintenance(MTAs) andrenewalprocessingPricingManagementGoverning themanagementof pricing andthe underlyingpricing and ratingmodelsFigure 2.2: Underwriting Management CapabilitiesSecuring a seamless flow of information into and outof an organisation – as well as between functions –provides a broader and deeper perspective of operations,giving a business the insight and the con昀椀dence to takeopportunities where others only see risk.It fosters an approach that favours ‘perpetualevolution’ over periodic ‘big bangs’. The modulardesign of business capabilities enables an emphasison continual change both for the capabilities as wellas the technology that sits behind them, while theapproach encompasses a range of widely knownenterprise architecture frameworks.Firing on all cylinders, on all frontsThat is a realistic outcome, but it can only be achievedif the business can be visualised and understood,end to end. By mapping out how each part of thebusiness interacts with, and impacts upon, the other,multiple pinch points can be tackled and removedsimultaneously.Modernisation delivers the abilityto compete on several fronts atonce, attacking the competition withcon昀椀dence and from various angles.Modernisation delivers the ability to compete onseveral fronts at once, attacking the competitionwith con昀椀dence and from various angles.Successful modernisation results in:Business / Customer ObjectiveOutcomeImproved customer experiences and increasedretentionDelivering value and customer satisfaction throughtargeted and appropriate productsFaster and more innovative product developmentTimely and e昀昀ective response to changingcustomer needsOperational e昀케ciency and cost savingsImproved margins and better cashflow managementMore accurate risk management and pricingBetter understanding of risk exposure and ability toprice risk more accuratelyAbility to adapt to new regulationAn operation with compliance built into processesallowing faster and more e昀昀ective responses tochangeMore e昀昀ective distribution and market reachGreater ability to compete and more headroom togrow the business on all frontsGreater levels of resilience and adaptabilityEnhanced ability to minimise operational risk and avast reduction in reliance upon legacy technologyFigure 2.3: Underwriting modernisation outcomes15
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