4299 Altus Insurance Whitepaper FINAL SPREAD - Flipbook - Page 20
Chapter 3: Optimising
Processes: The Devil is in
the Process Detail (cont.)
The foundational role of underwriting
The underwriting function directly influences so
many aspects of the insurance value chain, that its
modernisation is a pre-requisite for the transformation
of the overall business. From capital management
through to claims management, and policy issuance
through to billing and payments, underwriting has a
foundational role to play.
At the core of this underwriting process are the
products it produces; products that in many cases,
won’t have changed signi昀椀cantly in the last 40 years.
Most insurers would be able to identify hundreds of
di昀昀erent policies and variations in policy wording
across their estate and, in most cases, each variation
will have a dedicated underwriting process sitting
behind it.
Underwriter in the loop
Submission
Review/
Analysis
Ingestion/
Application
Pricing
Exposure
Assessment
Provision
of T&Cs
Quote or
Response
Complex Risks:
All Underwriter
Intermediate Risks:
Underwriter
Augmented Underwriting Tech
Commodity Risks:
UW
Tech
Aggregator / Algorithmic Risks:
UW
Tech
Figure 3.2: Underwriter touchpoints
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