4299 Altus Insurance Whitepaper FINAL SPREAD - Flipbook - Page 15
Underwriting Management more explicitly refers to the capabilities
that support:
Portfolio
Management
Business Class
Development
Product
Underwriting
Includes the
management and
control of policy
volumes and
exposures
Regulation and
compliance,
management
of distribution
channels, product
design, risk criteria
and research
as well as new
or reimagined
propositions
Risk assessment,
policy terms and
working across
team functions to
deliver a balanced
underwriting
decision
Policy
Underwriting
Covering
submission
management,
policy
maintenance
(MTAs) and
renewal
processing
Pricing
Management
Governing the
management
of pricing and
the underlying
pricing and rating
models
Figure 2.2: Underwriting Management Capabilities
Securing a seamless flow of information into and out
of 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 take
opportunities where others only see risk.
It fosters an approach that favours ‘perpetual
evolution’ over periodic ‘big bangs’. The modular
design of business capabilities enables an emphasis
on continual change both for the capabilities as well
as the technology that sits behind them, while the
approach encompasses a range of widely known
enterprise architecture frameworks.
Firing on all cylinders, on all fronts
That is a realistic outcome, but it can only be achieved
if the business can be visualised and understood,
end to end. By mapping out how each part of the
business interacts with, and impacts upon, the other,
multiple pinch points can be tackled and removed
simultaneously.
Modernisation delivers the ability
to compete on several fronts at
once, attacking the competition with
con昀椀dence and from various angles.
Modernisation delivers the ability to compete on
several fronts at once, attacking the competition
with con昀椀dence and from various angles.
Successful modernisation results in:
Business / Customer Objective
Outcome
Improved customer experiences and increased
retention
Delivering value and customer satisfaction through
targeted and appropriate products
Faster and more innovative product development
Timely and e昀昀ective response to changing
customer needs
Operational e昀케ciency and cost savings
Improved margins and better cashflow management
More accurate risk management and pricing
Better understanding of risk exposure and ability to
price risk more accurately
Ability to adapt to new regulation
An operation with compliance built into processes
allowing faster and more e昀昀ective responses to
change
More e昀昀ective distribution and market reach
Greater ability to compete and more headroom to
grow the business on all fronts
Greater levels of resilience and adaptability
Enhanced ability to minimise operational risk and a
vast reduction in reliance upon legacy technology
Figure 2.3: Underwriting modernisation outcomes
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