In our latest content series for P&C insurance providers, we discuss the five main underwriting challenges. This post discusses how an insurer overcame the fifth challenge: disconnected processes.
In our last blog, we highlighted how a P&C insurer overcame low customer satisfaction, a major challenge for carriers. The underwriting process is rife with roadblocks that contribute to this dissatisfaction, such as a lack of data quality, repetitive manual processes, and the slow release of new, innovative products.
One P&C carrier was looking to reimagine their own expensive and high-touch rate-quote-bind process. Relying on a disjointed set of legacy systems to support the core brokerage process created the following issues:
-
Time wasted on low-value tasks: Brokers manually request, track, and aggregate placements, often resulting in process duplication, high error rates, and costly time spent on admin activities
-
Slow transaction processing: Multiple checkpoints and human-in-the-loop intervention led to low UW productivity and low client satisfaction
-
Siloed data: Inability to consolidate and analyze their data across programs made it difficult to enable informed risk selection and decision making
Key Underwriting Workbench Benefits for Modern Carriers
Seeking to create a richer UW experience and digitize intake-bind operations, the carrier used Unqork to develop an end-to-end digital solution for their specialty products. They sought to build a modern intake-to-bind process with an underwriting workbench to ultimately enable next-generation workstation capabilities, streamline onboarding & maintenance, and improve scalability of back-office capabilities.
How a Unified Workbench Improves Efficiency
This underwriter-led intake flow needed to fit their process, products, and legacy systems. They needed something that was flexible enough to work well with their existing IT infrastructure while also providing a modern user interface; after reviewing a few point solutions, the carrier deemed they weren’t flexible enough for these needs.
Using Unqork’s no-code platform, the insurer was able to completely unify their UW experience by combining a product manager, broker/customer portal, and underwriter workbench into one integrated platform.
Using Unqork’s no-code platform, the insurer was able to completely unify their UW experience by combining a product manager, broker/customer portal, and underwriter workbench into one integrated platform. To leverage what they already built (i.e., their legacy systems) and not be forced to overhaul everything, they integrated against their current document management, policy admin, general ledger, and rating systems.
Measuring ROI: 78% Faster with Modern Underwriting
Without Unqork, it was estimated that this project would take 9 months to a year. Here is what happened instead:
-
Developed a flexible, complete solution that links together the entire brokerage process in 14 weeks for 10 lines of business
-
Utilized 80% less development resources compared to traditional code-based processes
-
Trained the client team to take over product backlog development in just 2 weeks
-
Reduced manual re-keying by 80%
-
Shortened processing time by 78%
-
Integrated with 12 internal and external systems, including Dun & Bradstreet, Okta, Docusign, and vehicle identification number (VIN) lookups
-
Improved their property exposure mappings with a custom configuration done by Unqork via the Google API to make it easier to understand their reinsurance exposures
Beyond Speed: Additional Workbench Benefits
Unqork combines two powerful capabilities that have made it a leader in the underwriting workbench space.
First, we have deep experience and expertise solving the challenges of some of the world’s largest insurers.
Second, Unqork’s enterprise application platform enables enterprises to quickly build and launch customized, scalable, and extensible solutions, from underwriting to state-of-the-art self-service portals. And unlike many competitor offerings, Unqork doesn’t just accelerate development. It enables enterprises to efficiently maintain, upgrade and secure solutions across application lifecycle applications—all without the need to manage code.
Access Celent’s Underwriting Workbench Report for Global Markets, including a detailed analysis of Unqork’s capabilities.
You Might Also Be Interested in
