Reshaping-underwriting-landscape-with-focussing-on-customer-experience-whitepaper

Reshaping Underwriting Landscape With Focussing On CX – Whitepaper

The legacy underwriting system is fraught with inefficiencies—delayed generation of quoting premium results in poor customer experience. Moreover, the wrong price quote by the carrier results in redoing the process from the beginning, which is unproductive from the customer perspective.

To remain competitive, insurers must accelerate the underwriting process. But to do so, carriers must deal with a rising agent and broker dissatisfaction with the underwriting platforms, competing with insurtechs and the legacy technology. The underwriting process must be a “rewarding customer journey from obtaining an initial quote through policy issuance, service and renewal”.

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Table of Contents:
- Why do we need to reshape the underwriting process?
- Three Strategic Challenges and Imperative Solutions To Underwriting Transformation Journey
- Challenge 1: Realizing the full potential of Big Data
- Challenge 2: Rising demand for efficient Pricing Policy
- Challenge 3: Higher Operational Cost in traditional underwriting
- Our proposition
Summary:

The COVID-19 pandemic has changed the behaviour of the economic factors in the insurance industry. There is a fall in global premium by 2.1 per cent, and the massive demand led by the crisis has redirected the logic of selling insurance from a “pure-product” to a “holistic service” approach. This paper will discuss the strategic underwriting challenges and proven solutions from industry leaders to stay ahead of the competitive landscape for the next decade.
Key Highlights:
- 70% of consumers base their opinion of a business on the quality of its CX.
- 81% of companies expect CX to be the key battleground in the race for market dominance.
- 80% of customers lost interest in buying life insurance due to the poor underwriting process.
- 80% of data received by underwriters are in the unstructured form.