Need for an Underwriting Workstation
The need for speed is one of the driving forces within the insurance market today with so many firms offering like services, discounts and concierge type customer services. Underwriting has always been one of the more “veiled” arts of the insurance industry. After dealing with numerous insurance firms and MGA over the last 2 decades a familiar theme has surfaced.
The fact is that underwriters are moving into the retirement era and many are leaving their firms after decades. The vast cumulative knowledge that has accumulated over these years in various firms could be lost to the next generation of underwriters coming of age.
Couple this with the need to respond to a potential insured’s demands for a quote. You have an intersection of information needs with the requirement for a speedy response with a valid quote that will win the business at a profitable margin.
An Underwriting Workstation (UWS), is based on pre-integrated technology stack that allows for a speedy response based upon the knowledge of the potential client, a financial understanding of the deal and the entire book of business within the sector. It captures all the rules associated in making the right business decision and presenting this information to the Underwriter in a succinct and meaningful format. Taken a step further, the UWS based upon a Dynamic Case Management (DCM) solution is built on a cloud platform. A web-based DCM solution delivers processing improvements, knowledge management, auditability, detailed history, 360 degree case view, approvals, content management and so many more features to help predict, prevent, and then manage underwriting activities across the industry sectors.
The individual business managers I have spoken with began arranging for demonstrations at their offices to report their findings and tell their bosses and colleagues that solutions like AppBase actually exist and can help them today. It is very gratifying to be able to assist various segments of the insurance industry with such a compelling solution. I am happy to demonstrate it to people working through such tremendous challenges as insuring the right policy at the right price with the right risk mitigation factors being utilized.
Rapidly build and deploy Dynamic Case Management Applications in the Cloud with AppBase, Eccentex's Platform-as-a-Service. Visit www.eccentex.com to learn how to increase business agility, improve productivity, optimize case outcomes, and reduce risk with a cloud platform.