The Quest for Excellence
Underwriting professionals are the backbone of risk selection, profitability, and regulatory compliance. Their effective underwriting practices not only bolster their employers' stability but also demonstrate their unwavering commitment to delivering meticulous work. With their skin in the game, underwriters strive for excellence. However, insurers should be proactive in offering process reviews and additional resources to empower underwriters to maintain their high standards without compromising the core principles of underwriting discipline.

A Glimpse into the Transformation
In the example that follows, we'll delve into the past to illuminate the challenges faced and the transformative solutions we've employed to optimize underwriting processes. Through the expert lens of industrial engineers, we'll unveil a success story that revolutionizes the underwriting landscape.

The Unfolding Situation
Our journey begins with a client navigating the complexities of their standard underwriting renewal process for their workers' compensation product. What we uncovered was astonishing: each renewal was devouring an average of one hour of underwriting time. While we acknowledged the intricacies of this highly regulated product, we were convinced that opportunities to streamline the process lay hidden beneath the surface, waiting to be unearthed.

Revolutionizing Underwriting: Unleashing Efficiency for Better Outcomes

assorted pen and colored papers in organizer case
assorted pen and colored papers in organizer case

Decades-old underwriting processes have stood the test of time, but many companies remain hesitant to enhance these systems as long as their ratios hover around industry averages. In a recent poll conducted by Accenture, startling revelations emerged—40% of underwriters' valuable time is allocated to non-core activities. It's tempting to resort to quick fixes and minor tweaks rather than embarking on a full-scale process overhaul, but this shortsightedness could prove costly in the long run.