Move to a 3D vision of underwriting for efficiency and growth

It is widely understood that the more connected the organisation internally, the better it is able to perform. And yet, many insurers are still struggling against the hurdles disconnected, siloed systems put in their way.

It has been suggested that underwriters are wasting 60 percent of their working day that could be dedicated to understanding complex risks, helping to grow their book of business or simply fostering a healthier work/life balance.

This need not be the case. Organisations with greater transparency and controlled access to information across departments can transform productivity. Less time spent chasing down information or transferring from one system or department to another means more time to dedicate to value-added activities, those that require the subtle art and experience of a trained underwriter. Customer experience is boosted by degrees as clients get the right answer first time, every time.

Gijsbert Cox, industry leader insurance EMEA and Asia-Pacific at Appian Corporation, will bring the 3D vision of underwriting to life for attendees at Commercial Lines Innovation 2022. During his keynote presentation, “Empower Underwriters With 3D Vision To Accelerate Efficiency And Growth” at 2:30pm on October 4, he will reveal how insurers can move to a more efficient future without large-scale disruption to existing technologies or organisational frameworks. In advance of the event, Cox spoke to Intelligent Insurer to give attendees a flavour of what they can expect.

We have been talking about connected organisations for some time, so why are so many insurers still struggling to take advantage?

A lot of insurers are still trying to move from a two-dimensional world to a three-dimensional one. There’s already a lot of modernisation happening but many insurers still aren’t jumping because of systems and siloes. As they have grown, insurers have organised themselves around departments such as policy administration, claims, finance and billing.

Their systems are set up to support this, but the customer doesn’t behave this way. So, when they contact their insurer with a query, more often than not they’re being sent down a rabbit hole, failing to get the answers they need, all because of these rigid siloes.

Are insurance companies concerned about the costs and disruption involved in bringing about a significant change in the way they do business?

Insurers realise they have a lot of rich data in their systems and they know they can’t just rip everything out and replace it, practically overnight. Instead, they should be looking to leverage what they have by bringing a new engagement layer on board.

Constantly changing requirements are probably the biggest challenge these companies face. Customers are demanding more, internal staff are unhappy due to workload, and regulations evolve. You need something that can be built quickly in the first place, but that is adaptable to change.

The temptation so far has been to take a screwdriver to something to see if it can be “fixed”. What is the core system that the department depends upon? Let’s fix that first. It’s a natural reaction.

The problem arises when it becomes too old to fix, and also problematic to replace. We’re saying that there’s another way of looking at this, a third dimension that some companies have already brought on board and of which they are beginning to see the power.

What does that power look like?

Implementing a low-code automation platform such as Appian’s can bring benefits in lots of different areas across the organisation, not just solving one immediate issue in one specific area. Internal users can use data from policy systems, claims systems and anywhere else they need to begin to change their thinking about serving their clients, not from a system perspective, but from the perspective of customers—what do they want?

It’s about being able to access all that information on a single screen where your people can serve customers without having to search multiple systems. There is tangible efficiency as well as effectiveness here—we’ve seen contact centre calls go from taking 45 minutes to five.

How does this impact the commercial lines sector and the relevant intermediaries?

In commercial lines, companies such as C&A International have gained 60 percent efficiency in handling underwriting. Imagine all the data you need to assess complex commercial risks, data that is coming from all different angles. Underwriters know perfectly well how to deal with that but they need to spend their time assessing risk, not wasting it on admin.

The engagement with brokers is essential. Data is always going missing or is unclear and that’s at the heart of why processes break down—emails go back and forth, queries end up with different people. A lot of information is sitting in email inboxes or even on a Post-it Note.

What do you hope attendees will take away from your session?

Insurers are facing enormous pressure from all sorts of sources. There’s a lot of change in the world. I hope they will come to see that there is a different way of doing things. The power of low-code in combination with workflow and case management is a very powerful platform that can improve your customer service and your employee experience.

It gives them much-needed agility for the future, but they have to start now.

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