{"id":14951,"date":"2022-08-15T16:11:19","date_gmt":"2022-08-15T13:11:19","guid":{"rendered":"https:\/\/insly.com\/?p=14951"},"modified":"2022-10-28T12:33:48","modified_gmt":"2022-10-28T09:33:48","slug":"automate-underwriting-guide-to-measuring-roi","status":"publish","type":"post","link":"https:\/\/insly.com\/en\/blog\/automate-underwriting-guide-to-measuring-roi\/","title":{"rendered":"Automate Underwriting: Guide to Measuring ROI"},"content":{"rendered":"
<\/div>

Automation has revolutionised insurance. Advanced solutions like automated underwriting software helps insurers streamline operations, increase productivity, reduce costs, and fuel growth.<\/span><\/p>\n

However, measuring the return on your automation investment requires a solid understanding of your processes, time saved, and so on. If you want to learn more about how automation improves your different underwriting KPIs (key performance indicators), keep reading.<\/span><\/p>\n

This article will explore how no\/low-code platforms like Insly can help your firm create new efficiency and cost reduction opportunities through automated underwriting.<\/span><\/p>\n

The power of automated underwriting<\/b><\/h2>\n

We live in a fast-moving society, and insurance customers expect to get the best rates, preferably within minutes of providing their details. Whether you provide commercial, home, motorcycle, car, or other forms of insurance, processing quotes and enquiries at speed is crucial to attracting (and retaining) new customers.\u00a0<\/span><\/p>\n

By automating underwriting, insurers can keep pace with consumer and capacity provider expectations by algorithmically generating insurance decisions. Automated insurance underwriting systems are quicker and reduce errors, save money, and help you build customer loyalty.\u00a0<\/span><\/p>\n

KPIs Insurance Underwriting Automation Can Improve<\/b><\/h2>\n

Partnering with an insurtech provider like Insly and automating aspects of the underwriting processes empowers you to enhance your financial KPIs, including:\u00a0<\/span><\/p>\n

Boosting daily capacity<\/b><\/h3>\n

Automating repetitive manual tasks within the underwriting process significantly impacts response time for quotes and boosts customer satisfaction scores.\u00a0<\/span><\/p>\n

Simultaneously, employees gain time and resources to tackle higher yield areas like tailoring individual premium packages to suit additional policy considerations.\u00a0<\/span><\/p>\n

Insly is designed to help insurance companies streamline admin processes, gather data from multiple sources, and drive better business decisions in seconds.<\/span><\/p>\n

Using our fully configurable software solutions, you can automate underwriting and numerous other back-office MGA admin tasks to keep your providers happy and help your business thrive.\u00a0<\/span><\/p>\n

Minimising technology costs<\/b><\/h3>\n

Underwriting automation platforms also allow you to save money on IT setup and maintenance fees. For example, Insly provides a transparent pricing model that combines fixed and predictable usage charges. With Insly, you only pay for the insurtech tools you need, and you can integrate your existing tech stack with our tools. This setup makes it easy to plan and forecast your platform costs even as your firm changes and grows.\u00a0<\/span><\/p>\n

In addition, Insly fees cover the costs of maintaining and improving our platform. Our company continuously invests in expanding our capabilities, driving innovation, and supporting technology adoption across the entire insurance industry.\u00a0<\/span><\/p>\n

By partnering with Insly, you’ll join a network of innovators creating the future together by sharing best practices and building tools for problems that have yet to happen.<\/span><\/p>\n

Reducing insurance admin and errors<\/b><\/h3>\n

Traditionally, underwriters must analyse mountains of data from multiple sources to determine risk and get clients the appropriate rates and policies for their needs.\u00a0<\/span><\/p>\n

Insly’s automated underwriting tools can collect and verify information from business registration databases like Companies House, vehicle lookup sites, credit checking services, and more. Your underwriters can ensure that they are working with the most accurate and up-to-date sources to inform their decisions and keep their capacity providers pleased with their performance.\u00a0<\/span><\/p>\n

In addition, Insly also flags any instances where the underwriter needs to look closely at an application and consider any additional conditions before they can agree to insure. With automated underwriting tools, you’re in control of how hands-on you wish to be during the insurance application process. In fact, we believe it’s possible to automate 90% of back-office underwriting tasks using our platform.\u00a0<\/span><\/p>\n

Speeding up new insurance product delivery<\/b><\/h3>\n

When partnering with Insly, you’ll get a platform that is easy to use, meaning you don’t need to be a coding expert to configure an insurance or MGA portal that suits your needs.<\/span><\/p>\n

Insly helps insurance companies launch new products quickly and move away from manual processes as you migrate all non-digital workflows onto the cloud.\u00a0<\/span><\/p>\n

This tooling has helped our customers build many new fully-automated insurance products from scratch as well as streamline admin processes for existing products on the market.\u00a0<\/span><\/p>\n

MGA Encompass<\/span><\/a>, for instance, approached Insly ahead of this year’s <\/span>BIBA<\/span><\/a> conference to build a demo of their brand new property owner insurance product. With the help of our no\/low-code platform, the company created a full-cycle insurance solution in less than two weeks.\u00a0<\/span><\/p>\n

If you have an idea for a great insurance product, Insly can help you bring your plans to fruition in a very short time frame. Where previously it may have taken months\/years of research and development to bring a new insurance product to market, Insly can help businesses realise their vision in weeks.\u00a0<\/span><\/p>\n

Automate underwriting with Insly\u2019s configurable tools<\/b><\/h2>\n

Insly provides a fully extensible suite of software solutions that can be combined with your own custom modules to both simplify and completely automate the core functions required to run a successful insurance business.<\/span><\/p>\n

With over 20 years of experience in the insurtech industry and collaborating with leading insurance automation experts, Insly can help build future-proof solutions for MGAs, insurers, and brokers.\u00a0<\/span><\/p>\n

To find out more, <\/span>get in touch<\/span> with the team today.<\/span><\/p>\n

Book a demo<\/a><\/span><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Automation has revolutionised insurance. Advanced solutions like automated underwriting software helps insurers streamline operations, increase productivity, reduce costs, and fuel growth. However, measuring the return on your automation investment requires a solid understanding of your processes, time saved, and so on. If you want to learn more about how automation improves your different underwriting KPIs […]<\/p>\n","protected":false},"author":12,"featured_media":14953,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[39,78],"tags":[297,26],"class_list":["post-14951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance-innovation","category-mga","tag-automated-underwriting","tag-insurance-innovation"],"acf":[],"yoast_head":"\nAutomate Underwriting: Guide to Measuring ROI | INSLY<\/title>\n<meta name=\"description\" content=\"Underwriting automation can transform insurers' daily operations by reducing costs and errors and enhancing the customer experience. 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