Commercial property/casualty insurance underwriting today is a complicated, often messy process.
Executive SummaryBy asking fewer underwriting questions and instead presenting multiple quotes reflecting potential differences in risk profile, commercial carriers can improve experiences of customers and agents. But carriers also care about improving their loss and expense ratios with accurate pricing. Here, a DataCubes VP addresses both sides of the coin on the road to optimizing commercial underwriting processes.
Many times the agent sends new business applications, loss runs and other documents (together known as submissions) to the insurer through email in a variety of structured and unstructured formats. There is often a great deal of Q&A between the prospect, agent and underwriters to ensure the completeness of this information. Despite these efforts, submission information may still be of poor quality, inaccurate and unverified. It then has to be manually keyed into the insurer’s system, which introduces additional quality challenges. From there, an average of 30 manual web searches are typically required to gain the additional insight necessary for quoting, according to DataCubes proprietary data.