Ping pong is a great game—but not one you want to play when it comes to working. The back and forth created by common pain points in the underwriting process, such as partially complete, illegible, and wrongly completed forms, is annoying for both brokers and customers.
Executive SummaryAs the insurance industry faces a potential economic recession and continues to innovate with new technology, Jason Keck, founder and CEO of Broker Buddha, writes that automation will be the key to retaining customers and transforming underwriting. In this article, he discusses the ways insurers can use automation in underwriting to ease process pain points, upgrade their processes, and improve internal operations.
Automation and smart forms have been commonplace in our internet experience since the late 1990s, and yet, the underwriting process is still a retro throwback of paper and PDFs. The good news is that transformation is on the horizon. According to an August 2022 Strategy Meets Action eBook by Deborah Smallwood, senior partner, and Mark A. Breading, partner, titled, “Middle-Market and Large Commercial Lines Underwriting Transformation: The Next Era,” 87% of insurers are expecting to see changes across the underwriting process in the next five years. Strategy Meets Action is a strategic advisory firm and a ReSourcePro company.