The technology we use to meet claimant and insurer demands is rapidly evolving. With underwriting agencies facing increased capital constraints and pressure to perform, investing in the right infrastructure to support your business into the future can be a challenging decision.
From predictive analytics to virtual assessing tools, there is an overwhelming number of options for underwriting agencies seeking to outpace the competition. We’ve taken a deep dive into the three investments that will help underwriters transform their bottom-line costs for years to come.
An agile predictive analytics platform
Data is the key to effective decision-making, but when wading through mountains of metrics, it can be hard to spot the wood for the trees. If you do not already have access to a responsive, agile predictive analytics system – it should be the first item on your technology wish list. These platforms can offer underwriters a single point of entry to assess and analyse exposures, environmental factors and provide the insights you need to future-proof you and your client’s business.
The right risk management information system (RMIS) should deliver visibility across all lines of business, risks and incidences – to allow you to make the right decision at the right time, for superior outcomes. The flow-on impact of this for your customers can include improved loss ratios and retention in profitable sectors, among many other benefits.
Universal virtual access
The virtual age is well and truly upon us, with customers expecting more flexibility, access and responsiveness at every turn. To maintain your reputation and customer retention, we, at Gallagher Bassett, recommend investing in tools and process that support workflow connectivity and cloud-based operations.
While robotic process automation is a mainstay for many insurers, emerging technologies will allow underwriters to fundamentally rethink how to deliver products, services and assess operating risks. Underwriters have a key opportunity here to transform the claims experience through artificial intelligence (AI), machine learning and blockchain data.
Trusting the right architecture
Insurers and underwriters are in an unenviable position of handling sensitive customer information in the face of increasing cybercrime. With the lines between private and privacy continuing to blur, underwriting agencies must effectively manage risk and make use of the complex data available to them.
The right architecture will build trust between your agency and your client, ensuring you can predict and prevent risks and position yourself as a core necessity in any client’s toolkit. Make sure you invest in trust architecture that builds a resilient network and reputation between your agency, your client and their claimants.
To learn how Gallagher Bassett can help you transform the cost curve, visit https://hubs.ly/Q013kjlq0 or connect with James Needs at james_needs@gbtpa.com.au.
