By using efficient underwriting systems, property and casualty(P&C) carriers can streamline the entire process from quote to policy. This can help to reduce paperwork and manual processes, reduce errors and costs associated with incorrect decisions, and provide a better customer experience. Efficient underwriting systems can also help to monitor and analyze risk selection, pricing, and profitability across different markets and customer segments.
At Coforge, our team of experienced professionals have a deep understanding of risk, allowing us to underwrite policies with careful consideration of potential risks. This ensures that we can evaluate and assess each policy with precision, making sure that the risk is always weighed against the potential reward. Our AI-driven solutions provide an interactive experience with enough configurability to support decision-making that ensures a disciplined underwriting process. Our next-gen automated underwriting system includes:
- Artificial intelligence and advanced pattern matching to automate the process of underwriting which takes a much shorter time compared to the traditional underwriting method.
- A judicious combination of human logic and artificial intelligence/machine learning, robotic process automation, and sensor technology like IoT to augment risk understanding for better decision-making.
- Critical insights from intelligent data-driven analysis based on insurance/loss history and outcome prediction resulting in highly effective closure of new business cases with the best-combined ratio.
- Assessment of risk for new business and quoting capabilities along with integration with common core systems across the insurance value chain.
- Cognitive workflow automation with AI-based digital business assistants, multi-currency/multi-lingual/multi-channel experience, image recognition, and NLP.