Maintaining underwriting discipline is a complex task as this involves writing the risk selectively and taking the help of every decision-support possible to achieve the company’s combined ratio. With our years of experience navigating the market peaks and troughs, Coforge has developed a unique underwriting instinct.
At Coforge, we improve the underwriting process by understanding risk combined with our expertise in AI/ML, predictive analytics, and advanced statistical models. This helps us adding real value and supports disciplined underwriting. Our innovative underwriting solution provides an easy-to-use, interactive experience with enough configurability that allows insurance carriers to deliver a powerful decision support tool for quicker and more informed judgments.
Coforge's next-gen automated underwriting system include:
- Artificial intelligence and advanced pattern matching to automate the process of underwriting that 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 for the underwriting discipline.
- 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 for the insurance carriers.
- 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.