Insurance Solutions

Data-Driven Underwriting
Software Solutions

Innovating in Insurance

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We believe that Analytics and Big Data will be the fundamental agents of transformation, driven by technology enabling new ways to extract insight from data.

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insurance underwriters

What is Insurance Underwriting?

In insurance, the underwriting process is used to evaluate an insurance application. Let’s take a simple example related to Life insurance. Here, the underwriting process involves determining the risk profile of the applicants by reviewing items such as their medical information, lifestyle, and financial information or considering their age and gender. Based on this data, an underwriter can determine, for example, if the applicant qualifies for life insurance coverage and, if so, how much they will pay for it.

underwriting analytics solutions

What are Data-Driven Underwriting Solutions?

Data-Driven Underwriting is a powerful solution that enables underwriters to monitor the performance of their portfolio and drive volume. We believe that intergrating Analytics and Big Data in underwriting solutions will be the fundamental agent of digital transformation, driven by technology enabling new ways to extract, interpret and predict data.

How can we help you?

We can help you be in control of a healthy combined ratio, increase volume and the loyalty of your policyholders.

Consultancy

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Data & Analytics

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insurance underwriting solutions

About Our Underwriting Software Solutions

In response to the exploding volume of data now available to insurance carriers, enabling the Data-Driven Underwriting process, our Consultancy and Data Analytics services help you to quickly realize tangible business benefits.

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Managing Data Collection

Replace old methods of storing data for underwriting transactions, either in paper files or legacy systems, with new automated ways to extract data – creating opportunities to gain additional insights.

 

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Integrating Data Insights into the underwriting process

In the evolving underwriting ecosystem, data should be linked in real time to underwriting activities to minimize leakage in this process. Data integration will require the implementation of new skill sets in order to meet the requirements of this new underwriting model. Carriers need to be able to organize this data for exploratory purposes, as well as for ongoing risk analyses.

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Underwriting process
innovation through data

The data gathering process has been transformed – data can now be collected directly from the customer and large amounts of external data can be integrated into the underwriting process.

Insurance leaders are now taking increased strategic risks to get to the forefront of product innovation.

Employing technological experimentation with data drives better results, enabling a more dynamic approach to evaluations and a strong analysis of risk attributes. This allows insurance carriers to leverage insights and be aware of the changing aspects of risk, ahead of the market.

We recommend that insurers work on a cross-functional level to develop a culture of educated data exploration. Once an organization is ripe to reach data maturity, it is time to convert your data into actionable insights.

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global hq & uk office London, United Kingdom

New Broad Street House, 35 New Broad Street, London, EC2M 1NH

romania hq & delivery center Bucharest, Romania

4D Gara Herastrau Street, 2nd Floor
Building C, 020334

+40 31 425 19 08

engineering delivery center Craiova, Romania

30 Stirbei Voda Blvd,
Malmo Business Center, 200423

+40 35 142 36 80

let’s get in touch E-mail us at

accelerate@softelligence.net