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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.
As per market standards, the underwriting process is used to evaluate an insurance application. Coming to support modern underwriters, Data-Driven Underwriting software is a powerful analytics solution that enables them to monitor the performance of their portfolio and drive volume by leveraging data, dashboarding, visualisation and advanced analytics.
We believe that integrating Analytics and Big Data in underwriting solutions for insurance industry will be the fundamental agent of digital transformation, driven by technology enabling new ways to extract, interpret and predict data.
An automated underwriting software solution helps you leverage data and analytics to be in control of a healthy combined ratio, increase volume and ensure the loyalty of your policyholders.
Our lead consultants can help with assessment of the current loan origination system in order to choose the appropriate solution. They can also offer implementation support (project management expertise, defining requirements, coordinating with vendors, and ensuring a smooth deployment of the system in your organization), process optimization (improvements to enhance efficiency, streamline workflows, and reduce manual tasks), data management and analytics, integration and system interfaces, then training and support on the new LOS. Lastly, our consultants can assist you with future planning: developing a future roadmap for your LOS, considering emerging technologies, industry trends, and evolving customer expectationsAssessment: I can evaluate your current LOS or assist you in selecting an appropriate LOS solution. This involves analyzing features, scalability, integration capabilities, and alignment with your specific business requirements and regulatory compliance.
Data & Analytics
Data and analytics play a crucial role in the loan origination system (LOS) by providing valuable insights for lenders and facilitating informed decision-making. They are essential for collecting, validating, and verifying applicant data, calculating credit scores, and assessing risk. By automating decision-making processes and monitoring loan performance (through KPIs such as loan origination volume, approval rates, delinquency rates, and portfolio), data analytics improves efficiency and enables proactive risk management. Additionally, data and analytics support compliance with regulations and drive continuous improvement by identifying areas for enhancement and innovation within the LOS. Overall, data and analytics form an essential foundation for a LOS, empowering lenders to base their decisions on reliable information, effectively handle risk, maintain regulatory compliance, and optimize operational efficiency.
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.
Managing Data Collection
Following the first step in the onboarding process where contact information is collected, the customer will be prompted to upload/take a picture of their photo ID.
Based on this, the OCR (optical character recognition) flow runs and all the data is captured and saved in the predefined onboarding form in the application.
Integrating Data Analytics into the underwriting process
The KYC (Know Your Customer) procedure is defined as the process a business such as a bank uses to verify the identity of its clients, whether these are persons or legal entities.
Our KYC platform allows you to integrate the complete digital identification of business and customers into the sign-up process via API, while being fully compliant with current legislation.
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.
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Connect with a Digital Insurance Expert and let’s talk about your plans for digital transformation