May 21, 2024

The Cost of Underinvesting in Technology

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Underinvesting in the underwriting experience is costing insurance organizations big time. Not only are underwriting teams bogged down and backlogged with deep stacks of submissions, but their team members are run down by the grind. Underwriters are overworked and let’s face it, it’s making some lose faith in the progression of the business. In an industry that’s already finding it difficult to attract and retain talent, insurance companies need to be primed to bring in the best people and the best solutions.

In a 2023 Jacobson Group and Ward Insurance Labor Market Study, 72% of companies reported that they expected to grow their revenue over the next 12 months. Yet 17% of companies surveyed reported that they feel the ability to hire talent has become more difficult compared to previous years.

When eager to grow revenue yet hindered in hiring talent to get their revenue up–there’s an easy answer. Technology can help fill the gap. Improving your tech stack can equal greater job satisfaction for underwriting team members, especially in terms of attracting a younger talent pool.

Younger talent almost expects convenience on the job as younger team members can have low to no patience for outdated and clunky systems and operations. They want the technology they use to propel them to do good work and not hinder their ability to do their job efficiently and effectively. And young people tend to be future focused, and let’s face ittechnology is the future. 

At Convr AI, we are the future!

Eight years ago, we developed a modularized artificial intelligence underwriting and intelligent document automation workbench that enriches and expedites the commercial insurance new business and renewal submission flow with underwriting insights, business classification and risk scoring. We’re passionate about the commercial property and casualty (P&C) insurance business. As a trusted technology partner and advisor with deep industry expertise, we help insurance organizations transform their underwriting operations.

Risk 360 AI

Just take our Risk 360 AI product for example. Risk 360 AI is a data lake comprised of the digital footprint of millions of businessesbuilt with an underlying knowledge graph that unleashes detailed insights from the intersection of tens of thousands of data elements. It’s a human-in-the-loop technology that underwriters can use to streamline and expedite their searches. Rather than pilfering through differing search engines and sites, ours is a one stop shop. The product delivers unrivaled insights from machine learning models that synthesize a vast array of information and deliver a comprehensive view of the submission based on underwriting appetite.  

Key capabilities of Risk 360 AI: 

  1. Visualize a deeper applicant view 
  2. Determine alignment with risk appetite with greater efficiency 
  3. Organize vast amounts of information 
  4. Empower underwriters to bring their own data 
  5. Retain and reuse applicant data 

In recent years, the rise of technology including artificial intelligence, machine learning and data mining has truly transformed the underwriting process. Companies need to adapt to these technologies now to ensure they can effectively integrate them into their decision-making processes to keep pace with the changes taking place in the industry.

On the flip side, there is a high cost that could come with under-investing in the technology that supports your underwriters. Many could be losing interest and leaving to get the support they feel they need from other roles where tech isn’t lacking. Why not invest in technology such as Convr to enable your underwriters to do their best work and enable them to devote their time to higher value work.

As all insurers know, time is money. Leveraging AI technologies allows insurers to underwrite quickly, satisfy customers and lower operational costs. If you want to see how Convr’s AI technology could help your underwriting teams increase efficiency and quote business faster, sign up now to meet with our team.

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