January 10, 2023
Why More Insurers Should Turn to Automation
With 64% of commercial property and causality (P&C) underwriting leaders believing their teams are currently understaffed and 56% of this same group convinced that a good portion of their job openings are going unfilled for three months or longer—we should expect underwriting leaders to seek out alternative solutions or enhance opportunities within the function.
In our recent Convr Insurance Talent and Tech Trends Survey, the study uncovered gaps that need to be addressed to help better manage underwriting workloads, improve operations and streamline workflows. One such gap is the slow pace of submission processing that some insurance underwriting leaders feel their organizations are experiencing.
Factors contributing to processing delays include:
- Manual data entry
- Lack of good technology
The survey, conducted by an independent firm, sampled a statistically significant sample of insurance underwriting leaders and reaffirmed that something needs to be done to make the insurance industry more of a prospective and productive career destination for top talent. And improved technology and streamlining operations is one solution they think could do just that. In fact, more than 77% of respondents said they can probably or definitely reduce employee attrition by using better technology.
Not only would automating processes with better tech tools make the industry more appealing to prospective talent and keep more folks satisfied and on the job, but it could also help insurance providers improve the experience for their customers. And our study revealed wide support for automating underwriting tasks, with 100% of respondents indicating that 100% of their manual P&C underwriting work could be automated.
So with an appetite for automation, we reaffirmed just how the Convr Command Center’s offerings could be used to improve outcomes for insurers. With Convr AI, insurance underwriting teams can:
- Ingest, prepare and analyze submissions digitally
- Enrich and score submissions in real-time
- Streamline research and enhance applicant data
- Identify and centralize all available information about an applicant’s business
- Answer underwriting questions directly through insurance trained Convr AI models
- Help producers and underwriters evaluate where a business is on the quality of risk spectrum
And with more than 48% of P&C underwriting managers indicating that understaffing is negatively affecting their expense ratio—these leaders need to act fast to adopt and adapt to new technology such as the Convr AI platform. Recognizing the power of AI and Human-in-the-loop, the Convr Command Center platform demonstrates ease of adoption and greater productivity while supporting expense management. Users have confirmed improved underwriting productivity within just four to six weeks.
To explore other insights we uncovered in the Convr Insurance Talent and Tech Trends Survey—read our December 2022 blog post that highlights talent shortage issues and solutions for resolving these deficits here: Convr Survey Findings Pinpoint Growing Issues in Insurance.