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Empowering Insurers: Exploring the Capabilities of Underwriting Software

Jul 11, 2023

Technology Trends

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The process of underwriting plays a pivotal role in securing new customers for your business. However, it is precisely at this crucial stage that potential clients often require assistance. Outdated and inefficient processes can result in lost opportunities and damage to your reputation if you’re unable to promptly deliver personalized policy information. 

Fortunately, the advent of modern underwriting software has transformed underwriting, enabling businesses to swiftly gather and analyze essential facts, thereby expediting the entire process, even with a high volume of applications. In this article, we delve into the unique capabilities of underwriting software and how it empowers businesses to streamline customer acquisition, enhance efficiency, and provide personalized solutions with unmatched speed and precision. 

Underwriting in the 21st Century

Manual underwriting has its place; after all, your clients are unique, and numerous situations require the expert eye of an underwriter. For example, research might turn up conflicting medical data about a client, which requires an underwriter to review the findings. 

However, automation can significantly enhance the speed of your underwriting process. Automated insurance underwriting software is an effective solution for meeting current market conditions in which customers expect speed, efficiency, and digital tools and services. You and your employees can meet growing demands for personalized policies using advanced automation.

The Capabilities of Underwriting Software 

The benefits of the underwriting software process are numerous. They include:

  • Automation generally eliminates missing information, misspellings, and transposition errors. 
  • Underwriting software speeds up the initial step of underwriting. Automation can flag any elements that need to be manually checked. It can often finish a risk assessment in only a few minutes. 
  • You can satisfy your customers quickly and efficiently when you offer them lower-priced policies. 
  • With automated software handling underwriting tasks, your staff can turn its expertise toward developing advanced products and growing into new markets.

Furthermore, software for underwriting fits in with today’s more fluid work arrangements. If your staff works from home all or some of the time, automation follows them wherever they are working in today’s hybrid and remote processes. Likewise, this software functions if your employees are traveling to meet clients.

Advanced software can help your underwriters by quickly and accurately performing multiple repetitive tasks, including:

  • Mass cancellations
  • Automatic renewals
  • Batch report processing overnight

Software systems that provide dashboards make it easy for you and your staff to view major tasks and information in one place. You can observe the overall progress of tasks, and your employees can manage their work efficiently.

Specific Tasks Underwriting Software Performs for Insurers

Automation can perform multiple tasks for your employees. They include:

  • Fiduciary accounting
  • Claims administration
  • Billing
  • 1099 management
  • Reinsurance tracking

Underwriting software can also create specialized portals for your staff and clients. 

The Future of Insurance Underwriting

Automation is changing the face of insurance underwriting. Underwriting software leads the way for insurers who want to move into advanced processes to meet higher customer demands. People want a personalized policy and quote delivered quickly and within their budget. Underwriting software allows insurers to provide quality policies efficiently, but it also does more. The underwriting software process leaves your staff open to learning, evolving, and transitioning into new roles that grow your company into exciting areas yet to be explored.

About VRC Insurance Systems 

Say goodbye to outdated systems and begin looking at a solution that will provide what you need to increase productivity, decrease costs in the long run, deliver frictionless transactions, and remain competitive in today’s environment. For more information about VRC’s Verity software and to book a demo, click here or contact us at 541-209-0700.

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