When insurers struggle with underwriting ratios, market strategy, risk selection, and pricing are often cited as principal factors. But a survey conducted by Accenture and The Institutes reveals that an effective way to improve underwriting may be to phase out legacy technology and invest in a modern, flexible policy administration system (PAS). The survey reveals that underwriters are increasingly dissatisfied with the accessibility and effectiveness of their current processes and tools. Respondents pointed to four key areas where improvements would have the greatest impact on underwriting quality: Improving the quality and accuracy of data around underwriting submissions (95%) Improving training and talent development (91%) Improving tools for rating and pricing risks (90%) Eliminating non-core tasks to allow more time for risk analysis (88%) A modern PAS can help insurers address all four of these priorities. Using Technology to Impact Underwriting Quality Data quality and accuracy Underwriting submissions can be filled with errors that significantly impact portfolio performance. Whether it’s mileage and driving records, or construction type and roof age, insurers can’t assume what’s submitted in an application is correct and up to date. To verify information, underwriters refer to a variety of sources, adding time, frustration, and increasing the risk of error during evaluation. A better approach might involve the integration of verified data from multiple sources into one underwriting system. API integrations with in-house systems and third-party providers, enabled by a modern cloud-based PAS, deliver accurate, real-time information to underwriters. Training and talent development As experienced underwriters retire and it becomes harder to attract and retain new talent, the insurance industry faces a growing skills gap. This challenge is compounded by the need to learn and then teach new insurance professionals how to effectively integrate emerging technologies and analytics into their workflows. Modern, cloud-based PAS solutions include automation that can help significantly reduce the amount of time needed for training. The best systems offer self-service capabilities, with front-end tools that can be used to configure workflows without costly, time-consuming coding. These systems also enable seamless, secure integrations with AI-driven and analytic solutions that are critical to underwriting. Rating and pricing tools Pricing insurance is one of the most challenging tasks, as new rating factors and coverages are constantly introduced across multiple lines of business. For insurers customizing their rating deviations in outdated legacy systems, implementing these updates can be slow and cumbersome. Modern PAS solutions allow for rapid updates to rating algorithms — whether from ISO, NCCI, or other sources — that help insurers stay aligned with industry trends. These updates can be made available within hours, ensuring risks are rated and priced accurately and efficiently. Eliminating non-core tasks Survey responses indicate that underwriters spend a substantial portion of their time focused on non-core tasks, with as much as 40 percent of their time on administrative work such as searching for files, taking notes, and sharing information through email, phone, and in-person meetings. Automation available in modern PAS solutions can reduce time spent on manual tasks and enable underwriters to focus more on their core responsibility: evaluating risks. Improve Underwriting Quality with Integration, Ease of Use, and Automation Delivered from a purpose-built, cloud-native platform, Origami Risk’s P&C Policy Administration solution can help insurers address the four areas that underwriters cite for potential improvement. Integrated data: The Origami Risk platform seamlessly integrates with more than 700 data providers without the need for custom development or reliance on complex, back-end processes. With easy access to critical data, underwriters can make informed decisions on new or renewal policies with greater speed and precision. Easy to learn: Origami Risk puts all the information and tasks that underwriters need at their fingertips. Dashboards and workflows can be configured to provide transparency and efficiency, while underwriters can quickly get up to speed with an intuitive, easy-to-navigate underwriter workbench. Updated rating and pricing: Origami Risk incorporates rating updates from ISO and NCCI in near real-time, enabling clients to adopt the changes on their schedules while maintaining their required deviations. Reduced administrative workload: Origami Risk empowers clients with the ability to manage the entire policy lifecycle from a single system that includes fully integrated digital underwriting, billing, and analytics solutions. Clients can use the system through the web and mobile devices, configure screens and workflows to meet specific needs, and collaborate with colleagues across the organization. Ready to empower your underwriters? Contact us to learn how Origami Risk’s policy administration solution can help you modernize and improve underwriting performance.