Underwriting can often be a time-consuming task — but not for the reasons you might expect. Yes, many risks are complex. They may be fraught with long loss histories, complicated by multiple insureds, and vulnerable to evolving perils.  

But for the typical submission, the challenge for many underwriters goes beyond evaluating the risk. It’s navigating the dozens of digital tools they need just to do their job.  

Accenture, a leading consulting firm, worked with one insurer where the underwriter was supposed to use 92 digital solutions in a single workday. How can underwriters make critical underwriting decisions, when they’re busy opening and toggling between 92 different applications?  

The InsurTech Ecosystem Can be Overwhelming 

A typical underwriter uses a wide range of different tools every day. To manage their workflows and keep their supervisors and colleagues informed of their progress, they could be using an underwriting workbench.  

To obtain the latest and most complete information on some of their submissions, they could be opening several risk assessment tools, including those focused on geospatial analysis, claims history, and fraud detection.   

While those applications are open, they might also be turning on rating engines and researching advisory pricing bulletins to ensure their systems are up to date.  

If they still have bandwidth, they could also be using technology to help manage and store their documents efficiently, comply with state regulations, and analyze policy data over time.  

When you consider all the lines of business and states that an underwriter could be working in, it’s not hard to imagine how overwhelming it could be to toggle between all of these tools during the course of a day.  

An Integrated Approach to Underwriting Technology 

Underwriters, though, don’t need to suffer through digital overload. All the tools they use to perform their jobs can be integrated in streamlined, unified policy administration systems (PAS) that improve efficiency and decision-making. 

It’s not a new concept. The benefits of interoperability — of getting software systems to “talk” to each other — have been known for many years. But as underwriting becomes a more digital and data-driven process, the push for increased integration has become more important than ever. 

A modern PAS, for instance, integrates ISO and NCCI updates, enabling clients to get the latest risk pricing and form language quickly and directly from the platform.  

Insurers can also benefit from additional features, such as persona-based dashboards that integrate policy, claims, and other data from third parties. These integrations, along with the ability to quote, bind, renew, and endorse, enable insurers to better serve new and existing insureds throughout the policy lifecycle.  

AI, Automation, and No-Code Solutions 

Integrations are not the only innovations changing the game for underwriters. The growth of automation, AI, and no-code and low-code platforms are making it easier for underwriters to adapt to evolving risks and customer needs.  

Generative AI (GenAI) continues to rapidly improve and is being used to automate a wide range of time-consuming tasks. Insurers are using GenAI to streamline the intake of underwriting and rating information, identify growth opportunities, and analyze policy language and data.  

Insurers are also looking at the possibility of no-code, flexible platforms to increase speed-to-market. With the ability to quickly develop new policy language, rules, and rates, insurers can launch, distribute, and manage new products faster than ever before.  

The Future for Underwriting Technology 

When it comes to underwriting technology, reliance on integrated applications means more time to evaluate risks, make critical underwriting decisions, and serve customers.  

It’s tempting to address technology incrementally as software needs arise. But the result is often a growing patchwork of tools that are redundant, inefficient, and siloed. This can make a digital transformation initiative more of a burden than an opportunity.  

If you’re thinking about how to improve your underwriting processes and results, now is the time to consider smarter, integrated solutions. Learn how Origami Risk can provide your underwriters with the simplicity they need to handle the complex and changing risk landscape.