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Operational Efficency in the Underwriting Process: Key to Profitability.

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In the dynamic world of underwriting,

staying ahead means understanding and overcoming complex challenges. Our latest article, "Operational Efficiency in the Underwriting Process: Key to Profitability," is an essential read for professionals seeking to refine their approach and achieve better outcomes.

This is a summary of the key points covered in the report:

1. What is commercial insurance underwriting?

2. What are the challenges of commercial underwritings?

3. How much time does an average underwriter spend on their activites?

4. Manual Data Gathering for Commercial Underwriting

1. “Easy to gather” data points
2. The solution: Veridion’s Match & Enrich API

5. Can technology optimise the underwriting process?

6. The way forward: Using third generation digital tools in underwriting

1. How to build efficient and streamlined underwriting operations with the help of a business data provider
2. The benefits of leveraging accurate data from a Business Data Provider

For commercial insurance underwriting,

the comprehensiveness of data required presents a multifaceted challenge. It’s not just about gathering enough data but ensuring it’s relevant, accurate, and timely. Addressing this challenge is essential for insurers to accurately assess risks, price policies appropriately, and maintain the trust of their business customers.

On the other hand,

businesses, especially larger ones, often expect rapid decisions on their insurance applications. Balancing the need for comprehensive data analysis with the expectation of quick turnarounds can put underwriters under significant pressure.

Traditionally, underwriters allocate approximately 14 hours weekly, which equates to around 35% of their working hours, on tasks that have the potential to be automated or delegated.

Data points that might seem simple or straightforward to gather can actually consume a significant portion of an underwriter’s workday. This paradox arises from the sheer volume of individual actions and meticulous work required to acquire, verify, and document each piece of information.

Here are some examples of these “easy to gather” data points, that might actually be the hidden time thieves in an underwriter’s workday:

Industry and Business Information

Nature of the business (e.g., manufacturing, retail, technology, etc.).
Business Activity Classification (NAICS or SIC).
Business size and revenue.
Primary and secondary location of the business.

Liabilities and Exposures

Liability risks include public liability, product liability, and professional liability.
Any potential environmental or hazardous material exposure.

Annual Revenue and Financial Data

Annual revenue or income.
Financial statements, including profit and loss statements and balance sheets.

Employees and Payroll

The number of employees and their job roles.
Total payroll expenses.

Location and Property Details

Information about the physical location(s) of the insured properties.

Loss Control Measures

Any risk management or loss prevention measures in place.

Licenses and Permits

Financial statements, including profit and loss statements and balance sheets.
Total payroll expenses.
Construction details and occupancy type may impact the potential for damage or loss.

Environmental Compliance

For businesses involving real estate or industrial operations, underwriters may examine environmental compliance records and potential liabilities.

90% of the data points mentioned above are available through the Veridion Match & Enrich API in approximately 1.5 seconds, starting from simple inputs like a business name, address, or website link.

If you want to:

deep dive into the key benefits of using Veridion Match&Enrich API.

get rapid access to data in the underwriting process.

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“Operational Efficency in the Underwriting Process: Key to Profitability.”

With this article, you'll unlock answers to
key questions, such as:

Underwriter's Challenges

Uncover the common hurdles faced by underwriters in today’s fast-paced market. Understand these challenges to better navigate them.

Time Management Insights

Learn how much time underwriters typically spend on their tasks and discover strategies to optimize this time for efficiency and accuracy.

Essential Data Sets

Get acquainted with the crucial data sets that underwriters must know to make informed decisions.

Innovative Solutions

Explore the cutting-edge solutions, including how the Veridion Match&Rich API can transform your underwriting process. Understand how this technology works and how it can be integrated into your current system for immediate improvements.

Subscribe now and take the first step towards a more efficient, profitable future in underwriting.

You will find more than just an article—it’s a roadmap to success, offering in-depth analysis and practical solutions for harnessing the full potential of rapid data access in underwriting.