Automated Underwriting for Insurers
ACTICO Platform allows insurers to automate their underwriting processes. They apply decision management software to minimize underwriting risks and quickly convert prospects into customers.
ACTICO Platform allows insurers to automate their underwriting processes. They apply decision management software to minimize underwriting risks and quickly convert prospects into customers.
Underwriting
Today's customer acquistion processes are successful, if they are fast and digital. However, insurance is a knowledge-intensive business where complex risk-assessments need to be mastered. At the same time, corporate policies and regulatory compliance affect almost every customer interaction.
Underwriting is all about decision management. Low-code software allows insurers to define risk models, policies, calculations and underwriting decisions in a transparent and flexible way. Intelligent automation enables insurers to turn these requirements into action and respond faster to customer inquiries.
Transparency, agility and real-time responsiveness: Using decision management software for underwriting introduces a new level of transparency. Any aspect of the underwriting decision can be changed whenever needed, and automation enables insurers to respond in real time to customer enquiries.
Applications
Undwriting is taking a key role within the customer acquisition process. It has to check insurance contracts and assess risks before insurance is issued. However, underwriting is typically based on complex decisioning processes that involve lots of checks, calcluations and assessments. ACTICO Platform enables insurers to implement highly efficient and effective underwriting solutions that give high transparency and control to subject matter experts.
ACTICO’s decision management approach lets insurers manage the underwriting logic independent from IT applications and processes that use the underwriting logic. This approach brings more agility and flexibility to the underwriting department. Underwriting experts can visually implement their kowledge and make changes autonomously – without the need for IT support and independent of IT release cycles.
Benefits
Automation helps avoid manual efforts and reduces them to the special cases that require human judgement. Insurers can significantly reduce the underwriting costs due to straight-through processing.
A higher degree of automation leads to reduced response times and allows insurance companies to react faster to applications. This improves customer experience and customer satisfaction.
ACTICO Platform enables subject matter experts to adapt underwriting logic easily and add new logic autonomously. They thus accelerate the time to market for changes and remain competitive.