One of USA’s major P&C insurance service providers faced multiple challenges as they set up for underwriting process transformation for increased efficiency and effectiveness. The company reached out to Exavalu for expert guidance to recognize the key improvement areas in the underwriting process and strategize solutions to improve the performance of the underwriters.
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Advisory
As our team conducted a strategic capability assessment to baseline the current state of underwriting, we came across some specific challenges in our client’s underwriting process such as the lack of process standardization across underwriting centers related to both processes and technology platforms, an unnecessarily high focus on non-value-added tasks, manual assignments & correspondence, avoidable tasks and cancellations where policies shouldn’t have been submitted, lack of single sign-on and integrated data return from 3rd party risk inspection sources, and last but not the least, the absence of additional operational reporting that could provide new insight into underwriter performance and results.
To help our client improve their underwriting process, our team employed a three-phased approach that began from conducting assessments to building road mapping for solutions implementation.
