A latest survey of insurance coverage underwriters discovered that 40 p.c of their time is spent on “tasks that are not core” to underwriting. The prime three causes they cited are:
- Redundant inputs/handbook processes;
- Outdated/rigid programs; and
- Lack of data/analytics on the level of want.
The survey – carried out by The Institutes and Accenture – additionally discovered that underwriting high quality processes and instruments are at their lowest level because the survey was first carried out in 2008. Only 46 p.c of the 434 underwriters who responded stated they imagine their frontline underwriting practices are “superior” – which is down 17 p.c from 2013.
“While underwriters believe technology changes have improved underwriting performance, 64 percent said their workload has increased or had no change with technology investments,” Christopher McDaniel, president at The Institutes RiskStream Group, instructed attendees at Triple-I’s Joint Industry Forum.
The survey’s findings with respect to expertise could shed some gentle on this. The variety of organizations considered as having “superior” expertise administration capabilities for underwriting fell 50 p.c since 2013 throughout virtually each measure of efficiency evaluated.
