Situation

A detailed risk evaluation was required for a large manufacturing facility submission undergoing insurance renewal. The process involved analyzing numerous detailed engineering reports under tight deadlines.

The problem

This insurer’s relied on complex data analysis, integrating information from diverse sources to create dynamic and competitive pricing.

However, their existing systems were fragmented, requiring underwriters to switch between multiple tools and processes, resulting in inefficiencies and slower quote turnaround times.

The underwriting team struggled to deliver competitive quotes quickly due to:

• Siloed data across tools and systems

• Time-consuming manual workflows

• Inability to adapt workflows as strategies evolved

The solution

The company implemented an advanced underwriting platform that consolidated tools, automated workflows, and empowered teams with real-time insights. This platform provided:

• A single-pane-of-glass interface for underwriters to access all necessary data.

• Workflow automations to streamline submission analysis and approvals.

• Flexible integration with existing tools and the ability to add new data sources as business needs evolved.

• Built-in analytics to capture insights from the underwriting process and improve decision-making.

  
  

The Implementation

To deploy the new platform, the we integrated data from internal and third-party tools, including legacy systems, spreadsheets, and proprietary models.

The implementation included:

• 50+ hours of user interviews to understand pain points.

• Collaboration across departments, including underwriting, operations, and IT teams.

• Daily virtual stand-ups to adapt workflows and address challenges in real time.

Within weeks, the platform was operational, supporting multiple teams and lines of business.

The Results

The platform delivered immediate improvements in efficiency and decision-making. Automated processes significantly reduced manual effort, enabling underwriters to focus on profitability and customer engagement.

Key outcomes included:

• 80% reduction in quote turnaround time, from days to hours.

• 15% increase in quote accuracy, thanks to data-driven insights.

• Expanded capability to handle larger volumes of submissions and explore new business lines.

By leveraging the platform’s analytics capabilities, the company also gained insights into their underwriting process, identifying further opportunities to optimize workflows and improve pricing precision.

Empowering Innovation and Growth

This transformative approach has positioned the insurer as a leader in their market, enabling them to scale operations, deliver superior customer experiences, and explore new opportunities in emerging business segments. The platform’s flexibility and advanced analytics continue to empower the team, driving innovation and growth across their organization.

As their business evolves, the company plans to further utilize AI-powered tools, incorporating advanced analytics and predictive modeling to unlock even greater efficiencies and opportunities.