Transforming Submission Efficiency with Data-Driven Prioritization

A forward-thinking insurance provider faced growing submission volumes and increasing complexity in risk evaluation. To maintain their competitive edge, they sought a solution that could streamline workflows, prioritize high-value opportunities, and drastically reduce the time required to deliver accurate quotes.

The Problem

With over 50,000 submissions annually, the underwriting team struggled to evaluate and prioritize risks efficiently. Their reliance on manual processes and a “first in, first out” system resulted in:

• Excessive time spent on low-priority submissions.

• Delays in issuing quotes, averaging over 20 days.

• Missed opportunities for high-value, high-appetite risks due to lack of automation and prioritization tools.

Despite having robust back-office operations, the manual underwriting workflow could not scale with the company’s rapid growth. The team needed a solution to simplify decision-making and ensure focus on the best opportunities.

The Solution

To address these challenges, the insurer implemented an advanced underwriting platform that combined appetite scoring with predictive winnability scoring to organize submissions into prioritized quadrants. This approach allowed underwriters to focus their time on high-appetite, high-winnability opportunities while minimizing distractions from lower-value risks.

Key features included:

• Automated prioritization of submissions using appetite and winnability scores.

• Custom workflows tailored to align with organizational goals and underwriter expertise.

• Real-time insights into submission quality, enabling data-driven decision-making.

This innovative system provided underwriters with a clear, actionable pipeline of prioritized deals, enabling them to work more efficiently and effectively.

The Implementation

The platform’s implementation process was designed to align seamlessly with the company’s existing tools and workflows. Key steps included:

• Integration of legacy systems and third-party data sources into a single interface.

• Development of automated rulesets to streamline submission analysis and scoring.

• Configuration of appetite and winnability scoring to categorize submissions into quadrants:

Quadrant 1: High appetite, high winnability
Quadrant 2: High appetite, low winnability
Quadrant 3: Low appetite, high winnability
Quadrant 4: Low appetite, low winnability

This categorization enabled underwriters to start each day with a clear focus on Quadrant 1 submissions, ensuring they addressed the most valuable opportunities first.

The Outcomes

The results of implementing this streamlined workflow were transformative:

• 89% reduction in time to quote, from 21 days to just 2 days.

• 3x increase in high-appetite quotes, improving portfolio quality.

• Enhanced underwriter efficiency, with more time allocated to strategic decision-making.

• Improved broker relationships, fostering proactive engagement and trust.

By leveraging data-driven insights and automation, the insurer significantly enhanced its ability to process submissions efficiently, deliver competitive quotes faster, and focus on high-value risks.