According to Riskclick CEO Jim DeSocio, “By eliminating many of these complexities, our new automated underwriting solution, Riskclick Underwriting, streamlines the process, dramatically decreases operating costs and improves profitability. Reducing errors and turnaround time also improves agent satisfaction and helps strengthen producer loyalty.”
Reduce complexity
The extremely complex underwriting process contains numerous distribution channels, multiple back-end systems, and large amounts of data and documentation that translate into inefficiencies, including up to 16 handoffs and 16 days before all information required to underwrite a risk is exchanged.
Riskclick Underwriting significantly decreases this complexity by streamlining the data-entry process either via agent portal or integration with the producer’s agency management system. In addition, Riskclick Underwriting eliminates the back-and-forth between sales and underwriting by moving data validation and underwriting rules to the front-end of the process. Finally, Riskclick integrates with back-end systems to reduce the effort, errors, and latency caused by re-keying.
Reduce underwriting leakage
TowerGroup’s research found that underwriting leakage—the amount by which a policy is under-priced relative to the risk involved—may represent as much as 9.7 percent of all net written premiums for personal lines, and could be even higher for commercial lines. Caused by the inconsistent application of business rules, Riskclick Underwriting decreases leakage in two ways. First, it enables an insurer to create and control a consistent, best-practice business process, with compliance enforced by the software. Second, codified underwriting rules drive the process, ensuring consistent application.
Increase pass-through percentage
Pass-through percentage—also known as the rate of straight-through processing—is the percentage of new applications that is processed from submission through underwriting and pricing without human interaction. TowerGroup found that carriers with more advanced technology were able to achieve nearly 80 percent pass-through percentage in contrast to firms with limited technology that reported pass-through percentages in the 20-25 percent range. Riskclick Underwriting enables straight-through processing for new business submissions, endorsements and renewals since applications that pass all underwriting rules receive a response without human involvement. Only system-generated exceptions require underwriter intervention.
Improve exception management
A certain portion of all risks will always require review by an underwriting professional. However, TowerGroup’s finding that 60-70 percent of time in the underwriting process is spent on lower level tasks points to the critical need for improving process efficiency. According to the TowerGroup report, “An exception-management process that delivers all known information to an underwriting workstation, decreases the searching of external datasets, reduces the back and forth with agents, and helps focus the underwriter on the most salient risk characteristics can have a significant impact on streamlining the process.”
Riskclick Underwriting’s powerful underwriting workstation consolidates all important information on a risk into one resource that improves underwriter efficiency. Further, by increasing pass-through percentages and automatically routing lower value tasks to customer service representatives, Riskclick Underwriting enables underwriters to focus on high value tasks like risk evaluation and negotiation.
About Riskclick
Riskclick provides Business Process Management (BPM) solutions for the insurance industry. Headquartered in New York with operations in London, Riskclick provides users in 43 countries with solutions that manage mission-critical insurance processes.
Riskclick’s underwriting solution, Riskclick Underwriting, is a comprehensive exception-based underwriting system for new business submissions, endorsements, and renewals across personal, commercial, and specialty lines of business. For additional information, visit the company Web site at www.riskclick.com.
Media Contacts
Carol Romeo
CBK Group
(201) 556-9404, ext. 110
cromeo@cbkgroup.com |
