gain by providing timely service to its
best agents? What’s the projected yield
ratio of business quoted versus underwritten? Calculate the potential reductions in general expenses the organization could potentially reap from more
In addition to enabling more underwriting and less processing, cloud-based intake propels an organization
toward data-driven results. Decision-making becomes more objective when
based on the analytics that digitized
processes can generate. Analytics speak
for themselves, so they can help ease
the traditional tensions among underwriting, agents and sales distribution.
4. Build a business case and run a pilot.
Engage a partner who can assist the
organization with both steps. Build a
business case that identifies pain points
and opportunities for the organization
and also establishes benchmarks for future benefits. Next, run a proof of concept. Cloud-based services can launch
and be evaluated within short time
periods. The pilots provide real-world
demonstrations of how automation
can impact the submission process, integrate with downstream software, and
fit into employees’ work processes.
Technology is constantly changing and
insurers are faced with the pressure to
operate faster and more efficiently. Fortunately, there are many options available
to help them find the solutions that will
improve their processes and provide the
data they need.
Dan Pitcher, CPCU, is a property and casualty transformation leader with Cognizant,
responsible for bringing new operations solutions to clients and has almost 30 years of
experience in the P&C industry. He can be
reached at Daniel email@example.com.
Ajoy Kumar Palanivelu is an experienced
insurance business architect and venture
solution leader for Cognizant’s proprietary
Optima Write solution suite. He has successfully led several consulting and transformational programs in the insurance P&C space
with a focus on commercial underwriting
and claims transformation programs.
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