Group Insurance Underwriting Software: Benefits and Key Features

When it comes to the insurance industry, a huge number of tasks, both routine and complicated, need to be completed regularly. One of the most vital aspects of the insurance business is underwriting. A lot of rules and risks need to be cross-checked in multiple phases of the underwriting procedure. The case becomes even more complicated when it comes to group insurance.

Ten times more attention and precision are required to assess and negotiate the risks associated with granting policies to a group rather than a single person. Although the task can be daunting, group insurance underwriting software can help with its automated underwriting tools and advanced risk assessment technology. It can thus ensure profitability by quickly making decisions and completing tasks faster.

Benefits of employing underwriting software for group insurance

Group insurance is sometimes more complicated to execute than individual insurance policies. Insurance underwriting in itself has to follow many strict rules, protocols and risk clearance measures that may incur errors when done manually. The case may get worse for group insurance, as a manual workforce may prove insufficient to evaluate so many profiles and assess risks associated with each. Automated software for group insurance underwriting can dramatically improve the efficiency of the underwriting department. What group insurance underwriting software will bring to the table is greater speed and accuracy. Let us now look at the key benefits of insurance underwriting software for group insurance–

1. Revenue growth– Insurance underwriting software helps to drive revenue growth by helping sales personnel and brokers earn and retain more business through real-time collaboration. Users can get a clear idea about what information needs to be given to get the policy approved before generating proposals and quotes. This improves quote-to-bind ratios and reduces the need for follow-ups.

2. Reduced costs– Insurance underwriting software decreases the additional time wasted in back-and-forth communication between underwriters and sales assistants with a unified interface. Duplicate entry and systems are not needed with automated underwriting and paperwork is reduced. This also saves additional costs for maintaining documents.

3. Risk management– When it comes to manual underwriting, the limited capability of a human workforce may open the door to greater risks. Such a large volume of documents cannot be sifted through manually with absolute accuracy. However, underwriting software can eliminate risks to a great extent by leveraging automated workflow. Automation helps to enforce underwriting rules more consistently and ensures compliance.

4. Faster response– As technology keeps changing the scope of business, automated underwriting software is a dynamic tool for insurance companies to stay relevant in the era of digitization. Companies can respond to change faster with a cloud-based, centralized platform and APIs to enable integration with 3rd party core systems and other components.

5. Improved productivity– Integrated underwriting software provides an underwriting dashboard capable of giving real-time access to information needed to make decisions. It helps to streamline communications with integrated messaging, notes and assumptions related to quotes and proposals. The functionality is designed to speed up decision-making by sharing documents and automating requests for missing information.

Key features of integrated underwriting software for group insurance

Group insurance underwriting platforms help to eliminate manual intervention with intelligent, easily navigable software. Rule-based automated underwriting can be done, reducing manual errors. It also helps to better adapt to regulatory requirements and dynamic business needs. End-to-end policy issuance can be automated for enhanced experience of users. It also reduces wait times for customers and enhances satisfaction. Here are some of the salient features of automated software for group insurance underwriting –

■ Defining benefits and rules- Underwriting software makes it easy to define benefits and establish rules for quote accuracy and compliance. User-configurable rules engines can support special permissions, workflows and authority levels.

■ Seamless information intake to decision making- Underwriting software provides a centralized platform for all information, accessible in real-time to make decisions faster.

■ Risk management- Advanced underwriting software can prevent quotes not meeting underwriting standards from being accepted.

■ Checks and validation- Duplicity checks, anti-money laundering, fraud, blacklisting, and other checks can be performed with advanced software for underwriting.

■ Self-service solutions– Self-service portals are also available via cloud in underwriting software, configurable with legacy systems and third-party core systems.

Conclusion

Group insurance underwriting can be a tedious task when performed manually. However, with automated insurance underwriting software, routine tasks and risk checks can be performed with just a few clicks, streamlining underwriting operations for faster service. Cloud-based self-service features also ensure a communicable interface for transparency between departments, helping to process information faster and give timely results.

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