It shouldn’t be surprising that Group Insurers are looking to grow. The challenge is – How to grow profitability?
Whether it’s speed to market, underwriting consistency, improving pricing or reducing expenses, all group insurers need a flexible underwriting environment that can easily respond to market changes and increase customer satisfaction and retention. Yet, many are using aging technology and manual processes.
To help accomplish profitable growth, group insurers can make some key changes.
First, group insurers need to automate underwriting processes and eliminate manual work activities. They need to avoid removing the underwriter from the process, rather optimize the amount of resource that is needed based on the product, line of business and complexity of each transaction.
Second, case management can be used to guide underwriters, ensuring compliance and providing end to-end visibility into all facets of the underwriting process. Insurers can review the status of submissions, quotes and renewals in real time and know where additional work is needed at any point in the lifecycle. This consolidated view of work-in-process also helps insurers manage, underwrite and price risks with greater accuracy.
Third, with a truly reusable underwriting application that simplifies and streamlines submissions and accommodates the unique requirements of each line of business, insurers can deliver the agility needed to rapidly adapt business processes to changes in market and regulatory conditions.
Yes, group insurance will remain an extremely competitive market but making some key technology investments can lead to a profitable book of business!
Download the 6 Core Building Blocks of a Group Benefits Underwriting Application eBook to discover six technology “building blocks” needed for a next-generation underwriting solution that will provide the power and flexibility to streamline underwriting, offer exceptional customer experiences, and increase sales.