What is Automated Underwriting?
Underwriting is the process of taking a customer’s relevant personal information and using it to come up with how much insurance to provide and at what rate. These days, insurance customers expect to get the best-possible rate delivered to them within minutes of providing their details, no matter if they are in the market for life, home, motorcycle, car, or some other form of insurance. By generating claim decisions algorithmically, automated underwriting helps the industry keep pace with the consumer’s expectations.
The modern automated insurance underwriting process is powered by Robotic Process Automation (RPA) and Artificial Intelligence (AI). Using a customer’s credit history, insurance telematics, and other personal data like driving records, insurance applications generate automated claim decisions and applicable interest rates.
What Are the Advantages to an Automated Insurance Underwriting System
There are plenty of advantages to using an automated underwriting system when working with claims management software, especially with Mendix’s PaaS solution. When comparing manual underwriting versus automated underwriting, an automated process is not only quicker, but it also increases customer satisfaction, reduces costly errors, and saves money and paper.
Digital insurance companies and insurtech firms can develop several different enterprise applications for both consumer and internal use on Mendix’s platform, with automated underwriting just an example. Insurance innovations are easier to build through Mendix’s model-driven development platform, and new applications roll out fast with Mendix’s App Accelerators built specifically for the insurance industry. Let’s take a look at a few other ways to accelerate insurance product innovation with Mendix.