Is your underwriting stuck on repeat?

Remember when Bill Murray woke up to a screeching alarm only to face the same day over and over again in the movie Groundhog Day? Are you stuck in that same cycle when it comes to underwritingapproaching it the same way as you’ve always been? It’s likely that your practices are “good enough,” so why make a change? Here’s why: Eventually, the lack of moving forward—into a new day—will hinder performance. You will lose a competitive edge by being stuck in the same mode and missing out on key data and analytics advancements to move your business forward. 

3 ways to jumpstart your underwriting in 2019

At a glance:

  • 2019 market conditions may mean that improvements in the underwriting process itself will play a larger role in overall underwriting profitability
  • There are some key ways insurers can improve their underwriting operations, speed to quote, and risk assessment
  • Data integrated into the underwriting workflow, new hazard and event data sources, and a modern underwriting platform, will all play key roles in underwriting performance

Is your underwriting process stuck on repeat? Let’s break the cycle with some help from Bill Murray

Earlier this morning, Punxsutawney Phil saw his shadow. And, you're probably thinking, "What does this have to do with my underwriting?" Just bear with the logic for a moment...Do you know how often Phil’s forecasts have been right? If he were right even 70-80 percent of the time, would you see animal predictions as rooted in science? A sound piece of data perhaps?

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