In the two previous posts in this series, I discussed the struggles that ABC Insurance’s customer service representatives had interacting with customers and agents. The CSRs didn’t have timely information available to them, and they didn’t have Morgan—the Smart Core™ that helps them make smart and effective business decisions throughout the insurance lifecycle.
So, Morgan is smart and gets smarter over time. But just how smart is it?
In a matter of minutes, Morgan can process a claim, either making a payment or routing it to an experienced adjuster.
When a claim is reported, Morgan gathers the facts of the loss, the policy detail, and loss history. Then it orders additional information, such as police and C.L.U.E reports. In most cases, Morgan authorizes a rental car, sends the claimant’s car to a body shop, calculates the estimates, and issues a payment. In cases where there is a severe bodily injury, potential for litigation, an opportunity for subrogation, or potential fraud, Morgan routes the claim with all details to an experienced adjuster.
For most insurers, a large majority of claims (up to 50%) are simple, and Morgan can either make the payment or route the claim to a knowledgeable adjuster, all in a few minutes. The number of claims directly processed in this manner increases over time as Morgan gets smarter. For insurers with a large volume of claims, the resulting efficiencies of such straight-through processing by Morgan is huge.
Morgan can also quickly underwrite a commercial policy—either by binding and issuing the new policy, or routing it to an experienced underwriter.
After receiving an underwriting submission, Morgan will gather all the necessary property details and perform a risk assessment. Then it will do a pricing analysis and generate a quote, which is sent for acceptance directly to either the agent/broker or the consumer. When the quote is accepted, Morgan prepares all of the policy documents, binds the quote, and issues the policy. If Morgan cannot process the submission at any point in the workflow, it will transfer details to an experienced underwriter.
Today’s insurance knowledge workers spend far too much time on repetitive, mundane work that offers little value to the policyholder or agent. They often make decisions with limited information or they need to aggregate information from multiple systems. Morgan changes this dynamic by making knowledge workers more efficient and effective, enabling them to invest more time in strategic work and apply their expertise and experience in more strategic ways. In addition to just using data analysis for smarter decisions, insurers will begin to make their products and services smarter by enriching them with data. In essence, Morgan enables Smart Insurance.
Morgan is not the future; Morgan is here now. Are you ready?
Guidewire’s Satyen Paneri and Brian Retson will participate in the Connections 2018 breakout session titled “Smart Core: The Future of Core Systems” on Monday, October 15, at 4:45 p.m. in Lafleur #1 at the Wynn Las Vegas.