underwriting

Even within P&C Commercial lines, Workers’ Compensation insurance is a unique niche. The stakes, if not higher, are at least different when you’re insuring not buildings and vehicles but human beings. People. Can you imagine a more unpredictable risk, or one that contributes in more ways to your success? ... Read More >
It is predicted that by 2020 there will be 30 billion Internet of Things (IoT) devices - a 31% year-over-year increase from 2017. The global market value of IoT in 2020?  Well, it’s projected to reach $7.1 trillion by 2020. ... Read More >
The conversation around insurance underwriting, particularly in complex environments like commercial lines, has been active over the last few years. Underwriting teams are finding it necessary to adapt to a changing universe that requires faster, more accurate quoting. This requires using an ever-growing pool of data resources that are only getting more complex themselves, while also serving as the front line for agent and broker relations. ... Read More >
Betterview provides high resolution images and data on risks from drones, satellites, and manned aerial vehicles to support more accurate underwriting and claims handling. With access to better data throughout the property insurance lifecycle, insurers can better assess damage, mitigate risk, and make better decisions. In essence, a better view of risks. ... Read More >
The three main use cases FRISS supports are: FNOL Fraud Detection – detects fraud during creation of the claim. For example, a staged loss or similar previous claim.  Referred to the Special Investigative Unit (SIU) – FRISS provides case management tools which allow the SIU team to assess alerts and manage the claims until its closure. Underwriting – fraud can be prevented by feeding back into underwriting claim history based on inputs like driver’s license.  ... Read More >
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.... Read More >
Earlier this month, users of Guidewire Underwriting Management (formerly FirstBest UMS) gathered in historic Newport, RI for three days of underwriting technology discussion, idea sharing, and an official welcome to the Guidewire family.... Read More >
“Business and IT must be aligned for your software implementation to succeed.” How often have you heard that old truism?  But on most projects, that really means, “The business should clearly articulate what it wants, then twiddle its thumbs while IT does the hard work.” And that makes sense when the key difficulties are all about the code: APIs, integrations, configuration, etc. But what if the tougher issues are really for the business side to resolve?... Read More >
When I think of new, modern policy systems, or even modern systems in general, I think of an environment where much of the recurring tasks are increasingly automated - from validation to basic responses. Inevitably, this leads to an image of a whirring box where information goes in and decisions come out. Efficient and consistent, but 'faceless'.... Read More >
I've noticed a marked contrast among underwriters - between those less seasoned, who show a growing eagerness in underwriting automation techniques, and the more experienced underwriters, who express their reservations. The latter group points to the perceived pitfalls of relying too much on technology and the inability of those newer to the role to match the value of instinct that is gradually acquired over time.... Read More >

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