Digital underwriting is a smart, adaptive response to in-person restrictions during the pandemic, but the enduring business case is even more compelling.
Leaders at insurance companies have known for a long time that technology developments and shifting consumer expectations would drive some big changes to underwriting in the life, long-term care, disability, and Medicare supplement markets. Accelerated underwriting—an insurtech solution that instantly aggregates and interprets vast amounts of existing applicant data for risk assessment—is already augmenting and enhancing traditional underwriting methods with many carriers. Automating decisions is a prospect that was becoming more intriguing to insurers who want to explore both the predictive and protective value of a data-driven solution, but then the COVID-19 pandemic hit, and suddenly the luxury of gradual adoption fell away.
Whether or not the pandemic is forcing your hand, there are several solid business reasons to embrace accelerated underwriting now. C-suite-level decision-makers across the insurance industry are discovering that when they plug into our Irix® underwriting engine to automate most applicant decisions, they find groundbreaking efficiencies and cost savings without compromising (and often improving) accuracy.
And it’s these efficiencies and savings that can help clear the way to the coveted, multi-billion-dollar, underserved middle market while modernizing your risk management and decision-making workflows. Watch this short video to see how accelerated underwriting with Irix can help drive your insurance business forward.