Changes in the insurance industry have recently resulted in increased efforts to ensure new data points and pricing logic can be leveraged to maximize outcomes. This means that insurance underwriting processes need to catch up.
By combining both engagement and transactional capabilities within a single platform, insurers can improve time to value and increase tactical and strategic agility. In order to achieve these business goals, it’s crucial to use a platform that can adapt.
Salesforce is the answer for cutting edge underwriting solutions.
Salesforce’s engagement technologies are now infused with Salesforce Industries’ (formerly Vlocity) core underwriting capabilities, including:
- Rules engine based off of the Insurance Product catalog
- Underwriter Workbench tool
- Guided process flows
When combined, these capabilities improve user and customer experience, as well as increase transaction speed. Which, in turn, also influences customer satisfaction.
Configuration meets customization
Oftentimes, industry standard processes and workflows can be downloaded from the Salesforce Process Library to speed implementation times — providing the most value in the least amount of time. These technologies are almost always configurable, which puts end users in the driver seat.
With common configurations in place, users are empowered to customize their Salesforce instance to streamline their underwriting process.
A few standard strategies include:
- Leveraging the product catalog to drastically reduce Not in Good Order (NIGO) documents
- Introducing automated underwriting for the most manual underwriting requirements, prioritized by business value.
- Including underwriting follow-ups into external portals to be consistent with the rest of the broker or insured experiences.
- Setting up the group policies features seamlessly in the enrollment system.
- Leveraging captured data, including those from IoT or other third-party sources, to decrease cohort size to more precisely align risk and price.
For insurers who have technology solutions that lack a few of the capabilities listed above, the architecture can be modified to leverage your existing investments.
The benefits of an improved underwriting process
Insurers who provide the right tools for their underwriting teams help ensure decreased risk, improved ROI, and increased customer satisfaction. Not to mention shorter time from quote to policy by removing paper processes and automating standard flows.
And with all that in place, it becomes easier than ever to maximize outcomes.
If your team is ready to revamp your underwriting solutions, the experts at Silverline are ready to help.