Survey lists top underwriting priorities
By Gary Linnell
ProWEB Wire (Industry News)
When it comes to underwriting, faster turnaround times and easy and efficient collaboration with agents top the list of priorities, according to a recent survey released by FirstBest Systems Inc.
Survey respondents were made up of 45 insurance professionals with IT responsibilities at large and mid-size U.S. carriers.
When asked to "rank the aspects of the underwriting process that can be most influenced by technology, based on your company's priorities," 36 percent of respondents cited improving collaboration and ease of doing business with agents; 28 percent answered consistent application of underwriting guidelines and discipline; 18 percent said improving underwriting productivity and quality; 13 percent listed efficiency of underwriting process and workflow; and 7 percent said integration of third-party Web services.
Meanwhile, when asked to "rank the ways that improving underwriting operations can most benefit your company in boosting underwriting and collaboration," 31 percent listed faster processing and turnaround time as the top benefit; followed by improving service with clients (27 percent); market growth (24 percent); increase book of business (14 percent); and leverage senior underwriter knowledge (4 percent).