Reuse

The knowledge of the best underwriters by capturing and building their insight into the underwriting process, boosting discipline, and speeding training of the next generation of underwriters
Best practices and discipline—leveraging the rules, configurability, and automation power of a flexible underwriting platform. Adjustable underwriting rules supporting scale and response to market changes are essential.
Back-end systems that might otherwise be replaced by leveraging their remaining value and eliminating costly, redundant features
Account-level data to inform the underwriting process for a specific risk—leveraging other lines of business written and relationships across the organization

Recycle

The (big) data you already have, including claims data, to better price risk now and into the renewal process
Account data across the book of business and put it in the hands of underwriters and actuaries to better reflect the degree of risk; for instance, "Is it a landscape business that expanded to include tree removal? Does the new exposure place the risk into a new category deserving of a rate increase based on carrier results in that class?"
Risk, analytics, and third-party information across lines of business and across the enterprise using account-based underwriting

Michelle Smith, Vice President of Program Management and Product Development at OneBeacon Professional Insurance, is working to ensure that underwriters have the full array of historical and new data they need. "We have recently deployed an underwriting management system and the resulting one-view desktop approach puts all rating informants and risk analysis data at our underwriters' fingertips. This system allows us to utilize existing information while also incorporating new data to make more timely and sound underwriting decisions. Operating within this framework provides us with a more consistent, streamlined workflow. Questions are considered and addressed throughout the process, decreasing the possibility of extensive last-minute changes and allowing us to more effectively and efficiently service our brokers."

Special Reports /

Enterprise Underwriting: Reduce, Reuse, Recycle

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