Application submissions are one of commercial underwriting's biggest time sinks. Most quotes are a jumble of formats and paperwork that keep underwriters from getting to more important tasks like risk analysis.
Automating new-business submissions can help underwriters save valuable time. With intelligent scanning and rules-based engines, cloud-based technologies can convert quote data into standard formats. There's no rerouting, re-reviewing and rekeying. Instead of a burden, new-business submissions can become a competitive advantage.
There's no question that while the cloud has evolved rapidly, carriers maintain real concerns regarding the technology's performance, data integrity and reliability. Here are four steps to evaluate the cloud's potential for an organization's new-business submissions:
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