The advent of automated underwriting software systems offers the opportunity for increased efficiency, while reducing underwriting errors and costs. Traditionally, underwriters have that had to invest a great deal of time in manual underwriting, relying on sometimes imperfect and outdated data, while having to enter information across multiple systems. One example of the new, automated systems is the CoverDock insurance program for cargo insurance.
Benefits of Automated Underwriting Systems for the Underwriter
When underwriters have access to real-time information, they are able to make better risk assessments.
Some additional benefits of automated underwriting systems include:
- Elimination of errors through the automatic interface with other relevant input systems
- Automated generation of reports
- Allows generation of multiple quotes
- Access to historical account information
- Quick processing of applications
Benefits of Automated Systems for the Insured
Automated software systems also provide benefits for insurance professionals to offer their clients. In the example of the CoverDock insurance system for cargo insurance, the insured is able to access the system on a 24/7 basis, allowing him to:
- View a certificate
- Report a loss
- View a claim status
Automated software underwriting systems afford insurance professionals the opportunity to offer better service to their clients through faster turnaround time in processing applications, on a cost reduced basis. Underwriters have better access to real time information and can, in turn, provide customized quotes in real time.