3 Keys to Proactive Underwriting

Posted by Cogitate us on November 30th, 2023

What is the advantage of insurance technology built by insurance people? It has been designed with a passion to solve problems and meet your needs based on real-life experiences by people who have held your roles. Those who have done the job of producer, underwriter, product manager, CFO, and CIO, know firsthand the functions and features that impact speed to market and your ROI at a granular level. Welcome to Cogitate and an introduction to future-ready underwriting on a modern policy administration platform.

The following describes key elements of the intelligent underwriting workbench critical to managing the profitability of your book of business while excelling in the marketplace. We support a new balance between art and science in underwriting with tools to reduce premium leakage, make smarter pricing and selection decisions, and transition to a ‘predict and prevent’ model in a world of growing risk and uncertainty.

Stop the Premium Leakage & Reduce Loss Frequency You don’t know what you can’t see, and you can’t always trust what you’re told. That is an unfortunate truth — and why data validation is critical in the elimination of policyholder and agent leakage. The application of third-party data provides you with a source of truth to validate those data points most critical to your underwriting decisions. Real-time data prefill functionality also eliminates input errors and conclusions drawn from outdated information, which can lead to underwriter leakage. The integration of structured and unstructured data to enable advanced analytics in underwriting — before you accept the exposure — remains a challenge for the industry. The intelligent underwriting workbench solves this with its strong ecosystem of pre-integrated data sources, predictive modeling, and a flexible rules engine to facilitate automated recommendations based on your risk selection criteria and the data you want to rely on most. The advantage of the API-enabled platform is the ease of integration with API-enabled data partners and best-in-class solutions of your choice. This includes your billing and claims systems, for unified data sharing and 360-degree policyholder risk attributes for true exposure visibility. The extensibility of the platform is critical to future integrations as new data sets and solution providers emerge to further support underwriting risk assessment.

Driver & Vehicle Intelligence in Auto Lines POV from Confianza Undisclosed drivers represent a risk you are not being paid to take.

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