3 Learnings To Successful Commercial Underwriting
How to prevent fraud throughout the full policy lifecycle with data-driven real time decisions
Too often, insurers work in silos not able to release the power of their own data from claims to underwriting or from underwriting to claims. Wouldn’t it be great to see the whole portfolio across personal and commercial lines? What if this could be updated in real time, so the decisions you make can be informed by the most up to date version of your portfolio possible.
Why is this important?
- Regulatory Compliance: make sure you are able to understand who is entering your portfolio in real time and stop being you aren’t allowed to do business with from entering your portfolio
- Fraud Detection: real time network analytics allows you to spot bad actors at any part of the process, new business, MTA or during a claim.
- Understanding your customer: there is a difference between Knowing Your Customer and knowing your customer. Going beyond what you have to do for compliance to understand the interactions the stakeholders in your customers have with other businesses in your portfolio will help you make more informed decisions. Supplementing this with detailed business information will help you make a more informed risk selection decision and price more accurately.
Read more about this in our ebook about the power of using real time data across the customer lifecycle.