New Underwriting Strategies to Look Out For In 2018
With the convenience of technology, it has created higher expectations. The more things that can be automated or get done quickly, the faster your customers expect other aspects to get done. The insurance industry has seen this happen in many areas from automated payments, taking pictures and emailing their carrier and setting up an account and finding a policy online.
A great example of this is the improvement of underwriting processes. Many insurers are looking at these strategies for 2018:
- Putting it under one plan: Rather than having a different insurance company for your health, home, auto, life and other coverage, you can get it all done under one roof.
- Get mobile: By making it easier to get a new policy via mobile, companies can now reduce the cost of their plans because their cost per acquisition is drastically reduce. Rather than having to run thousands of ads on television and radio, you can now use mobile advertising to get immediate traffic and conversions, saving companies millions a year in advertising.
- Telematics: Rather than guessing numbers, you can now use new technology like telematics to get a more accurate account of the time, miles and area a vehicle is on the road. This data allows you to create a more customized plan for the client in a shorter period of time. This tool is becoming extremely popular in the commercial sector as businesses and insurers are able to collect valuable data throughout the year from trucks and company vehicles especially when a claim occurs.
Technology strategies such as telematics are ways to not only ways to automate and optimize the underwriting process though allow insurance companies the opportunity to receive more accurate information about customers. These strategies are helping to improve the insurance industry