Policy underwriting is the single most complex and specialized function in the entire insurance life cycle. With the changes happening in customer experience management, usage of analytics in decision making and micro segmentation to attract the best clients, insurers across the globe have been focusing to transform the policy underwriting function. Many underwriting platforms fail to keep pace with the company needs and changing markets. There are opportunities to automate and improve underwriting accuracy.
Virtusa understands these challenges along with the business trends and the insurers’ needs. The focus of underwriting transformation is:
- To assist in effective decision making by providing a comprehensive view of information
- To support the legacy migration to new platforms
- To integrate with predictive and prescriptive analytics for better underwriting decisions
- To increase growth by enabling underwriter productivity with real time dashboards and collaboration