Empowering brokers to strategically improve turnaround for submissions through technology-aided targeting of underwriter interests.
Traditionally, brokers have always faced challenges with underwriters in terms of acceptance of their submissions. Very often, discrepancies or alignment mismatches lead to higher rejection rates which have the potential to ultimately impact the reputation of the broker.
The best way to avoid this mismatch is to ensure that brokers capture factors that attract underwriters’ attention in their submissions with supporting evidence. However, over time, submission documents, especially highly important ones, have been subject to excessive amounts of complexity in terms of structuring. This renders them hard to decipher and creates a painful and time-consuming experience for underwriters.
Every underwriting initiative will follow a strategic direction in terms of what gets priority and importance from a submission. Brokers must crack this by ensuring that enough attention is drawn to points that highlight the readiness and worthiness of the submission with respect to underwriting strategies. Technology innovation can help them achieve desired levels of visibility for submissions.
Generating a captioned risk profile report by leveraging a diverse array of digital innovations such as AI, data analytics, and RPA will be essential in enabling the creation of submissions with a higher probability of acceptance during underwriting.