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Augmenting Decision Support for Underwriting and Claims

Augmenting Decision Support for Underwriting and Claims

The unique human factor of subjective analysis influences claims and underwriting outcomes, and therefore, creates unintended variability of decisions and inconsistency with target guidelines for claim settlements and underwriting pricing. Limiting or mitigating that variability requires the use of predictive algorithms.

Decision Support Services represent the convergence of predictive algorithms and automation technology to promote the value of historical data and limit the bias of human subjectivity. Advances in that convergence will help insurance organizations tap the unlimited potential of Decision Support Services.

CXOs must implement solutions that enable Decision Support Services for both underwriting and claims – the two primary transaction processes that control inflow/outflow of capital.

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