Xceedance enabled a U.S. insurance carrier to streamline its underwriting processes, minimize errors while maximizing the volume of accounts, and build a profitable book of business.
A large U.S. insurance company mobilized its senior underwriters to write commercial general liability and auto policies. Since there were no underwriting assistants, tasks such as the pricing and analysis of policies were relegated to senior underwriters. The insurer wanted its senior underwriters to focus on critical deliverables such as business development and constructive interactions with the insureds and brokers. The company sought an experienced and knowledgeable partner who could facilitate underwriting assistants to update and take charge of the experience-rated pricing models.
Collaborating with the insurer’s senior underwriters, Xceedance created a team that could build pricing models, input actual loss data, and update the models at renewal. The team leveraged its deep knowledge of auto and general liability coverages, coupled with comprehensive technical expertise in the context of pricing models. Xceedance launched the formal program after conducting a preliminary three-month pilot program. The Xceedance team collected a large volume of data by utilizing SQL. This data was utilized to improve and refine the pricing model inputs on a continual basis. Their onsite presence and frequent exchanges with the client allowed the Xceedance team to surmount workflow challenges and communication bottlenecks. Xceedance now handles eighty percent of the insurer’s pricing activities, with the eventual goal of facilitating a hundred percent of the submission-to-pricing underwriting deliverables.