Evaluating the risk is always a challenging job for the Underwriters going forward as there are numerous issues and resolution for the issues(such as diseases and various different treatments methods). With technology advancement, the risk can be measured through the emerging concepts such as data from wearable devices, genetic profiling, and driving behaviors, predictive modeling analytics and some mortality indexes. This information along with the latest inventions in solving the underlying issues can be used to perform an evidence based underwriting. With large of amount of data from all different sources, an underwriter job will be extremely difficult without automation.
Automation is the key and it will help them to find more information and work efficiently and accurately in providing the solution to the problems. Automating the data from all …show more content…
Through automation hidden risk will avoided analyzing the historical data, claim patterns, risk can be predict more accurately. Automation schedule the reinsurance in a timely manner without human error and the reinsurance risk can be calculated dynamically and accurately by integrating data.
Underwriting is growing outside the company into the social media by getting feedback from the customers through surveys. With information available online now an underwriter doesn’t need to stay in their desk anymore. With a mobile phone and network connection they can sit with brokers and policy holders to discuss the policy issue and can come up with premium remotely. With data storage enhancements such as cloud, the underwriters can now store and access the data efficiently remotely and they can share them with anyone
Automation is the key and it will help them to find more information and work efficiently and accurately in providing the solution to the problems. Automating the data from all …show more content…
Through automation hidden risk will avoided analyzing the historical data, claim patterns, risk can be predict more accurately. Automation schedule the reinsurance in a timely manner without human error and the reinsurance risk can be calculated dynamically and accurately by integrating data.
Underwriting is growing outside the company into the social media by getting feedback from the customers through surveys. With information available online now an underwriter doesn’t need to stay in their desk anymore. With a mobile phone and network connection they can sit with brokers and policy holders to discuss the policy issue and can come up with premium remotely. With data storage enhancements such as cloud, the underwriters can now store and access the data efficiently remotely and they can share them with anyone