Technology helps the Modern Underwriter
Technology advancements over the past decade have dramatically changed the way many insurance companies run. The insurance industry has been a leader in using new technology to analyze data helping to make more accurate claims predictions and drive better risk selection. By looking at claims and gauging hundreds of risk and environmental characteristics, the modern underwriter has a myriad of information to help make better underwriting decisions.
Lower Premium Cost
Different technology models can lower the cost of premiums by targeting profitable market segments discovered through data analytics. By lowering premiums in the right segments, you can gain profitable business and improve underwriting results. Too many reinsurers demand increases rates without analysis.
Technology and data analysis takes a lot of guess work out of coverage needs but by using a computer to analyze current data not only are insurance and reinsurance needs more accurate, but quotes can be done in seconds. By having a quick turnaround time on coverage, agents gain efficiency in doing business with your company.
With the ability to modernize the processing and claims process insurers are now able to expedite service while keeping claims expenses down. Centralized data collection and analysis allows more time for customer satisfaction and understanding the renewal needs of your agency and customers.
When you use technology, you open your time up to focus on customer satisfaction. By having time to speak with your clients to find exactly what they are asking for it is more likely you can find a more custom insurance or reinsurance plan.
About Mutual Underwriters
Mutual Underwriters is an insurance administrative services and managing general agency headquartered in Carmel, Indiana. The company mission is to provide management expertise, product development, underwriting expertise, and strategic advice to small insurance companies, Mid-size insurance carriers, MGAs, and Program administrators. Our objective is to help these organizations modernize and thrive.