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Article: Automation Advantage.(automated underwriting)(Industry Overview)
- Article from:
- Best's Review
- Article date:
- March 1, 2001
- Author:
CopyrightCOPYRIGHT 2001 A.M. Best Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Insurers who aren't afraid of change can benefit customers, agents, reinsurers and themselves by automating the underwriting process.
Robert F. Kennedy said, "Progress is a nice word. But change is its motivator, and change has its enemies." In the insurance world, the enemy to change often comes from within. The most resisted change in the automation of insurance processes is the automation of underwriting decisions. Many underwriters still believe that underwriting is more art than science. Some companies, however, have recognized the many advantages to automating processes, including underwriting. These advantages affect both the loss and expense sides of the ...