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AUTOMATED UNDERWRITING

AUTOMATED UNDERWRITING. The MEM way! . Monica Salmons. Why? . Cost Savings Capacity Customer Service . Where to Start?. Risk Analysis Volume Analysis . Who to Automate? . Eligible . Acceptable. Premium < $5,000 Governing Class Code Online Applications.

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AUTOMATED UNDERWRITING

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  1. AUTOMATED UNDERWRITING The MEM way! Monica Salmons

  2. Why? • Cost Savings • Capacity • Customer Service

  3. Where to Start? • Risk Analysis • Volume Analysis

  4. Who to Automate? Eligible Acceptable • Premium <$5,000 • Governing Class Code • Online Applications • Pass the Q&A for the business description • E-Mod <1.50 • No Schedule Rating • Standard Tier Only • Pass All Other Screening

  5. Quote Process

  6. Issue Process

  7. How to Make it Work? • Electronic application modifications • Screening rules for both eligibility and acceptability • Automation of quote creation and quote offer • Automation of policy issuance

  8. Application Entry

  9. Exposure Evaluation

  10. Exposure Evaluation

  11. How to Make it Work? • Electronic application modifications • Screening rules for both eligibility and acceptability • Automation of quote creation and quote offer • Automation of policy issuance

  12. Quality Control

  13. Measuring Opportunity

  14. Measuring Success

  15. Evaluating the Automated

  16. Digging Deeper

  17. Results • Customer Service • Savings • Capacity Improvement

  18. Questions

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