Capability Dimension 3:
Platform Strategy
Thoughtful modernization of underwriting loss control workflow is a key strategic lever to drive up underwriting profit. Carriers operating at Level 4 have a single end-to-end digital workflow platform strategy that helps them manage the entire inspection program with multiple inspection types and multiple inspection vendors with a standardized set of underwriting guidelines and risk quantification framework. A unified product experience offered through a robust underwriting workbench helps increase underwriting efficiency and deliver a better user experience for their underwriters. The platform also provides underwriting teams with the capability to optimize and adjust their guidelines quickly based on emerging risk events and changing business conditions and respond quickly to data requests for regulatory audits.
At the lower end of the spectrum, we see carriers struggling with siloed integrations with inspection vendors, day-to-day operational challenges managing these workflows, legacy solution challenges, limited system capabilities, and a high total cost of ownership. These one-off workstreams also create significant challenges for their underwriters to function effectively and their ability to drive innovation.