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Property Casualty 360: Cognizant’s Property and Casualty Experts Outline Tips for Underwriters to Evaluate Cloud for New-Business Submissions

“Application submissions are one of commercial underwriting’s biggest time sinks,” write Dan Pitcher, a property and casualty transformation leader with Cognizant, and Ajoy Kumar Palanivelu, venture solution leader for Cognizant’s proprietary OptimaWrite solution suite. “Most quotes are a jumble of formats and paperwork that keep underwriters from getting to more important tasks like risk analysis.” Excerpts:

“Automating new-business submissions can help underwriters save valuable time. Instead of a burden, new-business submissions can become a competitive advantage.

Here are four steps to evaluate the cloud’s potential for an organization’s new-business submissions:

1. Understand the company’s current new business process and the associated time and expense. Map out the firm’s current underwriting processes. Mapping provides an invaluable birds’-eye view of the new-business process.

2. Determine value opportunities for the organization. It is critical for underwriters to be able to spot their best prospects.

3. Identify the business benefits. Don’t be wowed by technology. Make sure the technology works for the organization. Tally the benefits to be realized. Decision-making becomes more objective when based on the analytics that digitized processes can generate. Analytics speak for themselves, so they can help ease the traditional tensions among underwriting, agents and sales distribution.

4. Build a business case and run a pilot. Engage a partner who can assist the organization with both steps. Build a business case that identifies pain points and opportunities for the organization and also establishes benchmarks for future benefits. Next, run a proof of concept.

Technology is constantly changing and insurers are faced with the pressure to operate faster and more efficiently. Fortunately, there are many options available to help them find the solutions that will improve their processes and provide the data they need.”

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