Most of the insurance businesses around the world lose a good deal of their revenue in underwriting related challenges. But with the help of the technology and software systems, insurance businesses can increase their revenue minimise the challenges and issues in the underwriting.
Challenges Our System Solve
There are a number of issues that make the underwriting task difficult. If these challenges are not addressed, they can lead to revenue loss in the business. With the help of the insurance policy management software, the following areas are streamlined:
Before the underwriter can access the details of the policy of the applicant, he/she needs to have access to the complete information of the applicant. When the insurance business is using general insurance software, the entire process is automated and digitalised.
All the information is filled by the applicant through an online portal which is verified and sent to the underwriters. Because nobody has to check the details manually, there is no probability of error.
In case of an insurance broker software, the system automatically verifies that there is no missing signature, no document is incomplete, and others which might prevent the underwriter to take more time than necessary.
Disclosure of Information
Many people try to fool the system by not fully disclosing their information in their application form to avoid higher premium on the insurance policy. In the absence of a system like life insurance system, the responsibility falls on the shoulders of the underwriter to have not verified the data.
By using insurance broker software, the underwriters can avoid situations of adverse selection. By automating the life insurance issuance system with the help of the life insurance software by Amity, you can avoid selling out life insurance policies to people with a high-risk lifestyle.
The medical insurance software makes sure that no health insurance policy is sold to a person with a highly volatile medical history.
Risk Assessment Rating
Risk assessment of the insurance policy is the most important part of any underwriting process. To identify the risk associated with selling the insurance policy to an applicant is where the entire operation lies.
If the insurance business is not using general insurance software or life insurance software, there is a high probability of error. Where there is an error, there is a business loss and revenue loss. Using the underwriting solution caps these errors, automates the process and makes sure that the proper risk assessment of the policy is presented to avoid any loss.
Insurance Claim Management Made Easy
The task of life assurance software, health assurance software, and insurance software for brokers is to make the process transparent, reduce the probability of fraud, and automate the end-to-end operation to cap losses.
Using the underwriting solution developed by Amity Software, you get all the processes digitalised so that there is no manual paperwork involved. The system can be accessed from anywhere by the admin. For more details on how this solution can raise your revenue by 3X, read more about our insurance management software.