How We Help Underwriters Operate More Effectively
The challenge for underwriting in the specialty lines market is the lack of affordable software sophisticated enough to deal with the wide range of use-cases encountered by underwriters in the specialty space. Senior management also wants to control authorities in order to manage risk and profitability. Andovia's platform offers powerful means with which to manage the process.
Authorization Levels and Controls
Andovia's systems enable a robust level of control over the underwriting process to help optimize the business performance.
- Underwriter Authorization levels to be managed and controlled by the administrator
- Underwriter Authorization levels to be operationalized at multiple levels
- Underwriter’s current authorization level to be presented during the quote process
- Underwriter’s current authorization level to be limited by the underwriter’s workflow authority and force escalation of work to authorized underwriters for review
- The System to know if the underwriters are exceeding their limits and can escalate for review. This is a valuable safeguard.
- The underwriter escalation automation is expeditious in order to avoid loss of business
Underwriter Task Automation
The following features help to drive up underwriter productivity and effectiveness:
- Premium adjustment of the policy risk, at all coverage levels, is automated. This reduces the amount of time it takes the underwriter to negotiate and dial in a risk / Premium ratio that will win the business and control the level of risk so the new business protects the margin goals
- The originally quoted premium is always available, so the difference between the rated premium and the underwriter overrides is always transparent during the quoting process
- Correspondence template management and generation of proposals, policies, and declination letters. The system will leverage existing desktop templates and automatically data merge quote and or policy variables to eliminate the need to manually generate business correspondence
- Underwriter workflow triggers can be enabled to escalate underwriter cases to the underwriters with the correct levels of authority.This ensures timely responses to business submissions required to improve quote-to-close ratios.
- The system will also interface with the premium reporting system and produce auditable summaries of the policy and the booking instructions used to book premiums.
- The system also allows the underwriter to create quoting templates for specialty niche markets to increase the productivity of servicing new business requests.