AUTOMATED UNDERWRITING
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AUTOMATED UNDERWRITING The MEM way! Monica Salmons
description
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. - PowerPoint PPT Presentation
Transcript of AUTOMATED UNDERWRITING
AUTOMATED UNDERWRITINGThe 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
• Pass the Q&A for the business description
• E-Mod <1.50• No Schedule Rating • Standard Tier Only• Pass All Other Screening
Quote Process AgentEnters
Submit for
Quote
Quote Offered
Agent Accepts
Policy Issuanc
e
Issue ProcessAgentEnter
s
Submit for Issue
Policy Issue
d
How to Make it Work? Electronic application modificationsScreening rules for both eligibility and
acceptabilityAutomation of quote creation and quote
offerAutomation of policy issuance
Application Entry
Exposure Evaluation
Exposure Evaluation
How to Make it Work? Electronic application modificationsScreening rules for both eligibility and
acceptabilityAutomation of quote creation and quote
offerAutomation of policy issuance
Quality Control
ScreeningNotes to
Underwriters
Post Automation Endorsemen
tsAudits Quality
ChecksSystem
Restraints
Measuring Opportunity
Measuring Success
Evaluating the Automated
Digging Deeper
ResultsCustomer Service
Savings
Capacity Improvement
Questions
