Automated underwriting is being used by insurance companies to streamline the underwriting process. Business Insider Intelligence
Insurance companies that leverage advanced technology to automate the policy underwriting and risk assessment process will likely remain atop the list of their competitors. The process of streamlining insurance underwriting is known simply as: automated insurance underwriting.
We ve broken down how this process works, while noting how some companies are already reaping the benefits throughout the insurance value chain.
What is automated insurance underwriting?
Automated insurance underwriting is the process where robotic process automation (RPA) and artificial intelligence (AI) software underwrites the risk of potential clients. The advanced tech uses AI and machine learning (ML) to evaluate risk, decide how much coverage the client should receive, and how much they should pay for it.