UnderwriteMe: Infusing Intelligence into Underwriting Workflows
Paul Hughes, Head of APAC
The traditional approach to underwriting is being influenced by waves of digitalisation – some warranted due to the fear of stagnation and others due to constraints brought about by the COVID-19 pandemic. Underwriters are utilising more innovative solutions based on detailed risk profiles uniquely crafted to a customer’s needs. Adding data analytics and predictive modelling to the mix, underwriters can track specific patterns and trends in a customer’s behaviour. This enables an underwriter to make better judgments, set fair prices, and witness increased profits. Alongside data analytics and digitalisation, artificial intelligence enhances the customisation of underwriting functions by allowing policies to be priced, sold, and bonded in near real-time and even when health conditions complicate the underwriting process. UnderwriteMe —a life insurance technology specialist—not only acknowledges these proactive developments but also provides a smart, simple, reliable, and integrated solution set that combines simple rule design, integrated testing, and rapid deployment to offer underwriters a greater sense of control. Consequently, UnderwriteMe’s technology enabled its clients and partners to continue their underwriting process even during the pandemic with greater efficiency.
The firm was launched as a protection platform in the UK in 2012; since then, team UnderwriteMe has worked its way up the ladder in underwriting protection, securing over 25 per cent of the protection market with its solutions. Through its underwriting engine, the company provides an API for insurers to automate underwriting processes in their business.
UnderwriteMe has a specialised team in Singapore that offers local market expertise to develop suitable underwriting rules and assist the life and health insurance companies with the underwriting process.
Among the leaders competing for supremacy in the insurance marketplace across the APAC region, UnderwriteMe stands tall as a bespoke engine that includes all of the essential rules and tools for customers to realise a solid start in underwriting avenues. The company ensures the engine positively impacts a client’s business practices and risk tolerance scores by working alongside them consistently. “Our technology is empowering clients by providing the ability to make changes very quickly and deploy those changes back into the marketplace,” states Paul Hughes, Head of APAC for UnderwriteMe. Case in point, the company has helped insurance agencies stay open for business even in the pandemic, enabling clients to procure insurance cover effortlessly. “Helping people is probably the most important aspect of what we do, and UnderwriteMe is here to assist everyone in becoming protected,” adds Hughes. Driven by this notion, the company has managed to be placed at the pinnacle of NMG’s survey for the highest customer satisfaction in all of its operating regions.
We continue to evolve the process and make sure that we can stay relevant to our clients, ensuring that we enhance our relationship with clients
Also, for its clientele in Asia, the company’s engine overhauled the underwriting process by transforming a manual procedure that might take up to two weeks into an automated workflow that offers financial calculations/ advisory instantaneously. In addition, UnderwriteMe has significantly reduced the time spent on the manual underwriting procedure for its clients in the APAC region. “We are enabling clients to accelerate their underwriting process by redesigning a process that took two weeks or perhaps several days for completion. Now, it is nearly instantaneous or completed under a minute,” states Paul. Moreover, the underwriting engine is highly adaptable and flexible, making it easy for clients to adjust a risk parameter quickly. The firm teaches clients how to view, comprehend, and continually improve the engine and enhance their customer’s journey.
UnderwriteMe has recently implemented an augmented decision module (ADM) in its engine, thereby allowing life and health insurers to assess the secondary evidence of patients and augment the underwriting process. To ensure a better process, the firm employs modern technologies such as AI, text mining, and active labs to train the engine, analyse complicated medical reports, and assist insurers in making intelligent choices. “So we continue to evolve the process and make sure that we can stay relevant to our clients, all the while ensuring that we strengthen our relationship with them," states Paul.
Bolstered by its collective expertise in underwriting, automation, data analytics, and collaboration, the company has made great strides in the insurance industry and now owns 40 per cent of Australia’s protection markets. Currently, in Asia, UnderwriteMe assists renowned market-leading insurance clients such as Prudential Singapore and Prudential Malaysia , and FWD group of companies which testify to its utilitarian technology.
Description Underwriteme has developed a transformational underwriting engine for its clients to redefine underwriting workflows. The firm was launched as a protection platform in the UK in 2012; since then, team Underwriteme has worked its way up the ladder in underwriting protection, securing over 25 per cent of the protection market with its solutions. Through its underwriting engine, the company provides an API for insurers to automate underwriting processes in their business