ValueMomentum’s Post

Name: ValueMomentum on LinkedIn: #underwriting #innovation #ai #insurance #valuemomentum
Uploaded: 2024-12-05T16:31:03.412Z
Duration: 1 min 42 s
Channel: ValueMomentum
Description: How can underwriters spend less time on admin and more on evaluating risk? Nitin Motlag, VP of Product & Underwriting at ValueMomentum, shares how carriers are driving efficiency with automation, AI, and analytics to enable smarter, faster decisions. #Underwriting #Innovation #AI #Insurance #ValueMomentum

ValueMomentum

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How can underwriters spend less time on admin and more on evaluating risk? Nitin Motlag, VP of Product & Underwriting at ValueMomentum, shares how carriers are driving efficiency with automation, AI, and analytics to enable smarter, faster decisions. #Underwriting #Innovation #AI #Insurance #ValueMomentum

Transcript

Both agents as well as customers, they are expecting or rather demanding higher efficiency and quick decision making. Traditionally, the underwriter spends about 40% time in administrative task. How do we bring that 40% administrative time, make it available more for underwriter so that underwriter can spend more time on the risk evaluation, risk monitoring, risk control kind of activities which are more valued to the carrier. Rather than just going through the traditional way that is achieved through multiple ways, more digital self-service capabilities. More straight through processing, more automation in terms of our decision making, whether it's underwriting decisions or it is renewal decision or it is a rating decision. What it requires is not enhancements or implement automation of a core system, but overall ecosystem that will include external data that will include internal data analytics in today's world. It will also include Jania I kind of tools. It provides you some kind of a predictive and proactive ways to monitor, communicate, measure all this underwriting parameters. If you evaluate the race properly, if you look at some of the. External data as well as some of the AI and data-driven analytics and come up with some kind of a predictive and proactive monitoring of that risk. That is where a lot of carriers are focusing more on the underwriting innovation.

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