Unlock customer insights with next generation application collection

Unlock customer insights with next generation application collection

22 June 2022

Originally posted at MRS blog


Traditional underwriting workflows make data difficult to use.


Insurance companies where data warehouses before IBM came on the scene. The whole traditional underwriting workflow generates mountains of data. First, a customer fills out the application. Then, an underwriter supplements that data with a whole smorgasbord of supporting data during the process of securitization. Attending physicians provide medical records data. Banks provide data about financial health. However, in the past, the data has been siloed, which makes it challenging to work with.


Insurance leaders are prioritizing investment in data-related technologies.


Insurance leaders recognize the deficiencies in legacy data collection. In Deloitte’s 2022 Insurance Industry Outlook, nearly seven in ten insurers surveyed said they planned to increase spending on data collection and analytics technologies. It’s no wonder. Artificial intelligence (AI), machine learning (ML), and underwriting rules engines can drive growth opportunities, optimize operational efficiencies, and reduce costs. These next gen tools in insurance application collection and underwriting also make unstructured data more actionable.


Digital insurance platforms streamline and optimize data collection.


Customized underwriting platforms that integrate Fourth Industrial Revolution (4IR) technologies can be customized to listen to digital channels, recognize incoming applications, and classify them in order to begin processing automatically. Data from applications can be extracted and validated by rules engines, and errors or suspicious data can be detected before an underwriter ever sees it. At that point, the data becomes a part of a larger data pool – Big Data – that provides more learning opportunities for AI/ML, making future decisions even more accurate and rapid.


Insurance portals offer continued data collection and analysis beyond the insurance application.


After a digital platform collects initial customer data, it can continue to analyze customer activity to gain further insights into their motivations, challenges, needs, and insurance purchasing triggers. This empowers insurance carriers to truly customize insurance solutions at the one-to-one level of personalization, driving more sales and creating more opportunities for customer engagement.


Unstructured data may be key to customer retention for insurance companies.


Insurance portals powered by AI/ML and other 4IR technologies can also help carriers identify early warning signs of customer dissatisfaction. AI algorithms can be customized to use customer activity to predict dissatisfaction, which gives carriers a window to recognize and respond before customers are lost. Data that provides insight into customer dissatisfaction also provides revealing insights into what a carrier may be missing from their portfolio and what sort of training employees may need to enhance customer experience.


Make your insurance data actionable.


MRS solutions are tailored to your organization’s specific needs and powered by our customizable rules engine to provide individualized insurance underwriting solutions that enhance workflows. Our proprietary technology platform streamlines insurance application collection and provides customer insights that secure more future sales. See how our customizable contracting terms and cutting-edge technology can optimize your insurance operations. Request a demo today.

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