ABACUS INSURANCE UNDERWRITERS MANUAL
Learn how underwriters saved hours of manual document creation time. Within seconds, HotDocs generates a customized document tailored to the circumstances and using the precise required language. To create a new document, the underwriter simply goes to the HotDocs portal, selects the appropriate template and answers several questions about the applicant. HotDocs allowed them to create a library of shared HotDocs templates including letters, policy amendment notifications, policy riders and endorsements. Underwriters were spending hours editing standard documents to reflect the customer name and include specific contract language and clauses. A Fortune 500 insurance provider with an underwriting staff of 1,000 employees found the manual creation of forms and correspondence was ripe for improvement. Life insurance underwriting is a fairly complex process, involving a significant amount of correspondence between the insurance company and the applicant. Read about how AXA XL Insurance automated policy issuance and improved customer service. This was also a benefit for non-policy issuance staff as they could access these documents as a reference without having the ability to amend them, thus the integrity of the documents was protected. Policy libraries were created, with templates for base policies and their associated endorsements. AXA XL deployed HotDocs to transform insurance policy issuance. Data entry staff would type specific policy details, client names and policy numbers – a time-consuming and error-prone approach. Global leader AXA XL Insurance ran a manual process for issuing thousands of insurance policies. Automation allows insurers to dramatically improve profit margins and deliver a higher level of customer service that builds loyalty. Insurance companies are embracing document automation to increase efficiency and reduce costly errors. From the initial application to underwriting, reinsurance and claims processing, nearly every document process can be automated.ĭocument automation can be a game-changer for insurance companies. HotDocs document automation is transforming business workflows in insurance companies.
Automating the insurance document process In this highly regulated market, insurance companies must quickly deliver large volumes of error-free policies and contracts in compliance with existing laws and company policies. This is especially true in the insurance industry.
Organizations constantly look for ways to streamline operations, save time and stop relying on manual processes. Details of these links are available within our Underwriting Portfolio section.Įuna Underwriting is an underwriter for UK domiciled risks only.According to WorkMarket’s “2020 In(Sight) Report: What AI and Automation Really Mean For Work, “70% of business professionals report that they spend up to 40% of their time on routine tasks like searching, modifying and sending documents. In addition to traditional open market Underwriting we also provide access on selected products to bespoke online Quote and Buy facilities whereby policies can be quoted and bound on-line by our brokers. We have built a reputation for delivering exceptional service to our select broker panel for whom we blend our technical underwriting expertise, professionalism, and approachability in order to build enduring relationships with brokers nationwide. Consequently, we have deals in place to ensure that the majority of our capacity is committed to supporting us in the long term with a 5 year deal in place with our main carrier, Accelerant. Our capacity providers have chosen to back us due to the knowledge and experience we have across all sectors and the fact that we have demonstrated over a number of years that we have the ability to work closely with our brokers to write a superior book of business. Our policy wordings are bespoke to Euna Underwriting and help set us apart from other MGAs in the same underwriting space.
ABACUS INSURANCE UNDERWRITERS FULL
Euna is an MGA that operates similarly to an insurer, maintaining full operational control and the ability to provide immediate underwriting decisions which allows us to provide a speedy, first-class fast service to our supporting brokers.
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