The growing popularity of simplified underwriting products is stoking the evolution of applications which have developed from basic digitized copy in PDF format to platforms that can mirror the intelligence of an experienced underwriter.
PDF electronic applications based on paper forms are still in use, but more and more insurers are adopting a tool fuelled by metadata analysis and artificial intelligence. They are flocking to solutions that let advisors sell policies faster and enhance clients’ experience. They are also harnessing machine learning to minimize bad risks.
Equisoft CEO Luis Romero cites studies that show that electronic applications (e-apps), particularly smart forms that guide advisors through the questions, generate savings for insurers. Such forms contain fewer errors, so insurers can ask for fewer details. “Savings are optimized if the e-app is integrated in an insurer’s pricing and underwriting engine,” he says.
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