In today’s rapidly changing insurance environment, the ability to compete is about more than just keeping pace; it means reinventing how insurers’ operations work. For commercial insurers, success requires simplifying complex processes, eliminating inefficiencies, and freeing underwriters to focus on what matters most in delivering a customized, seamless customer experience.
The ServiceNow FSO now introduces an integrated underwriting desktop that integrates instruments, data, and workflows into one cohesive system. This helps insurers cut the operational chaos, speed their decision-making, and get the much-needed flexibility to thrive in a turbulent insurance market by enabling seamless commercial underwriting and claims management.
This article looks at some of the challenges providers face in the commercial underwriting process, how ServiceNow approaches these challenges, and the tremendous benefits that come with the solution.
What Are the Friction Points Holding Providers Back When It Comes to Commercial Underwriting?
- Manual Processes (Highly Inefficient)
Most of the submissions are received by underwriters via email, necessitating them to manually input information into Rate Quote Issue (RQI) systems. This process is time-consuming and prone to errors, leading to a snail-paced workflow and bottlenecks within the system. These minor inefficiencies make it tough for underwriters to concentrate on key tasks, which would affect overall productivity and precision.
- High Submission Volumes (Hard to Manage)
A large amounts of submissions, combined with resource constraints and fragmented internal coordination, often means a large number of submissions go un-responded to—typically 30% to 40%. This inefficiency not only wastes potential opportunities but impacts relationships with brokers, who expect timely and reliable responses as well.
- Slow Turnaround Times (Lost Business)
In the highly competitive and complex area of the commercial insurance market, speed is everything. Brokers depend on rapid submission turnaround to stay competitive and secure deals. Delays in underwriting lead to lost opportunities as brokers shift to carriers that are faster and more efficient in response.
What is ServiceNow’s Digital Underwriting Platform?
The ServiceNow Digital Underwriting Platform is an end-to-end solution to eradicate all inefficiencies in underwriting operations by embracing a platform-based approach. It unifies data from core systems, RQI systems, and other middle- and back-office systems on a single, intuitive user interface. The integrated platform simplifies workflows, allows for true collaboration, and equips the underwriters to be more productive.
How Can ServiceNow Transform Your Commercial Underwriting and Claims Management?
- Streamline Submissions with Automated Declines Using Third-Party Data
ServiceNow automates third-party data and key field information to decline submissions that are not a fit for your criteria. This way, underwriters will have more time to review qualified quotes rather than unqualified quotes. The result? Increased capacity to handle more quotes and an improved quote-to-bind ratio, ultimately driving greater efficiency and profitability.
- Optimize Underwriter Productivity by Prioritizing High-Value Submissions
With advanced decision builders and work assignment tools, ServiceNow allows the prioritization of high-value submissions. This will enable underwriters to concentrate on the most important work, which will, in turn, increase the submission response rate and smarter use of resources. This targeted approach helps insurers improve productivity while ensuring timely responses to brokers.
- Enhance Transparency with Improved Submission Tracking and Visibility
ServiceNow integrates data from disparate sources, providing underwriters with clear visibility into the submission life cycle. Increased visibility and smooth interaction among underwriters and brokers contribute to greater transparency and rapid decision-making. This holistic approach strengthens broker relationships while streamlining the underwriting process.
- Speed Up Submission Clearance for Faster Decision-Making
ServiceNow accelerates the process of clearing submissions by allowing underwriters to assign tasks to other functions on a single platform. This not only enhances the employee experience through reduced manual workloads but also ensures quicker task completion. The result is faster turnaround times, enabling insurers to stay competitive in a fast-paced market.
What Are the Benefits of Utilizing ServiceNow for Your Insurance Operations?
- Simplified Insurance Experiences
ServiceNow simplifies insurance operations by creating a single interface that ties staff, policyholders, and partners together. It integrates data from systems across your organization, putting a seamless, end-to-end view of key processes into one place. Simplified processes reduce complexity, improve collaboration, and enhance the customer and employee experience.
- Agile Risk Management
ServiceNow consolidates fraud detection, risk management, and compliance into a single platform for the rapid protection of people and assets. The ServiceNow single-platform approach allows organizations to keep up with the evolution of regulatory requirements quickly through swift adaptation while keeping protective safeguards robust.
- Purposeful Automation
ServiceNow allows for smart enterprise enablement through one system of action that solves the digital sprawl prevalent in insurance companies. The automation and reduction of human errors not only reduce workloads from manual processes but also allow staff to pursue more viable activities that better support business growth.
- Organizational Agility
ServiceNow leverages advanced technologies such as RPA, NLU, and low-code tools that drive processes at greater speed and accuracy. Such innovations will save precious employees’ time, enable faster service delivery, and build experiences that delight both employees and customers, making your organization competitive and responsive.
Conclusion
The need to be competitive in today’s rapidly changing insurance environment is much more than pace; it’s about innovation. Insurers can overcome underwriting and claims management inefficiencies to develop end-to-end, lean, efficient, and customer-centric processes that improve operational performance while strengthening broker and policyholder relationships. ServiceNow FSO enables insurers to achieve these goals through better data integration, automation of workflows, and enhanced visibility on a single underwriting desktop. The result: faster decision-making, complete transparency, and agility in managing risks and claims.
At Xceltrait, we enable insurers to unlock the complete potential of ServiceNow’s Digital Underwriting Platform: automating the submission workflow, increasing visibility, driving frictionless collaboration operations, eliminating inefficiencies, and delivering great customer experiences. Ready to change your underwriting and claims management? Contact our ServiceNow experts today and take the first step to building a smarter, more agile insurance operation.
