Outsource Underwriting for Property and Casualty Insurance

Underwriting for Property and casualty Insurance

Our property & casualty underwriters can evaluate your operations while appraising its application for commercial or personal insurance

Property and casualty insurance provides the tools to manage property-related uncertainty and loss, thereby providing vital professional and personal protection to the people involved. This segment of the insurance industry provides protection for physical properties, such as houses, cars, commercial properties, etc. and protection against any subsequent legal liability.

Underwriting for property and casualty insurance is an extremely important step in the modern insurance world. This is because increasing competitive pressure, changing customer requirements, etc. are driving P&C insurers to rethink their existing operating models, implement more customer friendly strategies and revamp existing processes. Our property and casualty insurance underwriting services can help you regain your competitive advantage while working towards a more profitable growth phase.

Our Property and Casualty Insurance Underwriting Services

In property and casualty insurance, underwriting excellence is directly related to the insurance company's performance. In recent research conducted by McKinsey's Journey Analysis, it was concluded that there is significant variability among top insurance companies and that operating results has the greatest impact on the overall financial performance of the company.

By helping our clients focus on underwriting excellence, we can help you streamline your processes and service your customers in the best possible manner. By focusing on portfolio steering, capacity optimization, pricing adequacy, and designing the coverages, we cut down on what is not required while providing you with all-round solutions for all your underwriting needs.

Our P and C back office solutions include -

1. Underwriting Decision Optimization Services

Underwriting Decision Optimization Services

We leverage advanced predictive analytics and sequence workflow algorithms to triage the submissions based on multiple probability indices. With our intelligent processes in place, we ensure your underwriters can focus on key accounts thereby leading to more profitability. Some of the key elements of our service include -

  • Improved risk selection
  • Smarter workflows
  • Optimized resources
  • Accurate quotes
  • Access to better business metrics

2. Automated Email Assistant

Automated Email Assistant

Emails are by far one of the most unorganized bits of information for any underwriter. Our AI-powered email assistants can automate the entire lifecycle of the emails you get, including those for new policies and renewals. By learning from your inbox, our AI-based assistant can process unstructured content and the attachments and uses NLP (Natural Language Processing) to interpret all the material. Thereafter it applies the rules set by you or your workplace to qualify the submissions before the underwriter even sees the mail, thereby bringing in a lot of efficiency to the process, while reducing the probability of errors.

3. Underwriting Operations Automation

Underwriting Operations Automation

The manual effort involved in the underwriting process takes a significant amount of time and reduces productivity. Our insurance underwriting operations leverage advanced AI-driven workflows to reduce the manual load associated with mundane day-to-day tasks and core operations. Our solutions include -

  • Automated document intake
  • Prioritization of tasks
  • Business process routing based on complexity
  • Multi-departmental hand-off processes

4. Underwriting Acquisition and Enrolment

Underwriting Acquisition and Enrolment

As the property and casualty underwriting service provider for many Fortune 1000 companies around the world, we can support your revenue growth by serving as an extension of your existing underwriting team. By taking care of your backend tasks as well as offering a team of support underwriters who are licensed to work in more than 50 states in the US, we can take care of underwriting, communicating quotes, process premiums, etc. with ease.

5. Finance and Accounting Support Services

Finance and Accounting Support Services

When you outsource underwriting for property and casualty insurance to us, our team of finance experts helps to drive efficiency for your organization by handling multiple F&A tasks. This allows your team to focus on improving the quality of the current processing while reducing costs and gaining enhanced transparency. We can take care of the following -

  • Accounts receivable
  • Accounts payable
  • Account reconciliation
  • Billing and collections
  • Actuarial support
  • Finance reporting

6. Document Management and Underwriting Support

Document Management and Underwriting Support

We have a team of experts for providing high-quality underwriting support and bring in significant efficiency gains to your process, thereby enabling you to grow your business in a short amount of time. Our team of experts can also further automate the submissions and quoting process as well.

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Insurance Software we use

Vertafore Nexsure Aspire InsurancePro HawkSoft Agency Matrix Applied Agency Management Newton Agency Solution Agency Systems Insly SEMCAT A1 Tracker Jenesis Agent & Broker Software (ABS) SIBRO 1app - C2MS Insurance Software AgencyIntel QQCatalyst

What Sets Our Team of Underwriters Apart?

Our underwriters have had years of experience across multiple P&C portfolios and can help profitably underwrite your properties while keeping the risk in check. We have evolved with changing coverage needs and new risks and can work with any business model and exposure traits. Some of the key skills our team of underwriters brings to the table include -

  • Ability to blend qualitative analysis with quantitative analysis
  • A forward-thinking approach towards risk exposures and how they can change over a duration of years
  • Access to an in-depth management information framework that offers an eagle-eye view of the entire portfolio
  • Ability to provide account-level guidance on target rates and renewals with real-time corrective action being a hallmark of our services

Over the duration of the project, our team of underwriters follows an expansive list of factors that can change your underwriting decisions and can provide a comprehensive report on the same too. These factors include -

 Loss History
 Accident Record
 Fault
 Commercial/Personal Risks
 Property Losses
 Liability Losses
 Non-Verifiable Record
 Condition of Property
 Age and Value of the Property
 Occupancy of the property
 Neighborhood
 Age of Insured
 Social Maladjustment
 Criminal Record
 Mental Incompetence
 Related Business

Other Services You Can Benefit From

Why Outsource Underwriting for Property and Casualty Insurance to FWS?

At Flatworld, our insurance underwriting experts have the know-how and the experience which directly translates into high-quality underwriting management. Our focus always lies on translating market developments and our operational excellence into actionable processes for you. By partnering with us for P and C insurance back office, you can benefit from the following -

  • Strengthened Customer Experience

    Customer experience is the core of all insurance services. Our underwriting professionals constantly strive to improve your operational efficiencies, while delivering consistent reporting for all your key metrics, which in turn ensures you can service your customers better. We also help to improve your methods of data capture and consolidation even when we have to work with multiple reporting platforms. All of this translates into better services for your customers.

  • Better Operational Efficiency

    Prior to engaging us as their property and casualty underwriting service providing company, our clients predominantly leverage a labor-intensive task force to complete their day to day tasks. As such, their underwriting cost per application is significantly higher. We aim to streamline these processes and significantly reduce standard operating times. We help to consolidate, standardize, and automate your processing activities while reducing manual errors and eliminating rework.

  • Comprehensive Operational Support

    Are you concerned about missed proposal opportunities due to significant bottlenecks in your underwriting pipeline? Are you unable to bring a consistent level of service among your underwriting team and duplicate similar functions across multiple groups? By prioritizing transformative growth and refocusing your staff, we eliminate all waste in your existing business processes. We can -

    • Remove redundancies and duplicate your existing processes
    • Streamline the entire data/risk calculation process by implementing AI-powered actuarial software
    • Develop better accreditation processes and training programs for your underwriting team
    • Implement centralized monitoring systems to report on policy processing in real-time
  • Enhanced Cash Flow

    Our expert underwriting services can help you revitalize your cash flow and reduce costs across your organization. We do so by effectively handling the bulk of routine transactional work. We also enhance your current processing times while constantly focusing on better quality, transparency, and bringing in new digital methods to handle overworked channels.

  • Applied Analytics

    We leverage the latest in analytics and modeling to identify the key drivers which impact your quote volumes and identify the incremental impact of external factors leveraging the power of data. We can work with multiple variables such as -

    • Dependent Variables

      • Quote volumes received from existing customers
      • Quote volumes received from prospects
    • Independent Variables

      • Clicks, keyword strength, and search, ads, paid and organic search, etc.
      • Macro-economic indices for the area such as cost of living, etc.

Client Success Stories

Flatworld Provided Insurance Services for US-based Insurance Agency

Flatworld Solutions Provided Insurance Services for US-based Insurance Agency

Flatworld Solutions provided support to manage an insurance database to a US client. Additionally, we assisted in the management of insurance accounts and AR functions.

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Flatworld Provided Policy Checking for US-based Insurance Service Provider

Flatworld Solutions Provided Policy Checking Services for a US-based Insurance Service Provider

Flatworld Solutions helped in speeding up the process for a US client with policy checking services. The services were provided at cost-effective rates in quick TAT.

Read more

Partner With FWS For Outsourcing Underwriting for Property and Casualty Insurance

If you feel that your underwriting process needs rethinking, then you need our help. We think as a process transformation company first and as a service provider second, and our entire focus lies in ensuring we can help you optimize your workflow and reconnect with your clients on a more personal basis. We specialize in rebuilding and rethinking your processes and turn them into smarter, more aware ones with the help of technology.

Contact us right now to understand more about our offerings and how we can help you get back to profitability.