In today’s fast-paced insurance industry, digital placing has become a crucial component for enhancing underwriting efficiency and accuracy. As the landscape evolves, carriers face numerous hurdles that need to be addressed to stay competitive. Let’s take a look at some of the current challenges, opportunities, and benefits of digital placing, along with the latest trends impacting underwriters’ efficiency.
CHALLENGES
Business Challenges: The proliferation of e-placing platforms, such as Whitespace, PPL Next-Gen, and PlacingHub, has led to underwriters spending increasing amounts of time logging into multiple systems. This fragmentation can often result in missed relevant placing data, especially when submissions come through common inboxes or emails. Additionally, carriers must navigate new market modernisation obligations, such as global ePlacing initiatives and Blueprint 2, which require continuous adaptation to stay compliant.
Operational Challenges: Underwriters receive submissions from various sources, raising security and operational considerations. The lack of connectivity between systems necessitates re-keying data, leading to inefficiencies and potential errors. Additionally, an absence of straight-through processing means that back-office teams, such as credit control or claims, lack visibility into the underwriting pipeline. Different data formats and processes across external placing sources further complicate the workflow, making it challenging for underwriters to manage risks effectively.
Technology Challenges: The diverse formats and structures of data received from different platforms pose significant issues. Each platform manages risks differently, requiring underwriters to learn and adapt to various processes. Carriers that have made significant investments into new UW workbenches or policy admin systems may find these applications often operate in silos, lacking outward-facing connectivity. This isolation hinders the seamless integration of data and processes carriers are looking to achieve, limiting the overall efficiency of underwriting operations.
OPPORTUNITIES & SOLUTIONS
Opportunity: E-placing Connectivity – To address these challenges, creating two-way automated integrations with placing data platform is essential. This connectivity can ensure risks are managed effectively, the right documents are placed in the correct locations and underwriters can focus on core tasks. Data standardisation is crucial to providing consistent information across systems for all downstream processes, alongside the normalisation of disparate processes for a unified approach, regardless of the risk source, further streamlining operations.
Solution: WCL’s enabledPlacing Product – WCL’s enabledPlacing product offers a comprehensive solution by aggregating risk placement data from any placing digital source, such as Whitespace, PPL Next Gen, PlacingHub or proprietary broker platforms, and makes this data available consistent format. The product features a user interface (UI) for underwriters to use as a light workbench, but the end-goal for most carriers will be to utilise the API capabilities for headless connectivity into downstream systems. The solution also provides a level of future-proofing, allowing the onboarding of any new/entry platforms with minimal disruption, ensuring that underwriters can focus on their core tasks of managing risks and building broker relationships.
Benefits of Implementing enabledPlacing
Business Benefits: Implementing enabledPlacing results in a single core underwriting system, providing consistent processing across the board. This increased efficiency allows underwriters to focus on placing more business rather than administrative tasks. Better underwriting outcomes and stronger portfolio management are achieved, along with improved reporting. The streamlined process enhances overall business performance, driving growth and success.
Operational Benefits: Operational efficiency is significantly improved, with data flowing seamlessly to downstream systems. The elimination of data re-keying enables straight-through processing, ensuring that documents and data reach the necessary teams without manual intervention. Automated data capture from submissions allows for comprehensive portfolio analysis, helping carriers make informed decisions about future risks and opportunities.
Technology Benefits: From a technology perspective, enabledPlacing allows IT resources to focus on core systems without worrying about external APIs. The optimized workbench provides a single pane of glass for all risk placements, reducing the need for multiple systems. This approach also helps reduce technical debt, as carriers can outsource connectivity processes and avoid the complexities of maintaining numerous integrations.
Give yourself an edge
Digital placing offers significant opportunities for enhancing underwriting efficiency and accuracy. By addressing the challenges faced by carriers and leveraging the latest trends in technology, such as AI and cloud computing, insurers can streamline their operations and improve their overall performance. WCL’s enabledPlacing aggregation product provides a comprehensive solution, enabling carriers to manage risks effectively and focus on their core tasks. As the industry continues to evolve, staying ahead of these trends will be crucial for maintaining a competitive edge, driving growth and fostering innovation
NOTE: This blog contains content from a WCL webinar titled, “The Future of Digital Placing: Enabling Faster, Enhanced Underwriting.” Click here to access.
