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P&C Insurers Are Inconveniencing Their Customers

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In our latest content series for P&C insurance providers, we discuss the five main underwriting challenges. This post dives into how an insurer overcame the fourth challenge: low customer satisfaction.

The underwriting process is notorious for being manual and time-consuming with limited access to high-quality data. Since this can leave clients unsatisfied during one of the first interactions they have with the insurer, it comes as no surprise that 68% of insurers surveyed by Deloitte are prioritizing technology that improves the customer experience. 

One insurer knows this all too well. Their underwriting process and policy administration system was rife with manually-intensive work, paper forms, and complexity. Intake processes, systems, and even customer questionnaires varied by channel (phone, web, agent, self-service), while limited upfront data validation and remediation meant going back to the customer for more information throughout the underwriting process.

The insurer sought to develop a robust paperless solution that would allow agents to independently perform submission, quote, bind, and issue processes regardless of region or product. A fully digitized underwriting and policy administration system would allow the provider to lower its administrative load, amplify agent productivity, and deliver a better overall experience—while also addressing the fast-changing coverage and high touch experience needs of its affluent clientele.

Unqork’s no-code platform enabled the insurer to take complete control of the development of their end-to-end digital underwriting and policy administration system. Here is what they achieved:

Enhanced customer satisfaction through no-code

In record time, the insurer launched a digital solution that fully automated underwriter workflows. Mobile features added the capability for rapid responses and approvals. Iterations were also a breeze. Now, their technology team can easily add updates with daily enhancements to address the evolving needs and preferences of its agents and their customers. 

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By eliminating back-and-forth, the insurer saw a 73% efficiency gain in the quoting process and an 83% efficiency gain in binding/issuance, enabling them to more quickly service their customers. While this can be credited to the automated process, the increase in agent independence actively played a role as well. Previously, agents relied on the insurer’s back office for most processes; this new application allows them to rapidly receive indicated rates and, in most cases, issue a policy themselves. 

By eliminating back-and-forth, the insurer saw a 73% efficiency gain in the quoting process and an 83% efficiency gain in binding/issuance, enabling them to more quickly service their customers.

In fact, agents can lead customers from quote to bind to issue in a matter of minutes (a 90% reduction in time to quote), completely transforming the customer experience. Here are the other benefits the insurer has achieved since implementing their digital policy administration system:

  • Created intake and quoting capabilities for 5 products in 12 weeks with only 5 resources 

  • Delivered a highly-automated agent-facing policy administration system in 6 months

  • Increased quote-to-bind ratio by 10% 

  • Lowered expense ratio and operational risk with automation and controls

  • 100% paper-free processing

Click here to learn how Chubb modernized their tech stack with Unqork

To learn more about how Unqork can be leveraged in your insurance organization, schedule a personalized demonstration with one of our in-house experts. Also, sign up for the Unqork newsletter and stay tuned into the latest no-code developments.