Modern working arrangements have accelerated the move to digital submissions. Triaging digital submissions manually leads to multiple inefficiencies and high opportunity costs. Concirrus’ submissions module can help manage digital submissions by automating data ingestion, validation, and risk assessment in minutes. By doing so, it helps tackle a high-volume of business proposals accurately and place business effectively.
Gain a holistic view of performance
Leveraging technology to manage digital submissions drives collaboration and informed decision making within an underwriting team. It can also capture a wealth of data relating to performance and submission source. Understanding the relationship between source and decision helps determine what improvements can be made to increase performance. Concirrus captures this data in a dashboard, outlining the status of prospective business, hit rate, broker contribution and the quality of risk written/declined.
“When I was underwriting, reports were manually created and sent to us on occasion. This dashboard allows anyone in the team to access up to date management information on performance at any time. If there are strategic events coming up that require specific data, like broker value meetings, you can use filters to focus on relevant information and structure your approach.” – Sam Mellett, Senior Product Manager at Concirrus
Fig1: Summary view of submissions dashboard
Understand value, stage, and source
Understanding the aggregate status of prospective business helps determine the capacity of the underwriting team. The view reflects the workflow present in the submissions management module, giving a real-time update of business status. This includes the relative value of business across the submissions workflow.
Fig 2: Graph showing the value of premium across the submissions workflow
Capturing business written, not won, or declined provides a hit rate. The hit rate is the percentage of business written relative to all business considered. This value can be broken down by source, giving a list of brokers providing the most desirable business. These brokers can be targeted for future business development, growing the overall share of business they provide. Brokers that provide business which is consistently declined may not understand current appetite and require consultation to improve the quality of business they submit.
Does business quality align with strategy?
Applying our pricing model reveals the risk score of business considered. This is included in the submissions dashboard, breaking down the quality of risk written, lost, or declined. Scoring business helps align everyday decisions with underwriting strategy. If most of the risk being written has a low score, then a threshold can be set saying business within a specific score range is to be considered. Doing so can lead to more desirable business being written and a better performing portfolio.
Fig 3: Graph showing the risk score and status of completed submissions
“The type of risk being written has a huge impact on portfolio’s. The level of data that underpins our risk scoring capabilities means we can provide a strong assessment on the type of business presented. Seeing that you continually loose attractive business, or write low scoring business, can spark strategic decisions in the short-term, creating a more agile operation” – Sam Mellett, Senior Product Manager at Concirrus.
Why is business lost or declined?
Reasons for declinature or loss of business are captured as part of the submissions workflow. Collating this feedback into one data point provides an aggregate understanding of why business isn’t won. This gives visibility to areas of the business that require change to become more competitive.
Fig 4: Graph outlining the reasoning behind business not won
Capturing underlying decision making can be lost in manual reporting, but as shown above, provides valuable insight that can be used to optimise performance.
The submissions dashboard is constantly iterated over time given customer feedback. If you’re interested in how our submissions module can help your business, visit our resource page or get in touch.