Underwriting Perspective: The Right Time for Straight-Through Processing
Now, more than ever, the insurance industry is taking rapid steps toward innovative approaches that will increase the efficiency of traditional processes and keep customers satisfied. With a hardening market and increasing policy prices, the events of 2020 acted as a catalyst for carriers and managing general agents (MGAs) to find new ways to not only remain profitable, but to also increase the speed to quote as effectively as possible through straight-through processing. The successful players have been achieving efficiency and time savings by expanding their technological initiatives either internally through the creation of innovation teams, by partnering with third-party providers, or through a combination of both.
One of the most important parts of the insurance process is when a submission is evaluated by the underwriting team and a decision is made to reject the submission or to offer a quote back. The first step of manually entering submission document information into the underwriting system is not only time-consuming, but also ineffective for a carrier or MGA that wants to remain successful and competitive in 2021 and beyond. For that reason, we conducted a case study with Tangram Insurance Services, one of our partners that has been leading in the MGA space and has found the right way to dramatically increase the efficiency of their submission process.
Introduction: Tangram Insurance Services, Inc. is a national insurance program manager with in-depth expertise and specialized capabilities in a variety of industries. Tangram has been partnering with top insurance carriers to deliver niche insurance solutions for nearly 20 years. As part of Tangram’s relentless pursuit to be the best program partner in the industry, they are continually seeking ways to provide better service to their insurance broker and carrier partners...
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