The insurance industry is inundated with data from a variety of sources and providers. With the introduction of new and varied data sources, underwriters are challenged to collect and combine the right mix of available data and strategically and appropriately apply it to risk assessment, customer experience, and policy turnaround time. The traditional underwriting processes is reliant on underwriters who are tasked with manually collecting, combining, and reviewing documentation. The reality is that highly skilled resources have limited capacity to consider historical performance or past experiences due to the manual effort involved in review of documentation. The end-to-end process to generate a policy can take up to 10-20 business days.
KPMG Intelligent Underwriting Engine is an Azure-based solution that helps businesses develop and assess risk profiles and calculate premiums with KPMG’s Signals Repository and Cognitive and Predictive Engines.
KPMG Intelligent Underwriting Engine gathers and aggregates data from external sources and applies cognitive capabilities to infer from data meaningful signals and “cause and effect” indicators of risk. This allows for a customer-focused operating model that reduces the time to generate policies and allows skilled human resources to focus on complex pricing, products, and risk profiles.
Intelligent Underwriting Engine – business value
Underwriting for all types and sizes of insurance-related businesses faces a future of digital transformation. KPMG Intelligent Underwriting Engine responds to the need for better risk insights and faster underwriting lifecycles by providing an Azure-based solution that “listens” to big data real-time to identify risk factors and delivers policies to customers quicker via a digitized platform.