Source: FICO

Date: January 2009

Type: White Paper

Rating: (3)

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Overview: Today insurance carriers are extending the efficiencies achieved through back office automation to point-of-sale (POS) decision making across all channels, including self-service websites, in-house sales and agent/distributor networks. New Decision Management solutions not only facilitate straight-through-processing, by improving the quality of inbound data, they also increase the accuracy, objectivity and consistency of underwriting and application decisions, even when business volume is rising rapidly. In addition, by providing deeper insights into loss risk, Decision Management enables carriers to expand risk tiers, assign more accurate pricing and rapidly bring innovative products to new markets.

These improvements in POS decision making are helping carriers substantially increase the amount of new business coming in through channels, with a high degree of confidence in the value of that business. Because Decision management provides an objective measure of potential loss and profit, it can also help in evaluating channel performance and improving channel management. Moreover, better application data means underwriting and new business staff no longer spend time correcting errors and chasing down missing information, which not only cuts costs but also frees up resources to focus on improving producer relations and results.

Decision Management, which works with existing rating engines, underwriting applications and policy management systems, can deliver these benefits across a range of insurance decisions.

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