Quote / Submission.
I am no prophet, but if I were to give you my opinion, I’d say the overall volume of Quotes is likely to rise. More and more players in the industry are turning to tech novelties like Algorithmic Trading, indirect impact of the rise of AI, a slow but steady closing of the underinsurance gap, an even stronger urge to preserve wealth and mitigate financial risks in these troubled times, all these are some of the causes of this possible trend.
Even the best Underwriting team with the most efficient Back Office support might eventually struggle with the potential increase in the influx of Quotes if not equipped with up-to-date tools.
Dealing with Submissions is especially important for Insurance Startups with clean claims slate. The initial stages of policy lifecycle must be carried out smoothly, so the Insureds and Brokers have a proof they placed their trust well.
Technology, apart from being a part of the cause, can also be the core component of the solution.
Together with Acini colleagues we have helped in setting up either a Direct-To-Customer, or Producer-assigned middle spot software solutions to collect and digest the #data to move promisingly looking Quotes & Submissions to further stages of policy life cycle circle.
This is a first post in my ‘Policy Lifecycle’ series, where I present the tech response for various issues that emerge on different stages during policy lifecycle. Watch my profile on Thursdays for more interesting content. hashtag#insurance hashtag#algorithmictrading hashtag#quote