Lean Underwriting & Digitization - Independent Agent · 2018-05-15 · fields that are...

Lean Underwriting & DigitizationEOPC 2018

The information contained herein is CONFIDENTIAL and

PROPRIETARY INFORMATION of Swiss Re Corporate Solutions. This

document is intended for the exclusive use of authorized individuals

as Program Managers of the property and casualty insurance agents'

errors and omissions program. No one may share or disseminate any

information contained herein without the express written consent of

Swiss Re Corporate Solutions.

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Agenda

• What is Lean Underwriting?

• How is Lean Underwriting Established?

• Actions in Lean Underwriting

• Digitization

• Digitized Submission Process

• An underwriting process that enables underwriters to apply the right rigor to the right risks in order to deliver better service.

• Segmentation of risks

• Leveraging expertise, tools and automation

• Increased autonomy and empowerment

What is Lean Underwriting?

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• Segmentation of risks

– GAP

– Location

• Leveraging expertise, tools and automation

– Underwriting Experience

– Policy Decisions - AI

• Increased autonomy and empowerment

– Authority

– Ease of Business

How is Lean Underwriting Established?

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• Segmentation Analysis

– GAP Size

– Claim Frequency & Severity

• LOA Changes

– Retire LOAs (23), Change Frequency of LOA Trigger (9), Reduce LOA Level (31), and Change LOA logic rules (2)

– Trigger Critical LOAs and those associated with Loss Drivers

• Digitization - “SARA”

– Segmented

– Limited Application Questions

– Simplified, Automated Process

Actions in Lean Underwriting

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• What is “SARA”?

– Simplified New Business Submission Process

– On-Line Application Link

– GAP < $1,000,000

– Short Application

– Auto-Populates in PD - No Duplicate Entry

Digitization

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Digitized Submission Process

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SEND LINK TO PROSPECT

DIGITIZED APPLICATION COMPLETED

UNDERWRITING REVIEW

QUOTE

ISSUANCE

• Pre-Qualify & Target Segment – New Agencies, Established “Small” Agencies

• Email Application Link

• Request Resume/Business Plan (if applicable)

• Request Loss Run (if applicable)

Digitized Submission Process

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SEND LINK TO PROSPECT

DIGITIZED APPLICATION COMPLETED

UNDERWRITING REVIEW

QUOTE ISSUANCE

• Successful Completion of Application Required

• Assignment to PM Created in PD

• Confirmation Emails sent with pdf application

• Policy Decisions Populated!

Digitized Submission Process

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SEND LINK TO PROSPECT

DIGITIZED APPLICATION COMPLETED

UNDERWRITING REVIEW

QUOTE ISSUANCE

• Complete Risk Clearance

• Review Resume/Business Plan/Loss Run

• Review Rating

• Apply Risk Management Seminar Credit

• Document underwriting review in Notepad

• $2mil Max Limit; $2,500 deductible (Loss Only)

• Send any required documents to PIF

Digitized Submission Process

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SEND LINK TO PROSPECT

DIGITIZED APPLICATION COMPLETED

UNDERWRITING REVIEW

QUOTE ISSUANCE

• Issued by PM from Policy Decisions

• Standard E&O Quote form used

Digitized Submission Process

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SEND LINK TO PROSPECT

DIGITIZED APPLICATION COMPLETED

UNDERWRITING REVIEW

QUOTE ISSUANCE

Landing Page from Link – Applicant Info

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Used to navigate to Next screen

Part I – Agency Information

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Part II - Qualification Questions

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Part III - Procedural Questions & Limit Selection

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Application Review

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Opens completed application in pdf format for review prior to signature

E-Signature & Submit

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Submission Confirmation Display for Applicant

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Successful Submission: Application is in PD & Assigned to PM

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Kick Out: Message & Assignment to PM

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• Available for new business, in all states, for agencies with GAP <$1,000,000

• Agreement to contact prospect within 24 hours of submission

• Attend Upcoming Training Session

Who can use it?

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QUESTIONS?

CI BIZ

EOPC 2018

• A report can be executed from the opening screen after login

• The user is able to execute a report from this screen by clicking on a report name

Executing Reports

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– Each time a report is selected, the manage filter menu is displayed.

– The user can add or update a filter.

– Once the selection is made, if any, the user should click the Apply button.

Add Additional Filters

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Click to Add Additional Filters

• For reports listed under "Views", the user has the ability to add/delete the fields that are displayed in the report.

• An additional "Gear" icon will be present on the functional icons bar when a "View" is run.

Field Selection – "Views"

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Select Report Fields (other then defaults)

Click Arrow to display Report fields

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Exporting to Excel

• Export Report to Excel for detailed functionality

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Report Index

REPORT NAME : INFORMATION PROVIDED:

Form Usage Policy list containing specified forms/endorsements.

Policy Loss Run w/o Loss

Ratio & PremiumLoss Run for specified policyholder/policy number

Expiring Policies Not Quoted Policies Not Quoted based on specified expiration dates.

Solicitation - Agents Renewal

Snapshot

Breakdown of renewal accounts by A, B or A+ (Auto Renewal) for specified

expirations.

Loss History for Solicitation Claims history by year which includes premium & loss data for a policy.

Reserve Change Report Claims with reserve changes for specified period

Policy Issuance Report Cycle Time: Mail Date to Effective Date/Issue Date to Effective Date

Quote Cycle Time Quote Submit, Rating & Effective Date

Quotes Not Accepted New & Renewal accounts quoted and not bound

Policy Detail ViewPolicy details including lines of business, Insured Contact Phone and Email

address

Hit Retention Ratio ViewSubmitted, Quoted, Declined and Issued details for New & Renewal accounts.

Includes the field for 'Loss Control Seminar Date'.

Production/Status View Submitted, Approval & Declination Dates, Policy LOA Referral Levels

Coverage/Exposure View Coverage level data. Includes fields for staff size, GAP, L&H commissions, etc.

Premium/Loss Exp View Policy and Claims data

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QUESTIONS?

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General Public Release

Legal notice

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©2018 Swiss Re. All rights reserved. You are not permitted to create any modifications or derivative works of this presentation or to use it for commercial or other public purposes without the prior written permission of Swiss Re.

The information and opinions contained in the presentation are provided as at the date of the presentation and are subject to change without notice. Although the information used was taken from reliable sources, Swiss Re does not accept any responsibility for the accuracy or comprehensiveness of the details given. All liability for the accuracy and completeness thereof or for any damage or loss resulting from the use of the information contained in this presentation is expressly excluded. Under no circumstances shall Swiss Re or its Group companies be liable for any financial or consequential loss relating to this presentation.