Automated Insurance Underwriting Systems & Benefits

  • Automated insurance underwriting is becoming increasingly popular as insurance companies look to streamline the underwriting process. 
  • Below, we’ve broken down how this process works and took a look at how some companies are already benefiting from the advanced tech.
  • In addition to underwriting coverage, Insider Intelligence publishes thousands of research reports, charts, and forecasts on the Fintech industry. You can learn more about becoming a client here.

Whether they’re in the market for car, renters, or property insurance, consumers look for providers that can quickly and efficiently offer them the most affordable policy.

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Automated underwriting is being used by insurance companies to streamline the underwriting process.

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Insurance companies that leverage advanced technology to automate the policy underwriting and risk assessment process will likely remain atop the list of their competitors. The process of streamlining insurance underwriting is known simply as: automated insurance underwriting.

We’ve broken down how this process works, while noting how some companies are already reaping the benefits. 

What is automated insurance underwriting?

Automated insurance underwriting is the process where robotic process automation (RPA) and artificial intelligence (AI) software underwrites the risk of potential clients. The advanced tech uses AI and machine learning (ML) to evaluate risk, decide how much coverage the client should receive, and how much they should pay for it. 

Automated insurance underwriting utilizes advanced AI and ML technology in tandem with the insurance company’s underwriting guidelines to determine whether or not to accept the risk presented by the client. This, in turn, allows providers to generate a profit from underwriting and enhance customer satisfaction through more personalized policies.

Automated vs manual insurance underwriting

While automated insurance underwriting is completed quickly, using advanced algorithms and software to analyze a client’s finances or health history, manual underwriting is the exact opposite. Manual insurance