Our Underwriting experts will provide a thorough, independent and in-depth review of your Underwriting department to help you identify process gaps and areas for improvements. We will make recommendations to help move your existing underwriting processes towards industry best practices and can assist with implementation if you want support throughout the process.
Our underwriting experts have built and consulted on best practices in terms of; underwriting process, approval limits, underwriting manual, organizational design and efficiency to some of the largest insurers and reinsurers globally. Read below to find out if this solution is right for you.
Is This Solution Right For You?
If you are looking to answer the following questions, our Underwriting and Best Practices Review can help you:
- Is our current underwriting process flow the most efficient it can be?
- What procedures can we add in order to improve the underwriting processes and controls currently in place?
- Are we adequately staffed with underwriters with the right skill set to meet our underwriting volumes and product mix?
- We are undergoing an underwriting systems implementation, will my current process and work flow support it?
Read about how we have helped our client solve their problem:
Problem: A large multinational reinsurer, with multiple locations and countries, was looking to identify areas for improvement and a road map to move towards implementing industry best practices.
Solution: LOGiQ3 deployed an expert consulting team who after spending on-site time understanding the existing processes were able to identify areas for improvement and assisted the client in implementing the changes.
Results: The client was able to achieve synergies across multiple locations and improve the underwriting capacity and collaboration across the organization.
The features of each Underwriting and Best Practices Review may vary, depending on your business objectives and needs. Our reviews may include the following components:
- Facultative Operation and Productivity
- Underwriting Staff - Productivity and Skills
- Medical Staff - Effectiveness and Skills
- Review of processes and controls to identify areas where there may be gaps or risks which need to be addressed
- Client relations, driven by key client feedback
- Intra-departmental and intra-company relations
- Review of underwriting systems in use
- Review of management reports available
- Recommendations for any changes to consider implementing in current processes
The benefits of conducting an Underwriting and Best Practices Review with us are:
- Independent Feedback – as a leader within an organization it can be difficult to obtain unbiased, objective feedback about your underwriting capabilities – we provide that unfiltered, objective viewpoint
- Industry Benchmarking – we are able to provide guidance on where your capabilities lie in relation with your peers through feedback from your key clients – feedback that may be difficult to obtain directly
- Actionable Insights – we provide real, tangible next steps to improve your underwriting capabilities