The danger of not making technology and the valuable data that it offers part of the underwriting process is that more consumers are now turning to the internet for insurance quotes. Insurtech companies like Lemonade offer a mobile app where consumers simply input their information and receive a customized insurance solution within a matter of minutes. These cool and modern internet-based platforms are user-friendly and rely on data analytics to predict coverage needs.
Technology is now playing a critical role in the underwriting process for many insurance carriers, and those that don’t use technology to enhance the underwriting process will be left behind. The latest technology platforms offer a wealth of data to help insurance carriers make more informed decisions, and they also provide an opportunity for carriers to improve customer service.
The data that technology can provide to insurance underwriters includes predictive analytics and accurate risk models. In some cases, this information can be used to make automated decisions for low risk properties, thus increasing the response time and improving customer service.
The Value of Combining Data and Technology with In-Person Insurance Inspections
It’s important to note that while big data is critical to the future of determining insurance risk, the most accurate way to assess risk is to also make an in-person property inspection part of the process. When an inspection is completed in-person, it can reveal areas of risk that aren’t identified in data.
Our goal at Insurance Risk Services is to provide you with accurate underwriting support to allow you to make informed decisions. We’ve been partnering with insurance carriers for more than 35 years to complete in-person property inspections for residential and commercial properties. These detailed in-person property inspections allow us to provide our partners with thorough reports to help them best determine which risks are worth taking.
Contact us at Insurance Risk Services to learn how we use technology, big data, and in-person property inspections to provide our insurance carrier partners with accurate underwriting support.