1. AUTOMATED UNDERWRITING
The MEM way!
Monica Salmons

2. Why? Cost Savings Capacity Customer Service Cost Savings Capacity
Customer Service – expand on turnaround times

3. Where to Start? Risk Analysis Volume Analysis
Contemplating how to minimize the risks

4. Who to Automate? Premium <$5,000 Governing Class Code
Eligible
Acceptable
Premium <$5,000
Governing Class Code
Online Applications
Pass the Q&A for the business description
E-Mod <1.50
No Schedule Rating
Standard Tier Only
Pass All Other Screening

5. Quote Process Agent Enters Submit for Quote Quote Offered
Agent Accepts
Policy Issuance

6. Issue Process
Agent
Enters
Submit for Issue
Policy Issued

7. How to Make it Work? Electronic application modifications
Screening rules for both eligibility and acceptability
Automation of quote creation and quote offer
Automation of policy issuance

8. Application Entry
Each governing class code has a score – maintained in a separate database.

9. Exposure Evaluation
Based on the governing class code of the application, a business description drop down is available for the producers to select the bus description that matches their exposure. Many times this is representative of the cross reference categories of the class code.
Each bus description has a score and based on the producer’s selection, questions will display. These were based on key pieces of information that we would want an underwriter to know. Something that would potentially change the classification of the exposure or warrant additional information.
The producers have no idea if they’ve answere

10. Exposure Evaluation
Based on the governing class code of the application, a business description drop down is available for the producers to select the bus description that matches their exposure. Many times this is representative of the cross reference categories of the class code.
Each bus description has a score and based on the producer’s selection, questions will display. These were based on key pieces of information that we would want an underwriter to know. Something that would potentially change the classification of the exposure or warrant additional information.
The producers have no idea if they’ve answere

11. How to Make it Work? Electronic application modifications
Screening rules for both eligibility and acceptability
Automation of quote creation and quote offer
Automation of policy issuance

12. Post Automation Endorsements
Quality Control
Screening
Notes to Underwriters
Post Automation Endorsements
Audits
Quality Checks
System Restraints
Application Screening – first line of defense
Post Automation Endorsements
-endorsements made w/in 60 days of issuance
New Business Audits
-construction class codes
Sample Quality Checks
System Restraints – turning off agents

13. Measuring Opportunity
Discuss my cadillac and what we’re able to with it.
Eligibility – based on premium and governing class code and a source of internet
This is a representation of our automation universe. In this example, during one month we had a chance to automate 535 apps.

14. Measuring Success

15. Evaluating the Automated

16. Digging Deeper

17. Results Customer Service Savings Capacity Improvement
This automated program was implemented without our agents’ knowledge. A few of the display on their application changed slightly but overall they were unaware that we’d begun to automate. They did notice the turnaround time for their quotes and policies.

18. Questions