Reduce Underwriting Time With Automation

The average small business insurance quote takes 12 weeks to be underwritten into a policy. That’s entirely too long. No company should have to wait three months to complete this process so they can start their new business. Leverage Fenris’ Triage Score and Data to turn processing time from weeks to minutes, and set your process apart from the rest. How would that turnaround increase demand?

If you’re seeking a way to reduce the length of the underwriter timeline for your submissions, we have a strategy you can implement that can match the applicant to one of our 30 million small business records, scrutinize for attributes that are more attractive and recommend which to prioritize for optimal results. Read on to learn more about the triage score we developed at Fenris Digital.

Reduce the Underwriter Timeline with a Triage Score

Match. Enrich. Score.

That’s the three-step process that creates a Triage Score for your applicant in as little as three seconds. This score lets the underwriter know right away which customers provide more value to your company, which aren’t a good fit, or which fall in the middle and might require additional information to determine their status. Those that qualify with a high score, can then be enriched with quality data to support the underwriter’s review.

It’s a simple yet insightful way to use automation to assign a value to the incoming applicant. 

High vs. Low Triage Score

The Triage Score will also indicate whether it’s necessary for an underwriter to put eyes on the application. 

If an applicant scores a low Triage Score by displaying knockout elements, an example being if the applicant is in a state where coverage is not provided, Triage Score will raise a flag. Knowing upfront the application is outside the carrier’s appetite  frees up space for higher priority applicants to move to the top of the underwriter’s list, making the most of their valuable time.

If an applicant scores a high Triage Score, the underwriter can then move to review the applicant’s profile in their underwriter dashboard. Fenris deploys a single-view dashboard, providing auto-populated information with quality external third-party data, allowing underwriters to be supported in making a decision within minutes. There are also times when the score can lead to a straight-through process (STP) which can take place without any manual intervention. 

Decrease Turnaround Time With Automation

Say goodbye to multi-week and multi-month turnaround times for your small business insurance applications. With the instant insight available by using a Triage Score, you can say hello to a fantastic opportunity to reduce friction and display a modern and data-driven underwriting process. Seamlessly moving applicants through the underwriting process will become a breeze. 

Are you ready to reduce the length of the turnaround timeline and take some of the load off of your underwriters? Schedule a free demonstration so you can experience how the technology at Fenris Digital can help your company stand above others in your industry by quickly moving the right submissions to quote and bind.

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