Key Areas Where Algorithmic Underwriting Highlights Beneficial Impacts
Carriers are increasingly adopting algorithmic underwriting due to advancements in data access and analytics. This approach enhances decision-making, improves risk assessment, and streamlines operations. Algorithms, used alone or with traditional rules engines, help automate underwriting fully or partially. Key benefits include a 50% reduction in processing times, simplified decision-making, and the ability to handle a 25% increase in applications without additional costs.