In this presentation (in german language) recorded at the event CosmoHub on June, 15th 2023 Karoline Polta, a Product Owner for Underwriting and Contract Management at mgm technology partners discusses the concept of “End-to-End” digitalization in the Underwriting domain.
Importance of Complete Digitalization in the industrial insurance sector
In the insurance industry, partial digitalization through broker portals and marketplaces like Thinksurance or Finanzchef24 is common but should be expanded to avoid inefficiencies.
To achieve significant cost and time savings, at least 60% of the entire insurance process should be digitally integrated, minimizing manual copy-pasting and cross-system communication. The digital transformation in the industrial insurance sector should encompass the entire process chain, beginning with risk management at the customer level and extending through sales by brokers, policy underwriting by insurers, accounting, renewals, claims assessment, and reporting for portfolio optimization. For successful digital underwriting, a holistic approach is essential, ensuring end-to-end integration throughout the extensive insurance process chain.
Use case: Automated Branch Solution for Hospital network: End-to-End Insurance Process
In the practical example of an automated branch solution for a hospital network (Klinikverbund) more than 2000 business transactions in contract and claims management were automated. The existing software was integrated among 50 clinics, five insurers, and one broker, with additional components introduced.
The clinics can comprehensively capture their risks, including personnel, patients, buildings, and machinery. Close collaboration between clinik, brokers, and insurers occurs during the contract process, particularly in the bidding phase. Insurance underwriters assess risks, followed by invoicing between parties.
Claims management involves capturing insured and uninsured damages, deciding on self-regulation or third-party claims, notifying insurers, and executing claims processing, reserves, reviews, and settlements.
Multiple examples are shown in the presentation to illustrate the risk capture view from the clinic’s risk management and claims management, the contract view showing active bids, synchronized with the broker/insurer’s Referral cases, and the Risk-Manager’s access to all contracts.
All parties have access to necessary data
Broker’s view: The broker can access current offers generated through fully automated bids or manually approved/brokered by insurers. Manual intervention is possible. The broker can also view all completed contracts and initiate policy processes.
Insurer’s view: The insurer has an individual risk assessment in a referral process, enabling integrated contract decision-making. They gain full visibility into risk data and can automate documentation.
End-to-End Insurance Process Automation: High-Level Architecture and Benefits
Integrating multiple systems among all stakeholders in the insurance process chain is essential. This integration is achieved through Webservices, APIs, or Robotic approaches, enabling significant cost and time savings. mgm Cosmo facilitates step-by-step development of such solutions, seamlessly integrating with existing systems like MVPs, accounting, and policy management, allowing each participant to retain control over their data and processes independently.
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