“Underwriting “- Who, What And How?

What is “underwriting”?

Before we go into the details, ask yourself, do you really understand what exactly about underwriting? In the context of insurance clause, underwriting is the process of evaluating the risk of whether to accept or reject the risk. Surely those working in the insurance industry are well aware of the term “underwriting” and the meaning behind it. Being the major source in any insurance company, an underwriter is the industry biggest player, therefore, to be an underwriter, a person has to be qualified in every aspect.

General insurance, Life insurance, or Marine insurance, all of it has its own underwriter. People might think that all underwriter has the same scope but the truth is it depends on the areas they are working. Some of them are working along with the cargo or as well as our future investment. Well said, the process of underwriting holds a big responsibility.

Who is underwriter and what they do?

Underwriter shall be known as the person that underwrites the risk. They are responsible for deciding whether to accept or reject the risk. However, how are they coming into a decision upon the risk? Regardless of the incoming proposal coming through, every underwriter pays attention to gender, age, occupation, medical history, insurance class and coverage. Be it a high risk or even high sum covered, any misleading info without the practice of “uberrima fides” – utmost good faith it would not go anywhere. Therefore, underwriter, agents, or brokers always remind policyholder, “always disclosed your material facts when you are dealing with insurance”.

A quotation, generate a cover note, calculating rating, issuance of policy certificate, and claim to review are few tasks done by the underwriter. Besides, as the key person in any insurance organization, the underwriter also involved in product development. Every wording in insurance clause has to be referred with underwriter before making it official.

What is Agiliux and how it works with underwriting?

Looking into the past, underwriter is all about paperwork whereas, in the present, they are beyond the old system, however, what about the future? As technology are introduced, the world is taking the initiative to invest and develop a new solution. From investment to education, technology is moving forward into the insurance industry.

Agiliux, a cloud insurance software. A Software-as-a-Service (SaaS) solution to industry, be it insurance company, brokers, or agency. Without a doubt, the term “cloud insurance software” is still new and still in the middle of development. Surely enough, some in the insurance industry are not aware of the term. However, in corresponding with the current era and future development, cloud insurance works well with both industry and customers

The future within digital underwriting.

Years coming through, the future of digital underwriting lies within the well-defined roadmap in cloud development. The combination of underwriter expertise and cloud insurance creates competitiveness between the industry. Therefore, as the digital age is moving towards industry, insurance has to take a bold step in making a change.

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Agiliux is a Software-as-a-Service that provides insurance professionals with an end-to-end workflow and management platform.