Using Tech & Data to Improve the Submissions Process
Are you making the most of your underwriting staff’s time? Organizations that lack an efficient approach to prioritizing submissions can find their underwriters wasting time and effort focused on those that are unqualified and likely to be declined. This is especially challenging when an organization is dealing with high volumes.
Our Approach to Increasing Operational Efficiency: Submission as a Service
To improve their focus on underwriting in-appetite business, maintain fast turnaround times, and reduce staff fatigue caused by high volumes of submissions, underwriting organizations need a new approach—one that can boost operational flexibility and scalability. With Submission as a Service, you gain the people, process, technology, and data you need to do just that. Here’s how it works:
- Fast Turnaround –We assign a real-time, tech-enabled team to process your submissions as they come in, ensuring they are entered into your system in an accurate and timely manner.
- Triage –Using automation tools, our team pre-qualifies submissions and automatically declines those that do not fit your pre-defined underwriting criteria.
- Analytics – Our analytics dashboard enables you to identify opportunities for process excellence initiatives, automation, and data-driven decision making.
Analytics is a powerful tool that can help you make strategic moves to enhance efficiency and optimize profitability within your operations. Our dashboard allows you to gain a deeper understanding of your organization’s performance and the “why” behind your submissions using two views: the Operational Performance Dashboard and Efficiency Improvement Opportunities Analysis.
- Operational Performance Dashboard –Measures operational performance across different business units, such as submission statistics and clearance ratio, turnaround time performance, and delayed reasons summary.
- Efficiency Improvement Opportunities Analysis –Unlocks opportunities to optimize business outcome and operations efficiency by providing a declination factors analysis and an overview of submissions missing information / with issues.
Giving You Monthly Insights
In addition to our analytics dashboard, our Monthly Insight Reports (MIRs) keep you in the loop when it comes to the work your team is performing. These reports provide a summary of the tasks completed in the previous month and help you understand how many were completed within required turnaround times and at what quality level. Each MIR also includes a forecasted volume for each of the tasks performed over the next three months, so you know just what to expect.
Start Leveraging Data to Strengthen Your Submissions Process
Capturing and analyzing the right data can help you optimize your submissions process and drive increased growth for your organization. Learn more about how ReSource Pro’s Submission as a Service can help.