Electronic underwriting aids service, cuts costs; electronic data interchange can change underwriting and customer relations for the better with measurable results
Article Abstract:
Insurance companies are using electronic data interchange (EDI) to implement true electronic underwriting. Electronic underwriting improves the underwriting process and improves customer relations while cutting costs. EDI improves data interchange by supporting the direct inputting of customer data into an insurer's rating system, thus reducing paperwork and electronic keyboarding. EDI-based data interchange speeds up the underwriting process while reducing costs.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
Insurers still climbing Internet learning curve: the first benefit is faster turnaround
Article Abstract:
An informal survey of insurers suggests that most insurance companies realize the importance of having a presence on the World Wide Web but that most are simply using their home pages as marketing tools. Aside from presenting a corporate profile to users, the Internet can also be used to transact business processes. Sun Microsystems Inc's Java programming language is among the available tools to help extend insurers' Internet capabilities.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
Insurers better not miss the electronic boat
Article Abstract:
Insurers are falling behind other financial services institutions in taking advantage of the information revolution. Insurers need to move information technology out of the back office, where it ha been used for internal cost-cutting, and out towards the consumer. The information superhighway and the speed of information exchange can aid in customer retention, the development of new products and overall improvements in efficiency.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1995
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Don't take shortcuts in underwriting process; incomplete application information can cause major problems down the line for producers, carriers and clients
- Abstracts: Getting testy about sales screening tests. 1995 ordinary life insurance sales results. Company college program receives high marks
- Abstracts: Casualty claims service need not be a gamble. Restoration is an option in settling claims. Red flags can signal claims to investigate
- Abstracts: Three strategies help attack liability perils. If you can't pay the fine, don't do ... : insurance companies can reduce exposure of criminal prosecution by developing and using a compliance program
- Abstracts: Insurers taking auto repair PPOs for a test drive. It may be time to revise the loss payable clause. Risk management works in residual markets