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Automated underwriting is a process that uses technology, automation, algorithms, and artificial intelligence instead of human beings to analyze a client’s risk in real-time. It has become an ally to provide insurance products to clients with a fully digital customer experience, filling the gap between risk assessment processes and the new clients´ demands. 

Manual underwriting is a process that depends on a person to assess risks, also requires numerous information from the client about the risk itself, and involves lots of paperwork and time. Once the client can provide the underwriter with the required information, the underwriter then needs to assess the potential risk to provide an insurance quotation to the client.

While manual underwriting can be an attractive option for complicated risks, in many cases it involves a drain on time and resources. On the contrary, automated underwriting is completed fast and in real-time using advanced algorithms and software in order to assess a client´s risk. 

An automated underwriting system is a platform that delivers advanced analytical modeling and predictive capabilities directly into existing and new business processes. Insurers can make better-informed and fairer underwriting decisions more quickly by reducing the number of questions asked and information required, therefore improving overall claims conversion. It also empowers insurers to improve objective risk analysis, leveraging the agnostic detection of patterns and connections in application responses that would typically be time-consuming and hard to identify only with the human eye.

An automated underwriting system speeds up the customer journey allowing insurance carriers to provide insurance products just with the click of a button.