08-16-2017, 11:00 PM
Insurance companies use underwriting as a way to provide clients with risk mitigation for their assets and businesses. This drives revenue for the insurer, but also drives risk into their portfolios as they bring new policyholders on board.
The task of underwriting must deal with massive amounts of data in every line of the insurance business, including reinsurance. But excellence in underwriting requires good quality, timely, and coordinated data to get a full picture of the risk in both single-risk underwriting and overall portfolio analysis.
Underwriting starts by onboarding the data, cleaning it, updating the correct systems, and then transacting the business and notifying all relevant stakeholders. The systems that feed data into the risk and underwriting workflow can be cloud-based, on premises, or a mix of the two, requiring connections and technology upgrades so that the insurer can onboard the data and interact with internal data and data providers. This includes agency/broker systems and data providers that augment the underwriting flow.
Informatica provides the technology that insurers need to accomplish their data goals so they can focus on the business of underwriting. And by excelling in full-cycle data management, insurers can better understand the risk in their portfolios, minimizing uncertainty and risk.