Risk evaluation made simpler. Standardize the Underwriting process with Botminds AIRequest a Demo
Analysing the risks throughly by reading all submitted documents is a tedious job for underwriters. Risk evaluation is completely subjective and depends on the underwriter's analysis and understanding of the case. Auditing is broken with information used for decisions are not linked with actual source documents. Asking for more supporting documents and searching for more information to do right underwriting is fraught with lack of standardization. With huge amount of policies to be underwritten it needs an automation solution to scale non-linealy and also to ride over the challenges of seasonality in volume. Be it medical history of a patient or business performance of an organization the challenges in underwriting remains the same.
Botminds AI augments underwriters with automatic highlighting of risks hidden anywhere in the documents. In addition to extraction of key information Botminds AI suggests the risks associated with the information submitted, by this brings much needed standardization in underwriting. Continuously learning from the subject matter experts Botminds AI learns the domain knowledge that goes behind in some crucial decisions. Data entry needed for recording and auditing happens as a straight through processing. Every data & every decision is always provided with deep linking to the original source document and hence traceability. With Bots powered by SMEs intelligence, your underwriting process can be scaled in one click. Create Underwriting Bots specific to your domain for your document types in days. Bring 10X efficiency in your risk underwriting with Botminds AI
Remove fear of missing some crucial risks and eliminate the worry of manual errors due to negligence
Standardize the underwriting process with AI highlighting the risks and next course of action
Shrink hours spent on reading documents for manual risk evaluation & underwriting
Risk evaluation bot for any domain or document type. Botminds AI can learn fast.
What is automated underwriting?
The automated underwriting process is mainly technology-driven and it providesthe user with a generated loan decision. The insurance landscape has mostlymigrated to using new technology options like loan underwriting platformsbecause they help enhance the processing time for various loan types. Theautomation of the underwriting process includes risk evaluation that involvesfinancial transactions for various industries like health, mortgage, automobile,and so on.
How does automated underwriting work?
The automation of underwriting process is carried out in many capacities acrossthe industry. Businesses are making use of automated platforms like Botminds AIfor underwriting because of its ability to automatically highlight the risks hiddenin various documents. Once underwriters automate the process of extracting keyinformation that predicts risks, loan decisions can be made within minutes.Underwriting automation allows the AI to understand specific domains and thereasoning behind important decisions. When bots are powered by SMEintelligence, the whole underwriting process can be scaled to one click.
What is the difference between manual underwriting and automated underwriting?
The automated underwriting process is known for using quick algorithms toanalyze the client’s finances or their health history. On the other hand, manualunderwriting takes longer to complete and there are high chances ofencountering human errors. This is because it depends on the SMEs executingthe underwriting process and assessing the client’s financial process.
Manual underwriting needs quite a lot of paperwork which includes bankstatements, tax returns, employment proof, demographic profile, and medicalhistory. Once the customer provides the underwriter with this information, thenthey continue with the loan process and analyze the risks in providing the loan.
Is automated underwriting better than manual?
Yes, it is. There are many benefits to switching to an automated underwriting process including:
The automation platform helps streamline operations and improvesefficiency of a lending company.
The automated process is useful to analyze client data and flag any criticalerrors. This will help with accuracy and verification.
The companies that use automated underwriting platforms can retain profits pools and have full control of creating new policies, along with pricing.
Organizations can witness a surge in customers and partners
How accurate is automated underwriting?
The automated underwriting process is 100% error-free and lender companiesrely on it to manage conventional loans and credit cards better. When you partner with reputed automated underwriting process platforms like Botminds,you can use basic loan application information to retrieve relevant data. The automated underwriting platform will also process the borrower’s information toinstantly make loan decisions.
See Botminds Unified platform in action