The Key to Financial Success in 2021: Tailor-Made Risk Management
April 27, 2021
You’re agile, resilient, and prepared for the future! Coming out of a taxing year, that is you! But can you say the same about your underwriting process? Underwriting automation technology expands the capabilities of your underwriting staff by allowing you to build custom risk scorecards in a matter of minutes.
An organization can build endless variations of risk models based on the specific needs of both your sales channels and customer risk profiles. The tools have an infinite amount of value, but have you taken advantage of this yet?
Technology changes the way humans move through life, and as a result, changes the way we do business. Some payment facilitators and independent software vendors (ISVs) still approach underwriting as if technology doesn’t exist. They’re missing out!
In these organizations, underwriters spend hours every week searching out underwriting and policy information in multiple places and perform manual checks. All of this can be done seamlessly, with software.
Channel-specific risk management
Underwriting automation unlocks incredible opportunities for payfacs and ISVs, especially when combined with advanced methods of nearly instant custom risk scores, such as through the use of channel-specific scorecards.
Growing your share of the marketplace requires onboarding merchants without exposing your organization to too much risk. In turn, this requires the rapid adaptability found at the center of automated underwriting.
Achieving growth demands quick movement and underwriting automation is the key to rapid progress in merchant onboarding. But it needs to be customized for your business. By building the right workflows for your organization, you create a process that aligns with your internal operations while simultaneously speeding up your customer onboarding.
Naturally, the solution must also be designed in such a way that you’re not exposed to unnecessary risk. This means the software must be able to present you with custom scorecards suited to the precise needs of your multiple sales channels.
Limiting your talent pool
Failing to adopt underwriting automation means opportunities to grow your revenue and market share decline. However, you may also be limiting your future talent pool. Underwriters are in short supply and high demand. The insurance industry wants those folks too, and they know the secret to attracting them lies in making sure they have access to advanced underwriting technology.
“It’s a tough talent market right now across the leading insurance markets in the world. Canada is no exception,” said Saad Mered, CEO of Zurich Canada, in an article by Canadian Underwriter. “We need to make sure that we have a work environment, and tools at the disposal of these young professionals, who could be interested in the insurance industry but really don’t want to work in the 19th century.”
Expanding your business requires two things: unlocking new sources of revenue and the proper talent to ensure the underwriting process goes smoothly. Underwriting automation has the potential to help you with both!
Merchant ScanXpress gives you tailor-made risk management that automates your underwriting and risk assessment capabilities. This helps put you on the path to financial success by giving your underwriters the power to make an accurate, data-backed decision in minutes, rather than days.