How brokers are benefiting from the implementation of insurtech at IUA
26 May, 2022
Automated bot and artificial intelligence (AI) technology is improving broker service at business interruption insurance underwriter Interruption Underwriting Agencies (IUA).
IUA senior underwriter Katrina Campbell says the use of bot technology, introduced in the last quarter of 2021, has reduced the administrative load on its underwriters, giving them more time to discuss renewals and new business with brokers.
“We're using the bot to supplement our daily workflow and automate repetitive tasks such as data input. It doesn’t take away from underwriting and the personal touch of chatting to brokers about the risk, and if anything, gives us more time to focus on those key things.”
How IUA is using insurtech
Presently, the bot is only being used to prepare renewals, Mrs. Campbell says.
It scans the risk information on file and, if it doesn’t flag a trigger to hand the risk onto an underwriter, it generates renewal documentation, ready to be emailed to the broker.
“This frees us up from some of the mundane and time-consuming admin of having to create these documents,” she says.
If, however, the bot does flag a trigger, it is then referred on for human assessment. Mrs Campbell says missing information or a risk profile that aligns with referral points in IUA’s underwriting guidelines are examples of such triggers that are built into the system.
Mrs. Campbell says that with the assistance of the bot, brokers will be supplied with renewal terms earlier, affording them more time to provide any information or documentation pertinent to the risk such as financial material or the IUA worksheet.
What are the key benefits of AI for brokers?
Mrs. Campbell says the biggest benefit to brokers is that the bot is easing the administrative load on IUA’s underwriters.
“It's also helped us to look at our processes and streamline them where we can,” she adds.
She says that while its application may be extended in the future, it will never replace the traditional role of an underwriter.
“We aren't looking at having the bot replace us. Especially in the case of business interruption insurance, we need to look at the risk, analyse it and discuss it with the brokert. We will always need to consider how to arrange the policy and tailor it to each business’ specific needs and that can’t be automated.”
And, she says, whenever a business has a change in circumstances, brokers should continue to notify IUA.
“The bot is only as good as the information in the system, so if a broker is aware that a business has had a major change that will affect its renewal, they need to let us know. You can still call us and speak to an underwriter, and with the assistance of the bot, we anticipate we will have more time to provide a better customer experience for our brokers.”
Future applications for the use of AI technology
Use of the bot will continue to evolve and be refined as the technology powering it improves.
“It's a good way for us to keep reviewing our processes and streamline them as much as possible,” Mrs Campbell says.
Here to help
For more information about IUA’s specialist business interruption insurance cover please visit our website or call us on 02 9307 6655.
Interruption Underwriting Agencies Pty Ltd (‘IUA’) acts for the insurer, certain underwriters at Lloyd’s. Consider the Product Disclosure Statement and Target Market Determination available by contacting IUA or visiting www.iua.com.au.