40% of Underwriting Time is Spent on Non-Core Activities
FTI Consulting’s recent underwriting benchmark studies of leading insurers have shown that up to 40% of underwriting time is spent on non-core activities.
Some of the root causes of this problem:
- Duplication of underwriting processes across functions and teams
- Work allocated at the wrong level:
- Senior Underwriters ‘processing’ rather than underwriting
- Significant effort spent reviewing and formatting underwriting data requests
- Inefficient hand-offs between teams and functions:
- (on-shore, off-shore / operations & underwriting)
FTI Consulting’s underwriting diagnostic can unlock your identity and potential, typically over a period of six to eight weeks we work with clients to remove bottle necks, errors and duplication. Sometimes this just requires fine tuning, often a more holistic approach is needed.