Intuitive risk profiling and premium pricing technology

Insurance companies may face challenges with legacy underwriting processes: Long processing and turnaround times, agent and underwriter communication delays, manual or paper-driven workflows keeping underwriters from what they are meant to be doing: making the best possible risk evaluation decisions, as quickly as possible.

The InsureMyTrans.com risk profiling and premium pricing technology is both sophisticated and easy to use. Users can quickly and intuitively create, update and modify rates, rate drivers such as risk profiles, rating rules, set minimum and maximum values, discounts and surcharges.

The Underwriting workstation focuses on actual risk evaluation, eliminating low-value tasks and the need to hunt for information. The solution increases the level of consistency, discipline and knowledge-sharing across the enterprise, through built-in rules, check lists and required supporting documentation.The more underwriting operations are consistent, optimized and streamlined, the better the outcome.

InsureMyTrans’ objective is to enable automated quoting as much as possible. To what matter this is feasable, is dependent on the input of the insurance company. The more parameters are filled with a risk profile, the more clients will be able to obtain their premium prices instantly.

However, it may be that some cargo and shipping details require a closer look by an Underwriter to determine the risk profile and a premium price can be set for coverage. InsureMyTrans will then send a Request For Quotation (RFQ) or 'Referral' to the insurance company for shipments who's premium cannot be calculated by automatic quoting. The representative of the insurance company may accept the shipment and reply to the customer indicating its premium and/or additional conditions of insurance, or reject the shipment.

The ability to access, assemble, manipulate and interpret risk information from a centralized, connected system is creating new opportunities for better and more consistent underwriting. The InsureMyTrans underwriting portal gives underwriters access to a host of data and tools for better risk decision making, to offer the best coverages or exclusions at the right price, lowering loss ratios and driving profitability.