Transforming Underwriting Through Analytics

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Transforming Underwriting Through AnalyticsAnalytics in ActionIntelligent InterventionUnderwriting Decision SupportMarch 2019willistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.

Underwriting Decision Support Overview and Introduction What’s happening in the marketFuture of underwritingIntelligent Underwriting InterventionDecision SupportUnderwriting Workbenchwillistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.2

Analysis in ActionLearning Objectives Understanding where analytics can add value to caseunderwriting Use case exploration: Active Renewal Management Survey Optimisationwillistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.3

Marketwillistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.4

The Insurance MarketMarket ThemesLarge LossesDisruptive distributionPolitical UncertaintyAgeing IT InfrastructureInsurtechAnalyticsAggressive CompetitionSlim MarginsLow GrowthValue Chain Compressionwillistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.5

Commercial insurance is a complex transaction Performance Improvement PillarsWhat is the underwriter thinking about?Commercial insurance is an experience based professionrequiring complex decision making and judgement.Data Strategy& DeliveryWill this customer really move their insurance?Technically how do I get to the right price to win?AnalyticsIs this risk one I really want on the books?Should I instruct a survey?Can I trust the Broker?Who are my competitors and how are they likely to approachthis?willistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.Automation andBusinessProcessEngineeringTechnology6

Current Underwriting task dateApproveResearchNegotiateDecideQuoteInput dsInstructBind/BookRetrieve DataSelectRelationshipmanagementEstimateMax LossUnderwritingIllustrativewillistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.7

Underwriting task allocation – with robotic process automation eract/ConverseUpdateEstimateMax locateInteract/ConverseRetrieve DataInput edsSelectChaseUpdateUnderwritingUnderwriting & RobotIllustrativewillistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.8

Underwriting task allocation – with RPA & Artificial ct/ConverseApproveQuoteInput stimateMax riting & RobotUnderwriting & Robot & Artificial IntelligenceIllustrativewillistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.9

Intelligent Underwriting Interventionand decision supportwillistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.10

Challenge is how to overcome current ways of workingDifficult to optimise pricing, underwriting and risk selectionDISAGGREGATED PEOPLE, PROCESSES AND DATASeniorUnderwritersU/W CaseManagersOffshoreProcessesSalesteamsREDUCING UNDERWRITINGPROFITABILITY Poor data integration Difficult to extract andmaster information Fragmented underwritingprocesses High variation and lowcontrol over underwritingdecision making Underwriting leakage Silos operating acrossfunctions and geographies Inefficient and expensive torunMainframe(s)WorkflowMultiple Data StacksRating toolsSurveys 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.11

Operating model designed to improve top and bottom lineDelivering solutions that align decision making/accuracy to strategyINTEGRATING PEOPLE, PROCESS AND DATASeniorUnderwritersDecision lisationAnalyticsSingle EcosystemIMPROVING ALL PARTS OFINSURANCE P&L High consistency in pricingand underwriting decisions –selection as well as routing Decision augmentationdesigned into processes Significant increase in bothinformation and interventionpoints for management Active Portfolio Management Removes or reduces nonexpert processing whichcauses delays and trapsexpense Repatriating process – noneed for offshoringAutomationRules EngineDatabase andAnalytics Hub 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.12

Use Cases:- Active Renewal Management- Survey Optimisationwillistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.13

The importance of a processAn underwriting processPrice the riskResearch &PipelineUnderstand therisk and contextInitial acceptancedecisionTerms andConditionsPresent the dealoptionsNegotiateDevelop dealoptionswillistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.14

Injecting sophistication into decision rulesIntervention RulesUsing an increasingly wide range ofinternal and external data assets, itpossible to develop, test and deploy arange of models across the workflowprocess: Pricing Risk selection Structured interventions Routing Prioritisation EvaluationThird Party dataDistribution AnalyticsGeographicunderstandingPortfolio InsightThese can be used to automate all or partof the business process or support humanintervention with decision supportwillistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.15

Decision supportOur view of the key elements of decision support across the value onOptimisationSelectionSurveyOptimisationPricing and s likethese andportfoliocontextPricing and Portfolio suranceOptimisationwillistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.Third PartyScoring16

Combining Insight and workflowThe underwriting processPrice the riskResearch &PipelineUnderstand therisk and contextInitial acceptancedecisionTerms andConditionsPresent the dealoptionsNegotiateDevelop dealoptionsWorkflow OrchestrationInternal & External Data Assetswillistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.17

Example – Analytics, Operational Models & Decision SupportRenewal OptimisationBroker automated Trading RulesBroker connectivityPrice the riskResearch &PipelineUnderstand therisk and contextInitial acceptancedecisionPresent the dealoptionsTerms andConditionsDevelop dealoptionsNegotiateNegotiation SupportRenewal StrategyWorkflow OrchestrationInternal & External Data Assetswillistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.18

Example – Analytics, Operational Models & Decision SupportRenewal Optimisationwillistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.19

Example – Analytics, Operational Models & Decision SupportRenewal Optimisationwillistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.20

Example - Operational Models & Decision SupportRisk Selection SupportSurvey Review Models - topic modelingPrice the riskResearch &PipelineUnderstand therisk and contextInitial acceptancedecisionTerms andConditionsPresent the dealoptionsNegotiateDevelop dealoptionsSurvey Purchase Models - large loss propensityWorkflow OrchestrationInternal & External Data Assetswillistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.21

Underwriting Workbenchwillistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.22

An Underwriter’s Digital EnvironmentUnderwriting WorkbenchScreen 1 – executing tasksCase facts and consistent headerSearch / Breadcrumbs / Navigation / StatusMain Action window: Quote / Renewal / Price Prioritised workflow Data Ingestion Calling TP services Sanctions check Policy Admin Automation overlay Broker CommunicationScreen 2 – decision supportContext Sensitive Support: Performance Conversion Portfolio Context Data scores Accumulations UW GuidesSurveyWordingClaimsMy PortfolioTabulated TP Data ObjectData: Geospatial Financial Asset search NewsIndustry InsightSecure ChatConfigureData integration to mainframe, data warehousing, pricing and analytics hub, unstructured data. TP services andbroker portalswillistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.23

An Underwriter’s Digital EnvironmentUnderwriting Workbench - workflow, analytical decision support and data integrationwillistowerswatson.com 2019 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.24

Transforming Underwriting Through Analytics March 2019 . Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. Analytics in Action Intelligent Intervention Underwriting Decision Support. willistowerswatson.com Underwriting Decision Support . Aggressive

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