Property and casualty (P&C) commercial underwriting is becoming increasingly challenging for insurers. Economic profits are under pressure due to increased price competition and data quality and analytics that may not be keeping pace with evolving risk factors. While insurers have invested heavily in modern underwriting systems, many still face difficulties in accelerating underwriting processes, enhancing automation, and improving data quality — key factors for optimizing premium levels and boosting underwriting profitability.
Built on Moody’s Intelligent Risk Platform™, UnderwriteIQ™ delivers high-quality underwriting analytics tailored for insurers looking to grow their business without compromising risk tolerance guidelines. Drawing on more than 30 years’ risk analytics leadership, UnderwriteIQ leverages our industry-leading models, data products, and unified data store to deliver trusted underwriting analytics.
In an evolving risk landscape, UnderwriteIQ enhances your underwriting process by automating critical workflows, and promoting greater consistency across perils, regions, and risks.
UnderwriteIQ enhances the speed and quality of underwriting analytics and helps you improve underwriting decision-making for cat-exposed business with an easy-to-use and highly configurable software-as-a-service (SaaS) application.
UnderwriteIQ leverages the same industry-leading science, data, and modeling used in Risk Modeler™ and the Moody’s RMS™ catastrophe modeling portfolio, allowing for a common set of analytics across your organization for risk transfer decisions.
With more than 400 Moody’s RMS models covering over 90% of global property, UnderwriteIQ supports global underwriting. This extensive catastrophe risk coverage simplifies workflow management, provides deeper risk insights, and eliminates the need for training on multiple modeling underwriting tools.
UnderwriteIQ offers a dynamic and user-friendly interface that visualizes account risks on maps, offering a transparent depiction of potential hazards in proximity to insured properties. By incorporating thematic map layers that overlay booked portfolio risks, it simplifies the process of recognizing major geographical risk factors, helps visually identify regions to write more business, and can help improve diversification.
UnderwriteIQ is built on a fast, powerful, and highly flexible data architecture with APIs that increase workflow automation and simplify embedding insights into workflows, helping underwriters focus on high-priority tasks.
In an increasingly complex and interconnected world, data, analytics, and technology are crucial to improving underwriting profitability and facilitating business growth. Success in underwriting relies on rigor at every step of the workflow, beginning with delivering deep risk insights while helping systems avoid new risk silos by seamlessly integrating into new and existing workflows, from catastrophe modeling to portfolio management.
With an ever-evolving catastrophe risk assessment landscape, an insurance industry moving toward data-driven decision-making, and the growing use of cloud-native technology, demands for more detailed, accurate data have never been higher.
The ability to logically and efficiently organize risk data is a critical success factor and a backbone for effective decision-making, strategic planning, and operational efficiency. Achieving effective data management often presents a unique set of challenges, especially when many stakeholders across multiple business units are all looking for the most up-to-date real-time view of the company’s data.
Recent events have demonstrated that there has never been a more important time for insurers to reduce risk volatility and uncertainty in their risk decision-making processes.
Within their role as the economic engine for insurers, underwriters face an increasingly challenging market to navigate through. With escalating natural catastrophe losses, rising inflation, and increasing customer expectations to contend with, this has all placed additional pressure on the underwriting organization.
I am excited to share that integrated marginal impact analysis is now available within the Moody’s RMS UnderwriteIQ™ application. Marginal impact analysis helps insurers to identify higher-risk policyholders who may require revised premiums or additional risk management measures.
Interested in learning more about our offerings? Our solutions specialists are ready to help.
