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5 Things That Keep Underwriters Up at Night

As Halloween approaches, we unveil the five spine-tingling fears that underwriters face throughout the year. But fear not, we also reveal how DigitalOwl's AI solutions come to the rescue, empowering underwriters to conquer these challenges and usher in a new era of efficiency in the insurance industry.


I am not an Underwriter, but I have spent over 20 years working with them as a vendor sales rep. Over these past 20 years I’ve learned a thing or two from my Underwriting friends. First off, they are one of the hardest working groups of individuals I’ve met and they sincerely care about ensuring families have the life insurance coverage they need at an affordable price. But in light of this spooky season, I wanted to take a minute to recognize the things that keep them up at night and share some fun photos from my family’s past Halloween adventures. So, grab your pumpkin spice latte and settle in for this spooky tale — just make sure you leave the light’s on. But fear not, we’ve got some great ideas to share on how to tame those night terrors!


Underwriting Fear #1: Massive APS Reports

Imagine being handed a tome-sized medical record and being told to read and analyze it thoroughly. For underwriters, this is an all-too-familiar fear. The sheer volume of documents they must review can be overwhelming. The fear of missing critical details or making errors haunts their every page turn. And with the advent of EMR platforms, the length and complexity are expanding exponentially. Every underwriter has lain awake at night thinking about the monster-sized APS they have waiting for them the next day.


Underwriting Fear #2: Mortality Slippage

Underwriters are highly focused on quality. They know it’s their responsibility to ensure the risks they approve align with how the actuaries priced the product. In recent years, the average case an underwriter reviews has gotten more complex. Why? Accelerated underwriting programs skim off the easy cases. New predictive models and data sources must be combined with traditional data sources. On top of that, records from EMR platforms can make it easy for any mortal to miss key details.


Underwriting Fear #3: Getting “Dinged” on an Audit

If I had a dime for every time I’ve heard that phrase….and from what I hear, it’s happened to everyone. You review records as carefully as possible, but we’re all human and all humans make mistakes. Nobody likes to get “dinged” on an audit; it just doesn’t feel good and underwriters truly care about making the right decision — every time. The only “ding” underwriters should be hearing this time of year is their doorbell ringing when trick-or-treaters come knocking — but sadly, that just hasn’t been the reality of things in the past.


Underwriting Fear #4: Year-End Workload Increase

The end of the year often brings a surge in insurance applications and pleas from the field to prioritize their cases. The fear of missing deadlines while maintaining accuracy can be bone-chilling. Technology can be a trusted ally, helping underwriters manage their workload efficiently and manage the dreaded year-end rush. If you have a fear of being buried under a mountain of work this holiday season, know you aren’t alone.


Underwriting Fear #5: Automated Underwriting

Perhaps the most haunting fear for underwriters is the rise of automated underwriting, often depicted as a job-stealing specter. However, this fear is more science fiction than reality. Automated underwriting isn't here to replace underwriters but to assist them. AI-powered tools can allow underwriters to focus on complex assessments and decision-making. Embracing automation can actually be empowering and liberating, freeing underwriters from monotonous tasks and enabling them to focus on the higher level skilled analysis.


Fear Nevermore with DigitalOwl

At DigitalOwl, we understand the fears that underwriters face in their daily work. That's why we have developed cutting-edge AI solutions designed to ease the burden many underwriters face, all while enhancing their capabilities. Our AI-powered tools can swiftly analyze any type of medical record — reducing the time and effort required to read through lengthy records. Our life insurance AI tools excel at minimizing the risk of mortality slippage and audit “dings” by leveraging advanced data analytics and predictive modeling.


Additionally, DigitalOwl's solutions ensure that no critical information is overlooked, providing comprehensive data integration. When the year-end workload surge arrives, our technology stands ready to streamline the process, helping underwriters meet deadlines without sacrificing accuracy. Finally, when it comes to automated underwriting, DigitalOwl’s AI systems are made for collaboration rather than replacement, empowering underwriters with tools that enhance their decision-making capabilities. With DigitalOwl, underwriters can face their fears head-on, knowing that our AI solutions are here to support them every step of the way.


Conclusion

As Halloween approaches, underwriters face their own set of fears, but many of these fears can be dispelled with the right tools and technology. Reading through countless pages, combating mortality slippage, avoiding costly errors, and managing year-end workloads can all become more manageable with the assistance of modern advancements. And as for the specter of automated underwriting, it's time to put that fear to rest; AI is here to complement and support, not replace, the invaluable work of underwriters. So, as the Halloween season arrives, underwriters can embrace these changes and usher in a new era of efficiency and accuracy in the insurance industry.


If you’re ready to face your fears and make your workflow more efficient, then DigitalOwl has the advanced AI solutions you need. Contact us to answer any questions you may have, and be sure to schedule your demo with our team today. Be sure to follow us on LinkedIn to stay up-to-date on all things underwriting and help make your underwriting phobias a thing of the past.


As promised, here are some photos of my family and I from some previous Halloweens for you to enjoy:




Hope you and your families have a safe and happy Halloween!

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