Underwriting Automation Made Easy: Leveraging Data Sources In Real-Time with the Decision Studio

June 6, 2024 –

Underwriting Automation Made Easy: Leveraging Data Sources In Real-Time with the Decision Studio

Jason Bowman, Founder and CEO at CumPane Solutions, and consultant to UnderwriteMe, recently sat down with Phil Huntley to discuss the increasing role of data in the underwriting process and some of the recent developments at UnderwriteMe.

Hi Phil. Thanks for your time today. Tell us a bit about your background.

I began my professional journey in the vendor management department of a large company then gained skills across various business areas. I moved to the IT team as a business analyst as I have a keen interest in technology. Later, I progressed to the product management team of a Fintech, where I gained valuable insights into product development and market strategy. Four and a half years ago, I joined UnderwriteMe as a Product Manager, leveraging my diverse background to drive product excellence.

What is your current role at UnderwriteMe?

My role is to lead the product development team and I am responsible for the strategy, development, and success of my product Decision Studio.

What are the main areas you are focusing on currently?

Like many companies, the acquiring and processing of data has become a key area of focus. To support this we developed the Decision Studio as a component within the overall Decision Platform.

How does Decision Studio work?

Decision Studio (DS) interfaces with external data providers and presents results to the rules engine for processing. We have designed it to be easy to integrate and new data sources can be onboarded in a very quick timeframe, sometimes within a couple of weeks. As part of our Decision Platform, Decision Studio operates dynamically with the engine, receiving orders for requirements (e.g. ExamOne), gathering the data, and supplying it back to the rules for processing.

Do you have specific markets in mind when developing new functionality?

We review requirements from all the markets we operate in globally and look to target developments for maximum usage. Handling data as part of the underwriting process is becoming a focus in many territories, but North America is by far the most advanced in this area. This is a key strategic market for us so an area we are investing in it heavily.

What are some of the opportunities and challenges dealing with data?

The richness of the data available in North America is staggering. It is extremely powerful to be able to interrogate prescription histories, past lab results, driving history, etc., all in real-time.

Of course, handling all this data can be complex and requires some advanced rules. Thanks to the design of our engine, these are both quick to write and flexible.

Are you doing anything to help the human underwriter make sense of all this data?

Our focus is on using the data to automate the decision. However, we appreciate that a portion of cases will still require the human underwriter to be involved. In these cases, we want to present the results in a way that streamlines and improves the manual review. There are some interesting developments in the areas of AI and data visualization that are likely to help with this even more in the near future.

Does Decision Studio only work with external data sources?

No, it can handle data from any source, internal or external. Many companies, particularly the composite insurers, have vast amounts of data on existing customers that can be used in the underwriting process.

UnderwriteMe recently announced a collaboration with ExamOne. How does this fit with the data strategy?

We are extremely excited about our work with ExamOne. This provides access to many of the key data feeds being used in the underwriting process, including LabPiQture (past lab results), ScriptCheck (prescription histories) and Medical Claims Data. This offers true synergy with ExamOne’s expertise in these data sources combined with UnderwriteMe’s many years of rule development experience.

What role do you think AI will play in underwriting?

AI is a fascinating topic and something we are exploring with interest at UnderwriteMe. The recent explosion in the area of Large Language Models is just one example. Finding the right applications for AI in underwriting will take time but it is key to start now and learn through experimentation.


Interested in learning more about how the Decision Studio works within UnderwriteMe’s  Decision Platform? You can read more here, or reach out to set up a consultation with one of our experts here.