The implementation of underwriter workbenches is inherently complex. This complexity comes not only from the technology implementation but the need to drive significant behaviour change in, primarily, the underwriter community. In our experience carriers give insufficient focus to this change management aspect. To be successful, carriers need to put significant focus on the softer aspects of delivery. Without addressing these factors, carriers fall short of achieving the desired loss and expense ratio benefits.
These softer aspects are important both at a strategic level (e.g. leadership, strategy, vision and value) as well as a tactical level (e.g. aftercare, iterative improvement and communication). The infographic below outlines key considerations for carriers to ensure any underwriter workbench delivery is successful.
Underwriter workbenches: Lessons from the road
At Oxbow Partners we have extensive experience of designing and implementing underwriter workbenches. If you’re looking to implement and underwriter workbench do get in touch.