Talking Points: Addressing Friction in Underwriting, Submission, & Distribution with Salesforce & PS Advisory - Google Docs

Talking Points: Addressing Friction in Underwriting, Submission, & Distribution with Salesforce & PS Advisory I. Underwriting Friction Points ● Manual Data Entry = Waste: "Underwriters spend too much time on manual tasks like re-keying data. That's wasted talent and contributes to the Friction Gap." ● Inconsistent Application of Rules: "Without automation, underwriting guidelines are applied inconsistently. This increases risk and leads to poor outcomes." Lack of a Holistic View: "Underwriters often lack a complete view of the customer and their risk profile, hindering informed decision-making." ● Time Spent is Key: "If underwriters spent more time looking at the risk and less time on the paperwork, expense ratios would fall and loss ratios would improve" II. Submission Process Friction Points ● Email Dependence = Chaos: "Existing e-mail for submission processes creates chaos and bottlenecks. Information gets lost, follow-up is difficult, and it's nearly impossible to track." ● Lack of Standardization: "Inconsistent submission formats, missing information and manual processes lead to delays and back-and-forth communication with producers." ● Slow Turnaround Times: "Slow quote turnaround times frustrate producers and drive business to competitors. Speed is critical." ● Missed Opportunities: "Good business passes you by when the underwriter doesn't have the time to review the submission in a timely manner." ● Data Quality is Crucial: "Every risk starts with a submission and if the data quality is low, it can have an impact on the life of the policy" III. Distribution/Producer Management Friction Points ● Poor Communication: "Lack of real-time communication between underwriters and producers leads to misunderstandings and delays." ● Lack of Transparency: "Producers lack visibility into the status of their submissions, leading to frustration and dissatisfaction." ● Inconsistent Experience: "Producers experience different levels of service and support depending on the underwriter or region, creating an uneven playing field." ● Retention is Key: "Keep the Producer happy as the cost of losing producers is high"