Browsing: Underwriting

Insurance claim by policyholder

Digitization refers to creating a digital representation of physical objects like saving a paper document into a digital document in a format like PDF. Computerized systems can then use it in various cases. Digitization is foundational meaning it is the connection between the physical world and software. 

One of the most important features of digitization is cost cutting. Most insurers have recognized the necessary change towards a digital future by digitizing their processes like taking out new policies and managing existing ones, giving out quotations, submitting bills and reporting of car accidents. These are processes that can now be done online. These cut costs because the physical presence of someone is not required and that one person can serve different people at the same time. 

Digitizing the insurance industry makes it easier for customers to access information and enables simple comparisons between providers. It also accelerates closing processes of sales

Insurance claim by policyholder

English sea-faring merchants would pay banks to cover them in case of a shipwreck and if the ship returned safe from its journey the bank would keep the premiums.
A premium so paid covers the cost of insuring the individual and provides assurance to the insured that in the event of a loss he/she will be covered.…