Bringing Efficiency to Insurance Raters with Excel Expertise
The insurance industry relies heavily on rating workbooks for underwriting and quoting new and renewal business. While these tools are indispensable, they often become sluggish and error-prone as they grow in complexity. Slow performance, errors, crashing, and user frustration are common challenges for those insurers who work within Excel-based rating engines.
As you may know, wherever there’s a good challenge… there is EXRM! In the past few years, we’ve had the pleasure of working with various industry giants to help tackle these issues. Our Excel expertise allows us to maintain the intricate calculations that are necessary for precise underwriting, while creating user-friendly experiences. We believe that powerful tools shouldn’t come at the cost of usability. Our Rater related services include:
- Deep Dive into the Insurance Rating:
Before diving into the technical aspects, we take the time to understand each client’s specific rating process and algorithms. This may include analyzing underwriting guidelines, risk factors considered, and the overall structure of their existing rater tool. This industry knowledge is essential for creating efficient and accurate solutions. - Strengthening the Foundation:
Stability is paramount in order to maximize throughput and efficiency. We conduct audits of the existing formulas and code, allowing us to identify and rectify any inconsistencies or errors that could potentially lead to instability, slowness, or inaccurate results. - Battling Spreadsheet Bulge:
Over time, spreadsheet-based rating engines tend to accumulate layers of complexity due to the incremental addition of new features and functionality. This can lead to bloated, slow-performing worksheets. To address this, we employ advanced Excel techniques that allow us to significantly reduce file size and improve processing speed, resulting in a better user experience and improved efficiency. - Catching Errors Before They Happen:
We implement robust data validation and error handling to safeguard data integrity. By tracking issues through error logging, we enable swift troubleshooting and proactive maintenance. - Streamlining the Workflow:
We will transform your excel-based rating worksheets into user-friendly tools, which guide users through the process from start to finish. By leveraging Excel’s resources and automation capabilities, we streamline workflows, reduce human error, and save time. By working closely with our clients and leveraging the power of Excel, we are able to significantly improve their rating tools. The results are: faster, more stable, and user-friendly systems that generate accurate results while minimizing the risk of errors. This translates to cost savings, increased efficiency, and ultimately, a competitive edge in the marketplace.
Ready to Streamline Your Insurance Operations?
If you’re an insurance company aiming to optimize your rating process, let’s connect! Whether you’re committed to Excel or exploring cloud-based options, our team can help streamline your operations and improve accuracy! We can enhance your existing Excel workbooks or even build a proof of concept to guide your next steps.
