Automating the benefits enrollment process with IDP

Before diving deep, let’s first understand how insurance companies work and what an insurance underwriting process is.

Insurance underwriting is a process that insurance companies follow to assess the risk and profit of offering a policy. For that reason, insurance companies define ways to decide how much of a risk it is to provide coverage. They need to know the possibility of something going wrong by checking the identity of a person and a person’s history or records. To verify these details, insurance companies collect additional data and supporting documents. After the review and verification stage and calculating the risk, the underwriter sets the premium for the insurance.

For example, suppose someone is looking for car insurance. An insurance underwriter will evaluate their identity and driving history and check the details of the vehicle to determine the insurance policy details. During the process, they...