Hong Kong Holdings Limited and the other shareholders listed in Schedule B hereto collectively, the "Selling Shareholders" severally and not jointly agree, subject to the terms and conditions stated herein, to sell to the Underwriters an aggregate of , ADSs.
As underwriting departments and companies seek further efficiency and process enhancements, some fear this balance could be threatened by the increased reliance on technology in the underwriting process.
One change causing this fear is the increased confidence in predictive analytics, which leverages the use of big data to make smarter and quicker decisions. These decisions are offering borrowers, originators and underwriters process efficiencies, decreased risk and better customer experience.
Without a doubt, however, predictive analytics are here to stay. Cognitive insight The use of predictive analytics does not reduce the qualification elements reviewed or eliminate components of the underwriting process, but instead increases the efficiency of how those elements are reviewed.
Rather than simply automating the review of submitted qualification documents, predictive analytics streamlines the process underwriting service awards 2014 maximize efficiency and accuracy.
This is a critical distinction. The adoption of predictive analytics is not intended to cut corners in the evaluation process. Instead its aim is to drive efficiencies and allow companies to be smarter about risk.
There are two benefits of predictive analytics: Process automation streamlines underwriting by allowing the system to handle underwriting service awards 2014 of the process where humans are not needed. Ingesting information such as borrower reports or asset statements from loan files, for example, can turn this info into data and run it against a set of rules designed to test acceptability.
The end user is then presented only with a decision as well as anomalies or discrepancies that need to be addressed. Cognitive insight drives efficiency and accuracy by offering information on more complex portions of the process to help in the decisionmaking process, but ultimately leaves those decisions to the human users.
Models that run during the origination process and provide granular visibility into specific credit or manufacturing risks for given loans, for example, can inform under- writers about items needed for their evaluation.
Further, cognitive insight equips and teaches human users, making users faster and smarter.
The addition of predictive analytics to the underwriting process is not transformational, but incremental. It allows underwriters to focus on the subjective items that require human judgment and intuition, while allowing the system to handle administrative items that would otherwise reduce human efficiency.
Predictive analytics offers multiple ways to improve underwriting, including through loan-classification modeling, which provides valuable borrower insights; volume forecasting models, which estimate underwriting capacity; and rules-based modeling, which creates waterfalls in workflows.
Loan-classification modeling Loan-classification modeling uses historical data, loan characteristics and market variables to classify loans based on specified characteristics, such as risk.
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This classification gives underwriters insights on how deeply they want to review a loan. This model can be used to drive efficiencies and improve the customer experience.
These benefits can be further increased by introducing process automation through cross identification of documents and data within automated classification and extraction software.
This model can help accurately predict the probability of outcomes, increase efficiency by directing underwriter focus and identify indications of misrepresentation.
Accurately projecting the probability of expected outcomes early in the process can help underwriters set more accurate expectations for timelines within the process. The origination process can vary significantly, depending on the form of both data and documents — which are often known early in the process.
Using these data points to estimate likely outcomes — and updating outcomes as information changes — can help reduce unnecessary wait times.
Similarly, specific loan characteristics or documentation patterns could select loans for a heightened, but still targeted, review at the beginning of the process, rather than the end.
Targeted, concurrent review processes can shorten the overall processing time while reducing the risk of a manufacturing defect. Similar modeling techniques also can be used to identify highly predictive indicators of misrepresentations. By analyzing large amounts of data and document characteristics, businesses can track patterns between loan parties over both time and geography to more effectively target forensic reviews.
As red flags and items for concern are either confirmed or cleared, the models are refined and accuracy increases. Volume forecasting Volume forecasting models use historical data to predict underwriting volume in the short-term daily and weekly and long-term monthly and even quarterly.
When built on experiential data and predictive macroeconomic variables, these models can drive multiple approaches to maximizing staffing, which is critical for ensuring fast turn times and processing rates.
These approaches can have daily, weekly and monthly impacts and opportunities: Volume forecasting allows managers to anticipate periods of peak volume, allowing cycle times that customers desire to drive staffing, rather than having staffing drive the turn times that customers experience.
If managers can anticipate a volume surge on Wednesday and a drop on Friday, schedules can be aligned accordingly. Managers can communicate volume and staffing needs with their teams weeks in advance to ensure adequate coverage and maintain a quality customer experience.UFG offers career opportunities in accounting, claims, human resources, information technology, marketing, project management, underwriting and more.
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Chubb recognised at Underwriting Service Awards - Group Travel & PA Team of the Year; Chubb recognised at European Risk Management Awards - Claims Innovation of the Year Chubb wins Professional Indemnity and Directors & Officers Team award at the POST Underwriting Service Awards ;