The End-of-Year Rush Didn’t Have to be That Bad

It’s early January, and after the end-of-year rush, work is finally starting to feel a little more normal again. The mad dash to underwrite applications before year-end is behind you, and there is a brief window to catch your breath. It is tempting to move on and put it all behind you, but now is actually the most important time to reflect on what went right, what went wrong, and what could be improved for next year.

The end-of-year rush is different for every company, but it’s often exacerbated by similar factors such as trying to get as many policies on the books as possible before year end, agents under pressure to submit applications ahead of looming deadlines, and teams being short-staffed due to holidays and planned time off, leaving fewer people to handle more work.

Complex cases that require medical record review slow processing time further and record retrieval companies often experience delays during the holidays, adding even more pressure to move cases forward quickly. As a result, underwriters work long hours to keep up. Twelve to fourteen hour days become common. Stress levels rise, and fatigue sets in.

While there can be a sense of camaraderie during this period, with underwriters joking with one another to “make a final decision on everything,” it is important to step back and recognize that the end-of-year rush does not have to be this difficult. With the right planning, processes, and tools in place well ahead of time, underwriting teams can move through peak periods with far less strain.

It might feel too early to think about preparing for the next end-of-year rush, but with the experience still fresh for your underwriting team, it is important to recognize this moment for the opportunity that it is. Change management is often one of the biggest challenges when implementing new technology for underwriters. They are not a group that adopts new tools easily, so it is critical to clearly articulate what’s in it for them. With the end-of-year rush still top of mind, this is a strong opportunity to use that pain as a catalyst to move new innovations forward and set teams up for a better experience next year.

Additionally, it is important to give underwriting teams the time they need to learn and adjust to new technology. Implementing new advancements a few weeks before year end is not going to improve efficiency. In fact, it is more likely to create additional stress, as the mindset heading into year end is not about adopting new solutions. It is about having “heads down, and underwriting.”

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In my experience working at an insurtech company for several years, realizing real value from new tools takes time. Many people assume technology is a quick fix, but even the best solutions come with a learning curve. Underwriters need time to become comfortable using a new system and integrate it into their daily workflow. When they have that time, they become more efficient and more confident in their decisions.

If you’d like to talk about how you can make next year’s end-of-year rush more manageable for your underwriting team, I would love to connect. Feel free to schedule a quick call with me or come find me at any of the conferences I will be attending this year. I will be at MUD, ReFocus, AHOU, Insurtech Insights, and ITC Vegas, to name a few.

Happy New Year! I look forward to connecting.