What is a significant benefit of using automated models in the underwriting process?

Using automated models in the underwriting process is significant primarily because they enhance the efficiency of risk assessment. These models leverage advanced algorithms and data analysis techniques to quickly evaluate large volumes of information, thereby speeding up the decision-making process for underwriting. This efficiency allows underwriters to assess risks more accurately and rapidly, ensuring that policies are issued in a timely manner, which benefits both the insurer and the policyholder.

As for the other choices, while less data input may be a potential outcome of some automation tools, effective underwriting generally requires comprehensive data to achieve accurate risk assessments. The idea of eliminating underwriting entirely misrepresents the role of automation; rather than replacing human underwriters, automated models are intended to complement and support their efforts. Lastly, although automated systems can help tailor some aspects of insurance plans, they do not necessarily guarantee the personalization of policies, as that often requires human insight into individual circumstances and needs.